Future Landscape of the Stablecoin Market: Diversified Development

The stablecoin sector will see intense competition, forming a diversified landscape. Mainstream stablecoins like USDT and USDC will continue to maintain their leading positions, but at the same time, a large number of small and medium-sized stablecoins in niche markets will emerge.

These emerging stablecoins are mainly divided into two categories: compliant stablecoins launched by traditional enterprises, and decentralized stablecoins developed by Web3 companies.

The Development Prospects of Stablecoins in Traditional Enterprises

Stablecoins launched by traditional enterprises are expected to occupy a place in specific regions and scenarios. For example, certain countries may launch local currency-pegged stablecoins, or large e-commerce platforms may issue their own stablecoins. These stablecoins can better meet local needs and deeply integrate related businesses.

From a policy perspective, the promotion of local currency stablecoins by various countries is also beneficial for preventing capital outflow and maintaining the stability of their financial systems. These regional stablecoins may adopt survival strategies similar to those of small exchanges:

1. Deeply cultivate specific scenarios and provide differentiated services.
2. Focus on niche markets to meet specific needs

Despite the pressure from leading stablecoins, these small and medium-sized stablecoins still have room for development.

Opportunities of Decentralized Stablecoins

With the introduction of stablecoin regulations in places like the United States and Hong Kong, which prohibit interest on stablecoins, decentralized stablecoins are ushering in new opportunities. There is still strong demand in the market for high-yield stablecoins, especially as enterprises and large holders hope to achieve stable returns while ensuring safety.

Decentralized stablecoins can circumvent regulatory restrictions to some extent through innovative models. For example, the recently emerged "neutral strategy stablecoin" is a typical case. This type of stablecoin uses perpetual contracts to hedge risks and provide users with stable returns. As long as security can be ensured, these innovative stablecoins will have strong appeal.

Stablecoin Market Structure Outlook

The future stablecoin market may present an iceberg structure:

• The surface is represented by compliant stablecoins like USDC, which are large in scale and continue to grow.
• The mid-tier is dominated by offshore stablecoins led by USDT, with a larger volume.
• Deep layer consists of a large number of segmented stablecoins, including specific scenario stablecoins and decentralized yield stablecoins, etc.

This multi-layered structure will enrich the stablecoin market, meeting the diverse needs of different users.