Author: Aaron Wood, CoinTelegraph; Compiler: Tao Zhu, Golden Finance
With the growing interest of institutional investors and the gradual improvement of the legal framework for stablecoins, the field is booming, and five major projects are expected to expand the market in the near future.
In the European Union, the Markets in Crypto Assets (MiCA) regulatory scheme has come into full effect and provides clear guidelines for stablecoin issuers to help them enter the European market. In the United States, the STABLE Act and the GENIUS Act, which aim to set rules for stablecoins, are under review by Congress.
As a result, major payment companies such as Mastercard and Visa are increasing their support for stablecoin systems, and the emergence of new coins has also pushed up the overall market value of the stablecoin market.
The following are five major stablecoin initiatives that are expected to promote the popularity of cryptocurrencies.
Stablecoin giant Tether plans to restart in the United States and launch a dollar-based stablecoin.
USDT is already a well-known stablecoin in the world, providing liquidity for cryptocurrency trading pairs on many exchanges.
However, Tether has run into trouble with regulators over its proof of reserves, other financial transparency, and anti-money laundering issues.
On April 30, Tether CEO Paolo Ardoino announced in an interview with CNBC that the company plans to launch a rebranded stablecoin in the United States to distinguish it from its ubiquitous international stablecoin. “Domestic stablecoins are different from international stablecoins,” he said.
Tether holds the largest share of the stablecoin market. Source: Nansen
The move will allow Tether to access U.S. financial markets as the country’s exposure to crypto continues to grow under the pro-crypto administration of U.S. President Donald Trump.
In early March, World Liberty Financial (WLFI), a cryptocurrency project associated with the Trump family, launched its dollar-backed stablecoin USD1 on BNB Chain and Ethereum.
The coin has a market cap of over $2 billion at press time, according to CoinMarketCap.
Previously, some high-profile cryptocurrency projects have also used the president’s personal brand as a marketing tool, such as the TRUMP and WLFI meme coins launched ahead of Trump’s inauguration.
Trump’s ability to influence stablecoin policy has led a group of U.S. senators to call for an investigation into his personal interest in the project, calling it a clear conflict of interest.
Letter requesting an investigation. Source: Senator Schiff
Two U.S. banks — crypto-friendly Custodia Bank and Texas-based Vantage Bank — have partnered to issue the first bank-issued stablecoin in the U.S., U.K., and Europe.
On March 25, Custodia announced that it had tokenized U.S. dollar demand deposits into the ERC-20 standard token Avit on the Ethereum blockchain.
Custodia CEO and cryptocurrency advocate Caitlin Long said Avit is “real dollars” because it tokenizes funds that customers can withdraw on demand, just like a checking account deposit.
On April 28, Stripe CEO Patrick Collison announced that its global payment platform is developing a dollar-based stablecoin product for use outside the United States.
Previously, the company was approved to acquire the stablecoin payment network Bridge for US$1 billion in October 2024 and completed the acquisition in February 2025.
Bridge was founded in 2022 by two former Coinbase executives, Zach Abrams and Sean Yu, to compete with companies that use the SWIFT global payment system.
The stablecoin initiative is the latest development in the company's expanding cryptocurrency plans. After a setback in its support for Bitcoin in 2014, the company began to seriously rebuild its cryptocurrency team in 2021. On October 9, 2024, the company opened USDC support to users in 70 countries.
Abu Dhabi International Holding Company Abu Dhabi Development Holding Company and First Abu Dhabi Bank (FAB) partnered on April 28 to launch a dirham-backed stablecoin.
FAB, the largest bank in the UAE, will issue the stablecoin on the ADI network after obtaining approval from the central bank, according to The National.
The ADI network is a project of the Abu Dhabi ADI Foundation, which itself is a non-profit organization founded by Sirius International Holding, a local holding company with a market value of $243 billion.
The two companies claim that the stablecoin will have a "significant impact on various industries such as finance, commerce and trade."
The issuance of new stablecoins is accelerating, and payment companies, banks and financial institutions are also increasing their support for them.
On April 28, international payment giant Mastercard partnered with OKX to expand its stablecoin card options, allowing cardholders to use stablecoins through Mastercard associated with well-known cryptocurrency companies.
Two days later, on April 30, Visa announced a partnership with Stripe and Bridge to offer stablecoin payment services on its Latin American network, launching first in Argentina, Colombia, Ecuador, Mexico, Peru, and Chile.
SBI VC Trade, the cryptocurrency subsidiary of Japanese financial group SBI, said it is preparing to add support for USDC after local regulators relaxed regulations on foreign stablecoins. After obtaining official approval, the trading platform will become one of the first platforms in Japan to offer USDC cryptocurrency trading.
SBI VC Trade CEO Tomohiko Kondo shows the company's process of obtaining approval from Japanese regulators. Source: Tomohiko Kondo
Global regulators and payment providers are actively embracing stablecoins. U.S. lawmakers have not yet voted on the aforementioned cryptocurrency bill, but if the stablecoin framework is passed, its adoption rate is expected to increase significantly as companies can enter a large financial market with clear guidelines.
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