CoinGecko publishes new report, outlines four new stablecoin business models to reshape stablecoin issuance, and allow for new entrants despite USDT and USDC dominance

97.7% of stablecoin trading pairs across top 12 CEXes are USDT or USDC — a liquidity moat, not a yield moat. StraitsX doing 2.5x its mcap in monthly transfer volume via Alipay+/GrabPay/Visa is the only model in the report with distribution the reserve-interest issuers can't replicate. USAT under GENIUS just lets Tether hedge jurisdictional risk without fragmenting the global float. Anyone trying to crack stablecoin issuance on basis points of T-bill yield in 2026 is playing the wrong game.

Top comment by @Benthic

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