CryptoQuant Founder Anticipates Emergence of 'Dark Stablecoins' Driven by Government Regulations
Ki Young Ju, founder of CryptoQuant, predicts that the increase in regulatory oversight over conventional stablecoins, such as Circle's USDC and Tether's USDT, by governments, may catalyze the emergence of 'dark stablecoins.' These 'dark stablecoins' would be characterized by their resistance to censorship and could be either algorithmic stablecoins or issued by allied nations that do not impose strict financial controls. Young Ju emphasized that the presence of intermediaries makes traditional stablecoins susceptible to government control, contrasting with the value placed on censorship resistance by early Bitcoin adopters. Legislation on stablecoins in the U.S., exemplified by the Senate's GENIUS Act, proposes strict regulations for domestic issuers of digital dollars, including the possibility of restricting access to these assets for users on blacklist. Market reactions to this forecast are diverse; some advocate for the emergence of dark stablecoins, considering traditional stablecoins a 'bottleneck' for Bitcoin, while others argue for the sufficiency of Bitcoin itself. Currently, dollar-pegged stablecoins maintain market dominance, with USDT and USDC jointly controlling over 90% of the market share, totaling approximately 242 billion dollars.
