PANews reported on October 2nd that Castle Island Ventures partner Nic Carter published an article on the X platform today, stating that the "duopoly" in the stablecoin market is coming to an end. DefiLlama data shows that although the market capitalization of Tether (USDT) and Circle (USDC) continues to grow, their combined market share has declined from a peak of 91.6% in March 2024 to approximately 84% currently.
Carter believes that the main reason for the decline in market share is competition from emerging stablecoins, especially the rise of interest-bearing stablecoins. He called Ethena's USDe "the biggest success story of the year," with its supply soaring to $14.7 billion.
Carter also predicts that as regulatory frameworks in the US, Europe, and elsewhere become clearer (e.g., the GENIUS Act and MiCA), banks and traditional financial institutions will inevitably enter the stablecoin market. He believes that a consortium of multiple banks will be best positioned to create a stablecoin that can compete with Tether.

Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week. Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more

