According to online reports, Fireblocks, an expert on digital asset encryption and custody, said that the competition for the dominance of stablecoins is entering its third stage. As the industry faces strengthened supervision such as the European Union Cryptocurrency Market (MiCA) system and U.S. legislation under consideration by Congress, companies such as the largest token issuer Tether and the second largest token issuer Circle are consolidating their positions. 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 tokens into existing businesses. Goldi said that as many as 50 stablecoins are expected to appear by the end of this year.