The increasing relevance of stablecoins and the current race to establish regulations to dictate the rules of their use might give rise to a new market. Cryptoquant CEO Ki Young Ju predicted the rise of what he called “dark stablecoins,” a new kind of dollar-anchored money perceived to be censorship-resistant.

Young Ju stated that as today’s stablecoins become regulated, they will lose the allure that has led many to use them as a substitute for the U.S. dollar. He explains that companies like Circle and Tether have been able to hold their custody assets in banks and with institutions, with the government not interfering unless for crime-related purposes.

Nonetheless, with the possible implementation of onchain direct scrutiny methods, including tax collection through smart contracts, and freezing of funds based on government rules, this is poised to change, giving rise to dark stablecoins that could satisfy different use cases.

Young Ju explains that dark stablecoins can be programmed in two different ways: using algorithms to maintain the U.S. dollar peg, although most of these stablecoins (including TerraUSD) have failed before; and using stablecoins issued by countries that don’t censor financial transactions.

Tether might also play a role in this upcoming chapter in the evolution of stablecoins if they decide not to cooperate with the U.S. government. “If Tether chooses not to comply with U.S. government regulations under a future Trump administration, it could become a dark stablecoin in an increasingly censored internet economy,” Young Ju stressed.

This seems unlikely given the long story of government collaboration with the stablecoin company. “I think dark stablecoin-related assets could have investment potential in the Internet capital markets,” Young Ju concluded.

Read more: Ripple CEO Sees Stablecoins Exploding Globally, Calls for Rapid US Regulation

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