Reporting, digital asset custody and encryption experts Fireblocks said that the competition for stablecoin dominance is entering a third phase, as the industry faces increased regulation, such as the EU's Markets in Crypto-Assets (MiCA) framework and U.S. legislation under consideration in Congress, with the largest token issuer Tether and the second-largest token issuer Circle consolidating their positions. Ran Goldi, Senior Vice President of Payments at Fireblocks, said that the latest phase will involve both large and small banks as well as existing payment companies, which are evaluating the best ways to integrate tokens into their existing businesses. Goldi said that up to 50 stablecoins are expected to emerge by the end of this year.