Tether Faces Threat As Big Banks Enter Stablecoin Market
• Tether has dominated the stablecoin market, but faces new competition from big banks entering the space • Banks have the infrastructure, compliance, and public trust to quickly gain market share with their own stablecoins • Regulators are likely to approve bank stablecoins, while continuing to scrutinize Tether • Consumers and businesses may prefer bank-backed stablecoins due to perceived stability and reliability • Tether relies on the same banks that now threaten their market dominance with competing stablecoin offerings