Stablecoin Issuance Market: Four Business Models Reshaping the Market

Stablecoin issuance is one of the most profitable businesses in crypto. Yet with USDT and USDC holding over 85% of the market, competing on the same reserve-interest model is not realistic for new entrants. This report analyzes four issuers that have each carved out a distinct position within this structure.

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Tether leads with roughly 62% market share. On top of its core reserve-yield model, it is rebuilding trust and diversifying revenue through a Big Four audit and $20B in new business investment.

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M0 does not issue stablecoins directly. Instead, it provides shared infrastructure that enables other companies to launch their own. MetaMask and Exodus already operate stablecoins on the platform, and the model strengthens through network effects as issuers and builders accumulate.

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StraitsX treats payment fees, not reserve interest, as its primary revenue source. Integrations with Alipay+, GrabPay, and Visa demonstrate real-world utility, and monthly transfer volume 2.5x its market cap validates the model. Securing an MAS Major Payment Institution license ahead of competitors turns regulation into a moat.

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KrwqCash, operating without a domestic regulatory framework, moved first to capture offshore demand from the KRW NDF market already functioning outside regulation. Once regulation is established, it plans to enter the domestic market leveraging pre-built offshore liquidity, then replicate the model across major Asian NDF currencies.

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The stablecoin issuance market is not converging on a single business model. It is diverging, with fundamentally different revenue strategies coexisting depending on each issuer’s scale and positioning.

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Read the full report: https://public.relate.so/p/docs/d63s1kfh9gmhn552