As reported by Fixygen, the spread of stablecoins becomes not only a technological, but also a geopolitical issue. Almost the entire world market of stable cryptocurrencies is denominated in dollars. The largest token, USDT, already has a market capitalization of about $183 billion, and the volume of USDC in circulation in the second quarter reached $73.3 billion.
For the United States, this increases the international use of the dollar.
For Europe, the opposite risk arises: even if conventional payments move to the blockchain, they continue to pass mainly through the dollar system.
This is why the European Central Bank is accelerating work on digital settlement tools and tokenized central bank money.
The British authorities have also proposed adding a separate task to the Bank of England to support innovation in the field of payments, including stablecoins.
As a result, the competition around stablecoins is gradually becoming a continuation of the currency competition between the dollar and the euro.
