As Tether, the largest issuer of stablecoins, is expected to post a net profit of over $10 billion in 2024, traditional banks are quickly jumping into the stablecoin market. Several financial institutions, including BNP Paribas, Oddo BHF, and Revolut, have already taken action, launching their own stablecoin products. BNP Paribas' subsidiary, Forge, has issued a euro-backed stablecoin, while Visa plans to collaborate with BBVA on a stablecoin pilot project in 2025.
Industry insiders believe that over the next three years, stablecoins issued by banks will become the dominant force in the market. However, this trend also comes with challenges such as liquidity risks and regulatory compliance.
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