Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tether CEO Paolo Ardoino has made a bold prediction about the cryptocurrency market's future, signaling a new era that he calls the "stablecoin multiverse." In a recent tweet, Ardoino shared his vision for the future, highlighting the growing adoption of stablecoins by private companies and governments.
Ardoino wrote: "A new era begins: the stablecoin multiverse. Hundreds of companies and governments are launching (or will soon) their stablecoins. I'm very proud to see such massive adoption of a technology that Tether created back in 2014."
In related news, Fidelity Investments recently announced it is testing a stablecoin, as large financial firms continue to enter one of cryptocurrency's fastest-expanding sectors.
Fidelity's stablecoin initiative is being run by its digital assets division, which provides execution and custody services to institutional clients for Bitcoin, Ethereum and Litecoin.
Tomiwabold OlajideFidelity's trial comes as other major financial institutions experiment with or introduce products in this lucrative area of digital assets, which is now dominated by Tether (USDT), which has a market capitalization of $144 billion. The stablecoin market cap continues to climb and has surpassed $230 billion.
Stablecoins gain traction
Dollar stablecoins, which are designed to track the value of U.S. dollars one-to-one, are rapidly gaining popularity. Visa, Stripe and other mainstream firms are investing in or starting their stablecoin projects.
Alex DovbnyaPayPal introduced a stablecoin in 2023, and Robinhood and Revolut are among the companies considering releasing one. In Europe, Societe Generale SA's cryptoassets division has launched a euro-denominated stablecoin.
Similarly, Wyoming intends to create its cryptocurrency as early as July, making it the first fiat-backed and fully reserved stable token issued by a United States entity.
The proposed Wyoming stable token will be fully backed by U.S. Treasuries, cash and repurchase agreements, with a statutory minimum capitalization of 102%.
Vladislav Sopov
Dan Burgin