Bloomberg reports that fintech giants Robinhood and Revolut believe new European rules will provide regulatory clarity and help grow market share for cryptocurrency-related companies.
The stablecoin market is mainly dominated by Tether's USDT.
The issuer has benefited from the broader macroeconomic environment and cryptocurrency market volatility over the past two years, including the banking crisis and increased regulation in the United States.
USDT, which is pegged to the US dollar, has gained more than 20% market share during this period and currently accounts for over 75% of the stablecoin market.
Tether's growing market share has translated into more revenue. Tether's issuer reported record revenue of $5.2 billion in the first half of 2024 and is preparing
Holdings of U.S. Treasury bonds to back gold have also increased. According to Bloomberg, this business model is encouraging more companies to enter the stablecoin market.
However, Robinhood and Revolut have reportedly not finalized plans to enter the stablecoin market.
2024/09/27 11:05 KST
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