The booming stablecoin industry has been like a wild rollercoaster ride, and it’s not just for crypto-nerds anymore! According to Polygon Labs CEO, Marc Boiron, the real catalysts behind this growth are the big players like Stripe and PayPal jumping on the bandwagon. Who would’ve thought, right? 🤯
PayPal, the company that made sending money to your weird cousin in Alaska a breeze, started allowing Bitcoin, Ether, and other token transfers in 2022. Fast forward to 2024, and they launched their very own US dollar-pegged stablecoin, PYUSD, which magically reached a $1 billion market cap in no time! 🚀
Stripe, the payment processing giant, has also been playing in the stablecoin sandbox with its Pay with Crypto feature, accepting USD Coin (USDC) payments on Ethereum, Solana, and Polygon. They even partnered with Remote to pay global contractors in USDC. Talk about breaking down barriers! 🌎
And let’s not forget about the traditional businesses and institutions adopting stablecoins due to new regulations in Europe and policy shifts in the US. Hey there, non-crypto native businesses, welcome to the party! 🎉
Stablecoins: A $230-billion colossus
With a whopping $230 billion in value, stablecoins are now supporting use cases across developed and emerging economies. That’s more than 1% of the US money supply! Tether’s USDt (USDT) is leading the charge, accounting for over 61% of the market. Just let that sink in for a moment…
Yield-bearing stablecoins and other innovations are popping up like mushrooms after the rain. Figure Markets’ YLDS, a dollar-pegged stablecoin with a 3.85% annual percentage rate, just got the green light from the SEC. And Tether co-founder Reeve Collins is launching Pi Protocol, a decentralized stablecoin offering yield. The future is here, my friends! 🎇
In the end, it’s all about the “proven profitability demonstrated by established players” and the “opportunity to provide better payment rails for users, especially for remittances, while avoiding traditional fee structures.” Ain’t that the truth! 💸
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2025-02-21 20:44