Circle and Tether benefit from growth of stablecoin neobanks
- —USDC market cap reached about $75 billion, up 73% year over year
- —The fiat-backed stablecoin market grew 46% over the year
- —76% of neobanks in emerging markets are unprofitable
- —Circle received an OCC charter, Tether plans USAT through Anchorage
Why it matters: The growth of neobanks strengthens demand for USDC and USDT, while regulatory steps by Circle and Tether cement their dominance in the payments market.
Source: Crypto Briefing