Coinbase CEO Brian Armstrong said Thursday that the crypto heavyweight is taking off its gloves for a renewed fight in the stablecoin ring.
During the company’s fourth-quarter earnings call, Armstrong said the firm will aim to challenge Tether’s position as the industry’s reigning stablecoin issuer. The ultimate goal is to make Circle’s USDC the world’s “number one dollar stablecoin.”
Armstrong characterized this new aim as a “stretch goal,” signaling it represents an ambitious yet potentially achievable feat, which will nonetheless push Coinbase outside its comfort zone.
As the second largest stablecoin, USDC’s market cap stands at $56 billion after hitting an all-time high last week. Still, that leaves a lot of ground for USDC to cover as it works to overtake Tether. As of this writing, USDT currently accounts for a hulking 60% of the stablecoin market at $142 billion market capitalization, per CoinGecko.
Because…
