Key Takeaways:
Dragonfly’s Rob Hadick says USDT and USDC won’t remain a stablecoin duopoly for years.Paxos, Agora, and fintechs could gain share via payments, remittances, and compliance rails.Hadick says stablecoins are only about 5% developed, with major growth still ahead.For Tether, regulatory pressure remains a challenge in certain parts of the world. For the broader market, yield sharing has become a contested issue. Banks may resist it, but many users globally have come to expect some form of economic participation.
The Challenger Advantage Neutral Issuers Still MatterThat is why the evolution of issuers such as Circle, Tether, Paxos, and Agora matters. They are no longer simply issuing tokens. They are expanding into payments, fintech infrastructure, and global financial services.
The USDT-USDC duopoly may remain powerful in the near term, but Hadick sees competition as inevitable. Banks, fintechs, crypto-native issuers, and neutral infrastructure providers are all moving toward the same opportunity.
