#AbuDhabiStablecoin While the US dollar-denominated stablecoins dominate the market and the tokenization of real-world assets (RWA), other competitors are entering the scene, according to Tether co-founder Reeve Collins.
In an interview with Cointelegraph in Dubai, Collins said that while US dollar-backed stablecoins currently dominate, other currencies and assets could compete to back stablecoins. He stated:
“A stablecoin definitely helps preserve the dominance of the dollar, especially in the cryptocurrency space. The dollar is like the reserve currency of cryptocurrencies. But now there are other currencies emerging. But, more importantly, they are not currencies. They are other types of backing.”
Collins said that these other assets used to back stablecoins could compete with the US dollar by offering higher returns to users.