Tether’s USDT became the dominant trading pair across most exchanges, despite years of scrutiny over whether its reserves are truly backed 1:1 by U.S. dollars or equivalent assets like short-term Treasuries. Circle’s USDC followed, gaining trust through greater transparency, regular attestations, and growing institutional partnerships.

Circle recently filed for an IPO, a move that signals both its scale and the regulatory scrutiny it’s prepared to operate under. MakerDAO’s DAI offered a more decentralized approach, collateralized with crypto assets instead of fiat. These models weren’t perfect, but they aligned in some way with the original values of this industry.

Now we’re seeing a new crop of stablecoins emerge. Not from crypto-native builders, but from major corporations and politically connected ventures. Bank of America has openly said it’s ready to launch a dollar-backed stablecoin as soon as it gets the regulatory green light. PayPal already launched PYUSD through Paxos, integrating it directly into PayPal and Venmo.

World Liberty Financial, backed by the Trump family and other politically tied investors, has issued USD1. It’s marketed as fully backed by U.S. Treasuries and cash deposits, with BitGo acting as custodian. Binance has reportedly committed $2 billion to support it. Amazon and Walmart are also reportedly exploring stablecoin initiatives of their own, which could have wide-reaching implications given their user bases and retail influence.

We should expect many more stablecoin launches in the near future. The GENIUS Act, which has passed the House and is now advancing toward a final vote in the Senate, aims to establish a clear regulatory framework for stablecoin issuers. It includes rules on full reserve backing, disclosure standards, licensing requirements, and annual audits for larger players. If signed into law, it could give banks, fintechs, and major consumer brands the regulatory clarity they need to enter the market more aggressively.

Some see this as a sign of progress. Stablecoins going mainstream. Legacy institutions finally catching up. But it’s not that simple.

Just because a token is called a stablecoin doesn’t mean it functions the same way. And when the label becomes more about marketing than mechanics, we have a problem. We’ve already lived through the collapse of Terra. It wasn’t just bad design. It was a failure to do the hard work of transparency and risk management. That’s the part that gets forgotten when big brands step in and assume trust by default.

This isn’t about gatekeeping. Let companies launch stablecoins. Let them compete. But don’t confuse a PayPal coin with a public utility. These are corporate products. They are built to serve business goals, not necessarily the interests of the broader crypto ecosystem.

If a stablecoin can freeze your funds, track your spending, or restrict how and where you use it, that’s not an open financial tool. It’s a permissioned ledger with a friendlier interface. That might be fine for many users. But let’s not mistake that for progress.

The market will ultimately decide what wins. But before we hand over our trust, it’s worth asking basic questions. Who controls the coin? How is it backed? Is it audited? Can it be taken from you?

The following post was authored by Bitcoin.com’s Head of Sales & Business Development Ben Friedman. Follow him on X, and Linkedin.

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