An opinion has emerged that the stablecoin market structure, centered around Tether (USDT) and Circle (USDC), is limiting industry competition. Ben O'Neill, Head of Funds Movement at stablecoin payment platform Bridge, stated at the Consensus Miami event, "While Tether and Circle dominate the stablecoin market, their structure is not suitable for all use cases. Consequently, it could negatively impact the overall growth of the stablecoin industry. Tether demands high burning fees of around 10 basis points, and Circle is also continuously raising its burning fees. This is a burden for payment companies. If competition does not expand, existing large operators will continue to raise fees and not share profits."
