Investors in crypto and stable coins seem complacent. All hail USDC and USDT which represent over 90% of the stablecoin market, and many accept this is the way it is going to be. No one seems to be looking forward. No one seems to be anticipating change. You do not hear about the "Next Big" thing in stable currencies.
But one thing is for sure, competition for US dollar stable is coming. Already big players like China, Russia, and large international banks are closing in on the US dollar stable market, and anyone of these participants can take serious market share from US dollar backed coins.
First, China is focusing government resources on a digital currency with use cases in China's sphere of influence and trade. For example, The Belt and Road Initiative, a trade development that already has 147 countries signed on to projects or indicated an interest in doing so. You can bet the currency of use will be the Chinese digital.
Second, international banks are preparing to move into the digital currency space. According to Bloomberg on October 10, 2025, a group of international banks have joined forces to explore stablecoins in multiple currencies. The names are impressive: Goldman Sachs, Deutsche Bank, Bank of America, among others. For these fierce competitors to cooperate, the potential must be huge and regulatory clarity near.
Finally, there is Russia, which shows the power of crypto and stablecoins. A Kremlin backed crypto operation circumvented US sanctions, moving at least $6 bn since August (Financial Times October 6, 2025). Washington sanctioned the original exchange, but a new crypto exchange was created, cleared of links to the original crypto exchange, the one that had been sanctioned. The link between the two tokens, one sanctioned and the other not sanctioned, was broken. Essentially, if Russia wants to clear transactions using tokens, wallets, and crypto there is not much to be done to stop them.
The developments of China, large international banks, and Russia in the token and stablecoin space have made little impact on stable US dollar; despite it all, US dollar stable is still over 90%.
But investors must look forward, look for change, try to find the "Next Thing". Given what is happening, I think it can be concluded that the "Next Thing" is non-US dollar stable coins.
So, crypto investors should start creating more diverse portfolios. ETH, BTC, and USDC will be a major part of any portfolio, but investors should also invest in a super deep Stablebond/Stablebond pair or a Stablebond/Local Stablecoin. As example, USDC pairs nicely with Mexican CETES bonds from Etherfuse.
Whatever is done, now is the time to start creating diversified portfolios, portfolios attempting to ride the wave of new stable and crypto developments, portfolios looking for the "Next Big" thing.
This blog is for educational and informational purposes only, covering general market trends, industry developments, and asset features. Nothing herein is investment advice, a solicitation, or a recommendation to buy or sell any assets. Etherfuse and its guests may hold stakes in some or all of the assets discussed.
