According to Cointelegraph, the dominance of United States dollar-denominated stablecoins in the stablecoin and real-world asset (RWA) tokenization market is being challenged by new competitors. Tether co-founder Reeve Collins, speaking in Dubai, highlighted that while USD-backed stablecoins currently lead the market, other currencies and assets are beginning to emerge as potential backers for stablecoins. Collins emphasized that the stablecoin market helps maintain the dollar's dominance, particularly in the crypto space, where the dollar acts as a reserve currency. However, he noted that other currencies and, more importantly, different types of backing are entering the scene.
