While United States dollar-denominated stablecoins dominate the stablecoin and real-world asset (RWA) tokenization game, other competitors are coming into play, according to Tether co-founder Reeve Collins.
Speaking to Cointelegraph in Dubai, Collins said that while USD-backed stablecoins may currently dominate, other currencies and assets may compete to back stablecoins. He said:
“The stablecoin definitely helps preserve the dollar dominance, especially in the crypto space. The dollar is kind of the reserve currency of crypto. But now there are other currencies coming into play. But more importantly, it’s not currencies. It’s other types of backing.”
Collins said that these other assets used to back stablecoins may compete with US dollars by bringing a higher yield to users.
Interview with Tether co-founder Reeve Collins in Dubai, UAE. Source: Cointelegraph Tether co-founder says tokenized assets can back stablecoins
Collins, who works bringing stablecoin yield for users through Pi Protocol, told Cointelegraph that apart from currencies, money-market funds, other commodities