US dollar facing growing competition for stablecoin dominance: Tether co-founder

Tether co-founder Reeve Collins told Cointelegraph that President Trump’s involvement in stablecoins paves the way for the rest of the world to adopt the asset class.

While United States dollar-denominated stablecoins dominate the stablecoin and real-world asset (RWA) tokenization game, other competitors are coming into play, according to Tether co-founder Reeve Collins. 

Speaking to Cointelegraph in Dubai, Collins said that while dollar-backed stablecoins may be dominant, other currencies and assets may compete to back stablecoins.

“The stablecoin definitely helps preserve the dollar dominance, especially in the crypto space,” Collins said. “The dollar is kind of the reserve currency of crypto. But now there are other currencies coming into play. But more importantly, it’s not currencies. It’s other types of backing,” he added.

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