Incumbent stablecoin issuers may want to start looking over their shoulder.

A raft of new entrants are coming to challenge industry stalwarts like USDT, USDC and DAI by taking a payments-first approach.

Looking at the profitability of Tether, it’s not hard to see why the issuer is attracting competitors. The company behind the leading stablecoin reported over $4.5 billion of net profit in the first quarter of 2024.

Read more: Tether just obliterated its former net profit record for a single quarter 

Overcoming the cold start problem is no easy feat. The top three stablecoins enjoy widespread support on both centralized exchanges and within DeFi.

The approach of Agora Dollar, which…

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