Wormhole Co-founder: Competition Among Stablecoins Will Intensify

According to a report by CoinDesk on September 28, Dan Reecer, co-founder of Wormhole, stated at the DAC 2025 event of Mercado Bitcoin that in the current high Intrerest Rate environment, stablecoin giants like Tether and Circle are making huge profits by retaining the yields from the U.S. Treasury bonds backing their Tokens, while stablecoin holders are unable to share in these profits. Data shows that Tether alone achieved a net profit of $4.9 billion in the second quarter of this year, with the company's valuation skyrocketing to $500 billion.

Emerging platforms M^0 and Agora are developing new stablecoin infrastructure aimed at directing yields to applications or directly distributing them to end users. Meanwhile, the stablecoin market is evolving towards practical application scenarios such as cross-border payments and foreign exchange services, with the global stablecoin market capitalization surpassing 290 billion USD.

In response, a Tether spokesperson stated that USDT is positioned as a digital dollar rather than an investment product, primarily serving users in emerging markets to help them cope with issues such as inflation and instability in the banking system.