Why the Real War in Stablecoins Is No Longer About Issuance—It’s About Use Cases
The End of the Issuance Arms Race
Let’s cut through the noise: USDT leads with 76% market share. USDC claws at 16%. Everyone else? A footnote.
So what does it mean when even Circle—one of the biggest issuers—must pay 50% of its net interest income to Coinbase just to distribute its own stablecoin?
That’s not innovation. That’s desperation.
The game has changed. The war isn’t about how many coins you can print anymore—it’s about where those coins actually work.
From Digital Dollars to Value Engines
Back in 2014, stablecoins were just digital dollar substitutes—useful for trading, but nothing more.
Fast forward to 2025: we’re entering the utility phase, where stability is table stakes, not a differentiator.
The real value now comes from solving hard problems:
- How do you automate trade finance across continents?
- Can a property lease be paid in real time via smart contracts?
- Can your enterprise treasury earn yield while staying compliant?
These aren’t hypotheticals—they’re happening now, powered by stablecoins acting as programmable rails.
Why Hong Kong and Singapore Are Winning (And You Should Care)
Hong Kong passed its Stablecoin Issuer Ordinance in May 2024—not to attract more issuers, but to enable use cases. Their focus? Cross-border trade settlement using stablecoins as legal payment instruments.
Singapore took it further: they’re testing Ubin for interbank settlements, Guardian for green asset tokenization, and Project Orchid for retail payments—all under one roof.
Both regions aren’t asking ‘Who issued it?’ They’re asking: ‘What does it do?’
This isn’t coincidence. It’s strategy.
The Three Infrastructure Models—and Why Only One Wins Long-Term
In my interviews with 37 global corporates last quarter, only one infrastructure type stood out: The Neutral Platform Model. It integrates:
Multiple stablecoins (USDC, USDT, EURS)
Multi-currency channels (SWIFT vs blockchain vs CBDC)
Real-time FX optimization and compliance tools (KYB/AML) The rest? Either too closed or too fragmented. Real power lies not in control—but in orchestration. The winner won’t be the issuer with the biggest reserve fund. It’ll be the platform that makes complex workflows feel simple—even for accountants who still think blockchains are “some kind of magic.” But here’s the kicker: You can’t build this alone. This requires deep collaboration across regulators, enterprises, tech teams—and yes—even traditional banks who once thought crypto was voodoo. The future isn’t decentralized banking—it’s coordinated interoperability.
What This Means for Your Strategy—if You’re Still Building on ‘Minting’
The three-stage evolution is clear: Paying → Banking → Programming. The first stage? Speed & cost savings (achieved). The second? Embedding finance into operations (emerging). The third? Where business logic automatically triggers financial actions—like sales terms turning into payments via code.(coming soon.) The companies winning aren’t those with fastest apps—they’re those whose systems speak fluent finance-in-code.* The question isn’t ‘How many coins do you issue?’ It’s: ‘Where do your coins actually matter?’
If your answer starts with “in wallets,” you’re already falling behind.
WolfOfDEX
Hot comment (5)
O jogo mudou!
Antes era só ‘quem imprimia mais’? Agora é: ‘Onde os stablecoins realmente funcionam?’
Parece que o USDT e o USDC estão mais ocupados pagando comissões ao Coinbase do que criando valor real.
Do papel moeda ao motor de negócios
Hoje não se trata só de estabilidade — isso é básico. A verdadeira vantagem está em coisas como:
- Pagamentos automáticos de aluguel via smart contract?
- Financiamento internacional sem burocracia?
- Empresas usando stablecoins como se fossem dinheiro real?
Sim, já está acontecendo — e Hong Kong e Singapura estão na frente porque perguntam: “O que ele faz?” Não “Quem o emitiu?”
O vencedor não é quem imprime…
É quem conecta tudo: múltiplos stablecoins, câmbio em tempo real, compliance fácil… E sim, até contadores que achavam blockchains era magia agora dizem “Ah! Entendi!”.
Se seu stablecoin só vive na carteira… você tá atrasado.
Vocês acham que Portugal vai entrar nessa corrida? Comentem!
¡Ya no se trata de quién imprime más monedas! 🤯
El verdadero combate está en dónde funcionan. USDT sigue liderando el mercado como un toro en la plaza, pero ¿qué pasa si tu stablecoin solo vive en billeteras? ¡Pues que estás fuera de juego!
Hong Kong y Singapur ya no preguntan: “¿Quién lo emitió?” — preguntan: “¿Qué hace?” 💼
Y ojo: el ganador no será el que tenga más reservas… será quien haga que los contadores entiendan el código sin tener que pedir una exorcista.
¿Tu stablecoin solo existe en una app? No te preocupes… yo también pensé que Bitcoin era magia hasta que vi un video del tío Pepe.
¿Vos qué piensas? ¡Comentá y vamos al ruedo! 🔥
So the issuance war is over? Congrats to USDT for dominating like it’s 2014 again. But honestly… if your stablecoin only lives in wallets, you’re just a fancy digital dollar with commitment issues.
The real game? Where your coins actually work. Like paying leases in real time or settling cross-border trade without bank middlemen. Hong Kong and Singapore aren’t asking ‘Who minted it?’ They’re asking ‘What does it DO?’
If you’re still building on ‘minting’—you’re behind the curve. Maybe it’s time to stop printing and start programming?
P.S. If your stablecoin had feelings, would it be lonely in a wallet? 😂
Drop your favorite use case below—I’ll vote for “automated rent payments” 🏠💸
I cried when my stablecoin portfolio asked me: ‘Why are you still using banks?’ It’s not about issuance—it’s about where your coins actually work. Circle pays 50% to Coinbase like rent… and I’m still living in this glitchy digital dream. The real war? Not USD vs BTC—it’s the difference between code that pays and code that just… sits there.
So… what’s your use case? 👇 (I’ll buy you coffee if you reply with ‘USDC in my wallet’)
USDT has 76% of the market? That’s not dominance—it’s just the guy who still remembers when stablecoins were ‘digital dollar substitutes.’ Now we’re in the utility phase… and Circle’s paying Coinbase to distribute its own stablecoin like it’s tax season on Mars. The real question isn’t ‘who issued it?’ It’s: ‘Where do your coins actually work?’ Spoiler: They don’t print money. They print use cases. And yes—your grandma’s crypto portfolio is still stuck in a wallet. 🤔
