Visa announced their plans to launch a stablecoin with BBVA today.
Throughout the quietness in crypto created by the wake of the FTX collapse & the AI boom, stablecoins have become a large & very fast growing part of web3.
Users clock 3m stablecoin transactions per day at an approximate average value of $5,000.
But, the use of stablecoins extends far beyond crypto trading.
Stablecoins own more US Treasuries than South Korea & Germany & have become an important buyer of US goverment debt.
PayPal paid their auditor Ernst & Young with stablecoins. PayPal’s stablecoin PYUSD has reached $750m in size.
JPMorgan’s clients use their internal stablecoins to move more than $1b daily. Siemens uses this system to reallocate cash across
subsidiaries in different geographic regions.
When Stripe launched stablecoin support earlier this summer, John Collison said, “Crypto is finding real utility. With transaction speeds increasing and costs coming down, we’re seeing crypto finally making sense as a means of exchange.”
At the outset, crypto promised to be a new form of money. Publicly traded companies are now using stables to pay their bills & multinationals use crypto to move money faster & less expensively. We’re not far from that initial promise being fulfilled.
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