The U.S. dollar’s grip on stablecoins and real-world asset (RWA) tokenization faces growing competition, as other currencies and assets emerge as viable backing options. While dollar-backed stablecoins remain the crypto reserve currency, alternatives like money-market funds, commodities, and gold are gaining traction due to their potential for higher yields. Assets offering better returns, such as money-market funds outperforming U.S. Treasury bills, are expected to take precedence. Additionally, RWA tokenization could diversify stablecoin backing, with tokenized assets beyond currencies providing users with more choices in the evolving stablecoin ecosystem.
