At Consensus, Ben O’Neill, head of capital flows at Bridge, said that Tether and Circle’s dominance in the stablecoin market is detrimental to the industry’s overall growth. O’Neill noted that while each issuer has design trade-offs, their fee structures are problematic for large payment companies: Tether’s 10-basis-point redemption fee is too expensive, and Circle’s rising burn fees negatively impact firms like Visa seeking to settle trillions of dollars in card transactions.
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