CoinDesk
Ben O'Neill, head of money movement at Bridge — the stablecoin infrastructure firm owned by Stripe — argues that the combined dominance of Tether's $189.5 billion <a class="ticker-mention" href="/en-US/token/usdt">USDT</a> and Circle's $71 billion <a class="ticker-mention" href="/en-US/token/usdc">USDC</a> is actively slowing the sector's development. "I think it's a net bad for the growth of stablecoins as a whole, because you have two counterparties that have pros and cons to what they've built, and the design choices they've made. But they don't work for every use case," O'Neill said on a panel at Consensus Miami.
The economics are the core complaint. Tether charges 10 basis points to burn USDT — "crazy expensive for a payments company" — while Circle's model, built around AUM, keeps nudging burn fees higher. For a firm like Visa settling trillions in card volume via stablecoins, those fees compound into a structural drag.
O'Neill's prescription: more stablecoins purpose-built for specific…
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