Odaily Planet Daily News - PitchBook analyst Robert Le pointed out that as PayPal and large banks enter the stablecoin market, the business models of Tether and Circle are facing risks. Although Tether and Circle currently hold a 90% market share in the stablecoin market, Le believes that this dominant position will be weakened by intensified competition. PayPal's PYUSD has reached a market value of $700 million since its launch in 2023, while traditional financial institutions such as Bank of America are also waiting for clear regulation before issuing stablecoins. Le predicts that once the stablecoin bill is passed, hundreds or even thousands of stablecoins will emerge in the market, squeezing the market share of Tether and Circle.
