Growing competition across the stablecoin market is not only a positive, argues Tether CEO Paolo Ardoino, it's also a product of USDT's success.

"They are seeing, of course, how much money we are making. So it's normal that everyone will try to get a portion of it,” he told The Block in a recent interview. "The fact that there are new products is great for multiple reasons. First of all, it creates more resiliency, it creates alternatives."

With a market capitalization of over $114 billion, Tether's USDT is the world's third-largest cryptocurrency. As the market's largest U.S. dollar-pegged stablecoin, it far surpasses Circle's USDC's market cap of $34 billion. Several other dollar-pegged stablecoins are also trying to get their share of the market, including one recently issued by the …