Odaily Planet Daily News PitchBook analyst Robert Le pointed out that with PayPal and large banks entering the Stable Coin market, the business models of Tether and Circle are at risk. Although Tether and Circle currently occupy 90% of the Stable Coin market, Le believes that this dominant position will weaken due to increased competition. PayPal’s PYUSD has reached a Market Cap of $700 million since its launch in 2023, while traditional Financial Institutions such as American banks are waiting for clear regulatory guidelines to issue Stable Coins. Le predicts that once the Stable Coin legislation is passed, hundreds or even thousands of Stable Coins will emerge in the market, and the market share of Tether and Circle will be squeezed.
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