The Stablecoin Olympics: Why an Ecosystem Might Be Better Than a Monopoly

April was full of stablecoin politics, perpetuating the idea of a global race to tokenize cash. We have essentially four credible options on the table: Fiat-backed, non-bank issued stablecoins such as USDT and USDC. Central bank digital currencies and, of course, tokenized deposits are all competing for market share. Politicians are often tempted to talk of a winner-take-all scenario. But I would argue that this is not a race. We're watching the stableCoin Olympics with contenders competing across different disciplines. Not one of them is equipped to win them all at the same time.