Financial giants are rushing into the stablecoin market, reshaping the industry landscape.

The market size of stablecoins has reached $238 billion, and traditional financial institutions are accelerating their布局 in this field, leading to significant changes in the competitive landscape of the industry. Recently, Fidelity Digital Assets announced its entry into the stablecoin market, marking a substantial布局 by mainstream asset management institutions in this area. Currently, the strategic moves and product developments of the main market participants are as follows:

Fidelity

According to sources, Fidelity Investments' crypto division, which manages assets worth $5 trillion, has begun testing the development of a stablecoin. This move comes as the U.S. Senate is reviewing a landmark regulatory bill, and a policy breakthrough could further unleash market potential.

PayPal

PayPal launched the stablecoin PYUSD in 2023, integrating it into its platform ahead of others. Users can buy, transfer, or use PYUSD through the company's app or website, just like with a regular PayPal balance. Currently, the market capitalization of PYUSD has reached $791 million.

Robinhood

Thanks to the rapid growth of cryptocurrency trading, Robinhood achieved profitability in the fourth quarter, with cryptocurrency sales increasing by 700%. In November 2024, the company launched a stablecoin named USDG in collaboration with a cryptocurrency exchange and research institution, operating on the "Global Dollar Network", where holders can earn yield returns. The market cap of USDG surged from $29 million at the beginning of the year to $166 million.

Ripple

Ripple launched the stablecoin RLUSD last December. Ripple, which has long used XRP for cross-border payments, plans to use this new coin "to provide stability and liquidity to its ecosystem." The company's CEO stated that as U.S. regulations become clearer, stablecoins like RLUSD are expected to gain wider adoption. Currently, the market capitalization of RLUSD has grown to $176 million, approximately 0.13% of XRP's market capitalization of $140 billion.

World Liberty Financial

The DeFi platform World Liberty Financial, owned by the Trump family, announced details of its stablecoin USD1 on March 25. This stablecoin will be backed by short-term U.S. Treasury bills, dollar deposits, and other cash equivalents, and will initially be issued on the Ethereum and BNB chains.

Standard Chartered Bank

Standard Chartered Bank, which has a strong influence in Asia, is developing a stablecoin pegged to the Hong Kong dollar. In February of this year, the bank announced a partnership with a Hong Kong Web3 company and a telecom provider to develop the stablecoin, but it has not yet been officially launched in the market.

Industry Outlook

Market data shows that the transaction volume of stablecoins will reach $16 trillion in 2024, with the total market value climbing to $238 billion. Although two companies still hold 85% of the market share, analysts predict that the market size will double within the year. In addition, a special report by researchers from the Atlanta Federal Reserve points out that these digital tools are playing an increasingly important infrastructural role in the trillion-dollar payment system. With the improvement of regulatory frameworks and the establishment of technical standards, the stablecoin market is expected to usher in a new round of explosive growth.