If Tether were to go public with the same valuation multiple as Circle, its market cap could exceed $500 billion! USDT's annual EBITDA is expected to reach $7.4 billion, with global users surpassing 420 million, making it a substitute for the dollar in high-inflation countries.
At the same time, although Circle has just gone public and has strong compliance, its market share is far less than that of USDT. A new landscape for stablecoins is quietly brewing...
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