The post USD Stablecoins Dominate Market, But Global Fiat Stablecoins Set to Rise, Says Visa Exec at Solana Breakpoint appeared on BitcoinEthereumNews.com.

The adoption of stablecoins, especially those based on non-dollar fiat currencies, is expected to grow in the coming years, according to Visa’s Head of Crypto, Cuy Sheffield. Sheffield highlighted the importance of having a variety of local currency stablecoins for efficient cross-border transactions. “Dollars are great for cross-border, but you then need to be able to convert quickly and efficiently,” said Sheffield, pointing out the potential for other local currency stablecoins. Visa’s Cuy Sheffield predicts a significant rise in non-dollar stablecoins, revolutionizing global financial transactions with diversified on-chain fiat currencies. Increasing Role of Local Currency Stablecoins in the Global Financial Ecosystem In a recent fireside chat at Solana Breakpoint event held in Singapore, Visa’s Head of Crypto, Cuy Sheffield, expressed his views on the evolving landscape of stablecoins. Highlighting the necessity for local currency stablecoins, Sheffield emphasized their potential to streamline cross-border conversions efficiently. This development is poised to reshape international transactions by reducing dependence on dollar-based stablecoins, which currently dominate 99% of the stablecoin market. Emergence of Diverse Stablecoins and Market Dynamics This year has seen an influx of new stablecoins entering the market, attempting to distinguish themselves from established entities like USDT and USDC. For instance, digital asset custody firm BitGo introduced USDS at Token2049 Singapore, providing financial incentives to institutions that supply liquidity. Other players, like PayPal’s PYUSD and London-based Revolut, have also announced their entries into the stablecoin arena, signaling a dynamic shift in how stablecoins are utilized and perceived by both consumers and businesses. Potential for Stablecoins in Addressing Payout Challenges During his talk, Sheffield mentioned a significant trend where non-crypto companies are leveraging stablecoins to address payout issues, particularly for freelancers in countries like Nigeria and Argentina. According to Sheffield, 2024 has marked a turning point, with an increasing number of businesses exploring stablecoins…

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Filed under: News - @ September 20, 2024 5:27 pm