Digital asset crypto and custody expert Fireblocks said the race for stablecoin dominance is entering its third phase, with companies such as Tether, the largest token issuer, and Circle, the second largest token issuer, solidifying their positions as the industry faces increased regulation such as the European Union's Crypto Asset Market (MiCA) regime and U.S. legislation under consideration in Congress. Ran Goldi, senior vice president of payments at Fireblocks, said that the latest phase will involve banks large and small, as well as existing payment companies, who are weighing the best way to integrate the token into their existing businesses. Goldi said that up to 50 stablecoins are expected to emerge by the end of this year.