Tether and Circle’s Dominance Is Being Put to the Test

However, a recent wave of new entrants, like USDG (Paxos) and USDe (Ethena), have shown participants are willing to enter by offering easier ways for users to earn yields on their holdings. In a relatively homogenous product, this is one of the main value drivers for users. Take USDe’s recent announcements, for example: integrations with Bybit and Binance have made it easier for users to earn rewards alongside deeper product integration — namely, offering users yield on funds parked on the platform or held ...