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Welcome to The Node! This is Ben Schiller to take you through the latest crypto news. 

In today's news from CoinDesk reporters:
Tether May Develop U.S.-Only Stablecoin Under New Regulations: FT
Tariff Fallout Slaps Ether Bulls With Looming $100M Liquidation
Ripple, BCG Project $18.9T Tokenized Asset Market by 2033

Cap Raises $11M for Stablecoin Engine as Industry Heats Up

Opinion: Most stablecoins, including the two clear market leaders, are dollar-based. Michael Egorov, founder of decentralized exchange Curve Finance, asks if stablecoins based in other currencies can gain traction.👇

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Tether May Develop US Stablecoin

• Tether may offer a new token specifically for the U.S., according to a Financial Times report.
• Paolo Ardoino said the company had been involved in discussions about the U.S. rules on stablecoins.
• Regulations being considered by President Donald Trump's administration include plans to force foreign issuers trading crypto to comply with U.S. laws.

ETH Positions At Risk

• Nearly $100 million in ether positions are at risk if ETH's price drops by 15%.
• Traders in Asia experienced significant losses due to the impact of President Trump's tariff policy.
• The largest single ETH position, with $147 million in collateral locked, has a strike price of $1,132.

$18.9T RWA Market By 2033

• The market of tokenized assets, including stablecoins, is projected to reach $18.9 trillion by 2033, according to Ripple and BCG.
• The report highlighted tokenization of money markets, private credit and carbon emissions as use cases offering operational efficiencies.
• Unclear regulations, lack of standardization and market fragmentation are among barriers for broader adoption, the report said.

Cap Raises $11M For Stablecoins

• Cap has raised $11 million from investors including Franklin Templeton and Triton Capital to develop its stablecoin engine.
• The funding will support Cap's system, which allows users to earn passive interest on stablecoins.
• Cap's approach includes leveraging traditional financial expertise to generate yield beyond crypto-native sources.

Opinion: Can Non-USD Stablecoins Compete?

By Michael Egorov, Curve Finance

Stablecoins continue growing into a pillar of both the cryptocurrency world and the global financial system. The market has already surpassed $235 billion, showcasing that people have faith in the future of these assets.

Currently, two USD-backed stablecoins (USDT and USDC) have about 90% of the market. The rest of the top-10, including USDe and PYUSD, are all dollar-denominated. Euro-based stablecoins have little market share by comparison. Why is that?

There are many discussions around regulation, interoperability, and integration with TradFi. However, the single most important factor is liquidity. Without deep and sustainable liquidity, no stablecoin can gain mass traction, and no amount of regulatory clarity will change that.

Let’s take the Euro as an example. EUR-backed stablecoins have existed for years at this point, yet they remain barely used. Mainly that’s because of liquidity challenges. That’s what ultimately determines whether a stablecoin can become a widely used financial tool.

For years now, USD-backed stablecoins like USDT and USDC have been the dominant force in this landscape, acting as the primary source of liquidity in lending pools and trading pairs. USD-backed stablecoins have deep liquidity, high trading volumes, and extensive integration across CeFi/DeFi platforms.

In contrast, euro (and other non-USD) stablecoins suffer from a lack of market mechanisms that could sustain them. There simply aren’t enough trading pairs, users, and financial instruments built around them to create a proper liquidity ecosystem like what the USD stablecoins have.

One of the key reasons for this liquidity gap is that centralized market makers do not see enough financial incentive to provide liquidity for euro stablecoins. It simply isn’t profitable enough for them. So they prioritize other assets, leaving EUR-backed stablecoins on the backfoot.

This isn’t just a matter of preferences — it’s a more fundamental issue that’s economic in nature. If market makers can’t make a decent return on providing liquidity for these assets, they won’t allocate capital towards them.

So, how can this be changed?

Read the rest of the op-ed here. 

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