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.
