Regulated multicurrency stablecoins will end the dollar’s crypto monopoly
Dollar stablecoins control crypto’s financial rails, but regulated euro, yen and yuan alternatives are emerging to challenge the USD’s onchain monopoly.
Opinion by: Jamie Elkaleh, chief marketing officer at Bitget Wallet
Stablecoins started as a workaround for crypto traders. By pegging tokens to the US dollar, they created liquidity in a market that never closed. In just a few years, however, they have outgrown that role. The result is an onchain financial layer where dollar-pegged coins set prices, collateral norms and risk appetite.
The danger lies here: Without the growth of credible, well-regulated alternatives in the euro, yen and offshore yuan, the US dollar’s dominance will be locked into crypto’s foundation for years.