Financial giants are vying to enter the stablecoin market, and the industry landscape may be reshaped.

The market size of stablecoins has reached 238 billion USD, and traditional financial institutions are accelerating their布局 in this field, leading to a restructuring of the competitive landscape. Recently, the substantial entry of mainstream asset management institutions such as Fidelity Digital Assets marks the increasing attractiveness of the stablecoin market. Below are the strategic directions and product developments of the main participants in the current market:

Fidelity

According to internal sources, Fidelity Investment Group's cryptocurrency division, which manages assets worth $5 trillion, has begun testing the development of stablecoins. This move coincides with the U.S. Senate's deliberation on important regulatory legislation, and policy breakthroughs may further unleash market potential.

PayPal

In 2023, PayPal launched the stablecoin PYUSD, seamlessly integrating it into its existing platform. Users can buy, transfer, or use PYUSD through the company's app or website, operating in the same way as a regular PayPal balance. Currently, the market capitalization of PYUSD has reached $791 million.

Robinhood

Benefiting from the rapid growth of cryptocurrency trading, Robinhood achieved profitability in the fourth quarter, with cryptocurrency sales increasing by 700%. In November 2024, the company collaborated with industry institutions to launch a stablecoin named USDG, operating on the "Global Dollar Network" and providing yield returns for holders. The market capitalization of USDG surged from $29 million at the beginning of the year to $166 million.

Ripple

In December last year, Ripple launched the stablecoin RLUSD, aimed at providing stability and liquidity for its ecosystem. The company's CEO stated that as U.S. regulations become increasingly clear, stablecoins like RLUSD are expected to gain broader adoption. Currently, the market capitalization of RLUSD has grown to $176 million.

World Liberty Financial

The DeFi platform World Liberty Financial, owned by the Trump family, announced details of its stablecoin USD1 on March 25. This stablecoin will be backed by short-term U.S. Treasuries, dollar deposits, and other cash equivalents, and will initially be issued on the Ethereum and BNB chains.

Standard Chartered Bank

Standard Chartered Bank, which has a strong influence in Asia, is developing a stablecoin pegged to the Hong Kong dollar. In February of this year, the bank announced a partnership with a local Hong Kong company to develop this product, which has not yet been officially launched in the market.

The market prospects are broad

According to data, the transaction volume processed by stablecoins will reach $16 trillion in 2024, with the total market capitalization climbing to $238 billion. Although the market is still dominated by two major players holding 85% of the share, analysts predict that the market size is expected to double within the year. With the improvement of regulatory frameworks and the establishment of technical standards, the stablecoin market may usher in a new round of explosive growth, playing an increasingly important infrastructural role in the trillion-dollar payment system.