Circle and Tether Turn Stablecoin Market Into Duopoly Through Distribution and Regulation

Circle and Tether are turning the stablecoin market into a duopoly, with the competition now centered on distribution, regulation, and market depth rather than just launching new tokens.
Circle is pushing aggressively into developing markets including Korea, Brazil, and Argentina, while Tether is expanding into the U.S. with USAT, which has grown to a few hundred million dollars. New stablecoins may continue to emerge, but competing with Circle and Tether has become difficult after years of regulatory pressure and market-building.