Stablecoin Value Shifts Beyond Issuers as Payments and Asset Management Gain Ground

A Tiger Research report argues the stablecoin value chain's next battleground is post-issuance services like payments and asset management, not token issuance. While Tether and Circle dominate issuance, larger opportunities exist in fiat on-ramps, cross-border transfers, and on-chain asset management. Stablecoins are framed as a technical upgrade on existing financial rails, not a bank replacement.