Major Financial Institutions Plan Own Stablecoins Amid USDT and USDC Threat

According to a recent report, 21 major financial institutions are planning to launch their own stablecoins. This move could potentially disrupt the dominance of USDT and USDC in the market.

The report cites no specific dates or timelines for the launches, but it suggests that these institutions are looking to create their own stablecoins to compete with existing players like Tether (USDT) and Circle (USDC).

This development has sparked concerns about the potential impact on the stability of the financial system. Some experts warn that a proliferation of new stablecoins could lead to increased volatility and decreased trust in the market.