Bridge exec: Tether-Circle duopoly stifles stablecoin growth

The stablecoin market's structure, dominated by Tether (USDT) and Circle (USDC), is limiting industry competition, according to Ben O'Neill, Head of Money Movement at the stablecoin payment platform Bridge. Speaking at the Consensus Miami event, O'Neill argued that while Tether and Circle lead the market, their models are not suitable for all use cases, which could negatively impact the overall growth of the stablecoin industry. He noted that Tether demands a high redemption fee of around 10 basis points, and Circle has also been continuously raising its fees, creating a burden for payment companies. O'Neill warned that without increased competition, the established major players will likely continue to raise fees and will not share their profits.