Tether USDt (USDT)

Different stablecoins have different use cases.

For example, USDT and USDe never competed for the same market & have arguably been symbiotic. USDe growth created USDT demand sink: basis trade + raising DeFi rates thanks to looping.

OUSD is built by payment companies & financial institutions to cater to specific payment use cases and allow them to replace legacy fiat rails by better ones, onchain.

It does not compete for the same crypto-native dollars. Nor the emerging market digital dollars.

But it can grow the pie. Into trillions.

And Devasini has a majority of the voting shares, controlling @tether unilaterally.

Gross @howardlutnick got 5% to be the DC bag man.

Paolo got about 8% to be the "good guy" front man (in exchange for putting his signature on anything and everything Devasini tells him to).

MiCA regulation is reshaping the stablecoin landscape in Europe.

Starting from July 2026, Tether and its token USDT are outside the European regulatory framework, after being denied approval for MiCA, prompting Coinbase, Kraken, and CryptoCom to limit its trading in the European Union.