Stablecoins are Fueling a New Era of Dollar Dominance | Vance Spencer & Michael Anderson

The evolution of the crypto asset class centers on its transition toward institutional adoption, marked by the success of Bitcoin and Ethereum ETFs and the integration of tokenized real-world assets like Treasury bills on-chain. Framework Ventures founders Vance Spencer and Michael Anderson highlight a strategic pivot from speculative venture bets to identifying productive, cash-flow-positive DeFi protocols that offer tangible earnings. While regulatory developments like the Genius Act provide essential market structure for stablecoins, the U.S. faces a competitive landscape against jurisdictions like Europe, where business model flexibility remains higher. Tether maintains its dominance in the global stablecoin market, benefiting from its rest-of-world reach, whereas U.S.-based issuers navigate stricter constraints on yield generation. This shift reflects a maturing industry moving beyond the volatility of previous cycles toward a more stable, utility-driven financial infrastructure.