Ripple Plans to Launch Stablecoin, But Tether Strategy Advisor Sees USDT Continuing to Dominate Markets

Ripple plans to launch a stablecoin backed by the U.S. dollar later this year. However, Gabor Gurbacs, a strategic advisor to Tether and VanEck Funds, took to Twitter to share his thoughts on this plan, and he believes that Tether's USDT will likely continue to dominate the stablecoin market. Gurbacs said that every blockchain company wants to launch their own stablecoin, and while he supports competition in the market, he believes that the only king of the stablecoin market is Tether and its USDT. A few of the key reasons why he thinks USDT is likely to remain the leader include: the Tether team has "the right principles and history" to "support the real use cases that the market wants; USDT is highly liquid; has the "right geographic focus"; and has the "right design". In addition, he mentioned the importance of small fees when trading cryptocurrencies, possibly because Ripple intends to build its stablecoin on a chain like Ether, which is known for its frequent jumps in fee levels.