According to Fixygen, the spread of stablecoins is becoming not only a technological issue but also a geopolitical one. Virtually the entire global market for stablecoins is denominated in dollars. The largest token, USDT, already has a market capitalization of about $183 billion, while the amount of USDC in circulation reached $73.3 billion in the second quarter.
For the U.S., this reinforces the international use of the dollar.
For Europe, the opposite risk arises: even as traditional payments migrate to the blockchain, they continue to flow primarily through the dollar-based system.
This is precisely why the European Central Bank is accelerating its work on digital payment instruments and central bank digital currency.
British authorities have also proposed assigning the Bank of England a separate mandate to support innovation in the payments sector, including stablecoins.
As a result, competition surrounding stablecoins is gradually becoming an extension of the currency competition between the dollar and the euro.
