In recent weeks, competition in the “stablecoin” space has been intensifying. In September alone, the New York Department of Financial Services approved U.S. dollar-backed cryptocurrency tokens from the Winklevoss-owned Gemini exchange and blockchain startup Paxos. A couple weeks later, Boston-based Circle announced its own stablecoin dubbed “USD Coin.”

The three new stablecoins join TrueUSD in being listed on major cryptocurrency exchanges Huobi and OKEx. OKEx has already launched deposits of TrueUSD (TUSD), Paxos Standard (PAX), USDCoin (USDC), and Gemini Dollar (GUSD), and deposits will begin on Huobi for the four stablecoins starting on Friday, October 19. Trading will commence “soon” after.

The release and listing of the four new stablecoins couldn’t have come at a better time for the issuers of each, as the current reigning champion of the stablecoin space, Tether, is surrounded with more controversy and uncertainty than ever. While Tether is on the ropes, these other stablecoins have a chance to gain invaluable market share currently dominated by Tether.

Paxos revealed earlier this week that the firm had minted over $36 million in PAX stablecoins, but increased the number to $50 million later in the week suggesting that the fear, uncertainty, and doubt (FUD) surrounding Tether may have prompted another $14 million in PAX to be printed.

Tether is currently experiencing trust issues across the market. Tether has long been suspected of not being properly backed by a corresponding U.S. dollar for each token, and recent insolvency rumors and a failed banking partnership have fueled fears the stablecoin is due for an implosion. Tether, which is supposed to be “stable” and tied 1-to-1 to the U.S. dollar has seen its price crash to 92 cents over investor uncertainty. The mass exodus of Tether might also have been responsible for a recent surge in Bitcoin’s price.

Regardless of if the Tether rumors are true or not, the FUD surrounding the top stablecoin provides a unique opportunity for these new stablecoins to take its crown, starting with OKEx and Huobi.