Ben O'Neill, head of money movement at Bridge, has criticized the dominance of Tether and Circle in the stablecoin market, arguing it stifles competition and innovation. Speaking at Consensus Miami, O'Neill highlighted that the current market leaders, Tether's USDT and Circle's USDC, do not cater to all use cases, which limits the growth potential of stablecoins. O'Neill pointed out that Tether and Circle's design choices and fee structures are not ideal for large payments firms like Bridge-owner Stripe. He emphasized the need for more stablecoins tailored to specific use cases and the development of efficient clearing houses to facilitate stablecoin swaps. O'Neill warned that without increased competition, Tether and Circle could continue to raise fees and restrict the usability of their stablecoins.