Guotai Junan International Research Report: The future stablecoin market is likely to show a dual-track parallel development feature

By: odaily.com|2025/07/10 17:06:30
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Odaily News Guotai Junan International recently published a digital asset research report titled Inspiration from Tether: Can non-US dollar stablecoins break through?, stating that with the implementation of stablecoin regulatory frameworks in major countries and economies around the world, the global digital asset market is also undergoing a historic change. The bank pointed out that after years of development, non-US dollar stablecoins have a foundation for expansion, and the de-dollarization trend since this year has also provided new opportunities for non-US stablecoins.

Judging from the regulatory framework and development status of the existing stablecoin market, the future stablecoin market is likely to present a dual-track parallel development feature. On the one hand, the US domestic compliant stablecoin will be the leading one, serving the traditional financial and institutional markets that are subject to strong regulation, emphasizing security, transparency and legal protection. On the other hand, Tether may continue to play an important role in specific regions and crypto-native ecosystems; at the same time, compliant offshore stablecoins based on different sovereign currencies will accelerate development, serving specific geo-economic circles and diversified needs.

From the perspective of market composition, for Tether, the wave of US stablecoin compliance is not only a challenge to its market share, but also an opportunity for it to deepen its presence in a specific offshore ecosystem. At the same time, non-US dollar stablecoins can also find their own potential to break out of the circle from Tether.

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