Global Banks Analyze Entry into Digital Dollar Market
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Global banks are actively entering the digital dollar market, and according to analysis by Kaiko Research, the liquidity and distribution networks of Tether (USDT) and USD Coin (USDC) are acting as strong barriers to entry. JPMorgan, Bank of America, Citigroup, and Wells Fargo are developing a joint clearing and settlement infrastructure for tokenized deposits through the U.S. payment institution The Clearing House, with a target operational date set for the first half of 2027. The total market capitalization of stablecoins is expected to exceed $300 billion by the end of 2025, with USDT valued at approximately $182 billion and USDC at about $67 billion as of August 2026. These two assets account for 94% of the major stablecoin circulation. Kaiko Research identifies liquidity as a significant barrier to entry, stating that from 2024 to 2026, the average market depth will double for USDT and increase sevenfold for USDC. However, the market capitalizations of USDT and USDC have decreased by 4% and 14%, respectively, reflecting the impact of the cryptocurrency market downturn. In contrast, the total value of tokenized real-world assets (RWA) has increased from $1 billion to $2 billion in early 2024 to approximately $40 billion by August 2026. Kaiko Research assesses that the bank consortium will find it difficult to surpass the liquidity of these two assets in the short term, and predicts that the future battleground for the market will depend on 'interoperability' and securing actual use cases.
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