Crypto exchanges like Kraken and Crypto.com are entering the stablecoin market to release their own digital dollar substitutes. Kraken is reportedly looking to create a U.S. dollar-pegged stablecoin through its Irish entity, while Crypto.com is working on a stablecoin project for a Q3 2025 launch. The move comes as changes in regulations in Europe have led to the delisting of Tether's USDT, creating an opportunity for other exchanges to fill the gap. However, EU regulations require issuers to hold an electronic money license in at least one member state, making offering a stablecoin in Europe more complex. Some exchanges are opting for strategic partnerships instead of launching their own stablecoins, with USDC becoming a preferred alternative among exchanges. Tether's market dominance is also gradually decreasing as its market share drops and it faces increased competition.



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