Why Stablecoins Are the New Avocado Toast of Finance

Sixteen years after Bitcoin burst onto the scene like a caffeinated toddler at a yoga class, the blockchain industry is still trying to figure out how to fix the mess that is traditional finance. Enter Brian Shroder, former Binance.US CEO and founder of 1Money Network, who thinks the answer lies in multicurrency stablecoins. Because, apparently, the future of money is a global game of Monopoly. 🎩💰

In an interview with CryptoMoon (because where else would you go for financial insights?), Shroder explained his grand vision for 1Money, a layer-1 network designed to make stablecoin payments as easy as ordering a latte. “Our mission is to make stablecoin payments more accessible and practical for everyday use,” he said, presumably while sipping a $7 oat milk cappuccino. Peer-to-peer transfers, e-commerce purchases, and cross-border remittances are just a few of the use cases he’s excited about. 🌍💸

The stablecoin market, now a $222-billion behemoth, is dominated by Tether’s USDt and Circle’s USD Coin, which together make up 86% of the market. But Shroder isn’t content with just two players hogging the sandbox. “We envision a global network powered by stablecoins representing all major currencies,” he said, probably while doodling a world map on a napkin. 🗺️

1Money isn’t alone in this quest. Robinhood, Kraken, and Paxos have formed a consortium to launch the Global Dollar Network, and Ripple is also in the game. But 1Money is different—it’s designed to natively support multiple stablecoins, because why settle for one currency when you can have them all? 🌈💵

“We believe there is significant potential for stablecoins denominated in other currencies to grow,” Shroder said, sounding like a man who’s already planning his TED Talk. “Particularly as the stablecoin market evolves and diversifies, and as demand for localized stablecoin financial solutions increases.”

This future includes facilitating stablecoin-to-stablecoin swaps with 1Money Network as a settlement layer, because nothing says “innovation” like making money move faster than a teenager’s thumbs on TikTok. 📱💨

While 1Money plans to eventually support several stablecoins, its initial focus will be on “supporting fully reserved stablecoins with selection based on the issuer’s reputation, liquidity, compliance, and market demand.” Translation: they’re starting with the boring, responsible ones before diving into the wild world of crypto chaos. 🕶️💼

Stablecoins: Solving Real-World Problems (or Just Creating New Ones?)

For all their supposed growth and innovation, blockchains beyond Bitcoin have yet to solve the issues that have plagued traditional finance. According to Shroder, “many layer-1 and layer-2 protocols create new user pain points.” Translation: blockchain is like IKEA furniture—it looks great until you try to put it together. 🛠️

Critics like Jimmy Song argue that blockchain technology creates more problems than it solves. But stablecoins, with their ability to facilitate cross-border payments and remittances, are a notable exception. For example, sending a $200 remittance from Sub-Saharan Africa is 60% cheaper using stablecoins than traditional methods. That’s like saving enough for an extra avocado toast. 🥑🍞

If blockchain technology goes mainstream, it’ll likely be driven by stablecoins, according to a November report by consultants Quinlan & Associates and IDA. The report found that cryptocurrencies, including stablecoins, represent just 0.2% of worldwide e-commerce transaction value. So, basically, they’re the underdog of the financial world. 🐶💪

2025-01-27 20:58

Stablecoins: Solving Real-World Problems (or Just Creating New Ones?)

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