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The CEO of Circle, which recently appeared on the New York Stock Exchange, expects that it won't be long before stablecoins reach the level of developer attraction achieved by the iPhone.
Stablecoins will soon have an "iPhone moment": CEO of Circle
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While stablecoins have not attracted developers to the same extent that Apple's iPhone did, Jeremy Allaire, CEO of Circle, the issuer of stablecoins, indicates that the breakthrough moment is not far off.
We have not yet reached the iPhone stage where developers everywhere realize the power and opportunities of programmable digital dollars online, just as they witnessed the launch of programmable mobile devices. Soon, this is what Alier wrote in a post on Saturday.
He added, "This is the highest form of cash utility ever created."
Giant retailers are looking to stablecoins.
Alier's comments came in response to a16z Crypto partner Sam Brunner, who said in a post that same day that "stablecoins are better because they encourage competition."
Now, anyone can program money - the fixed and marginal costs of building a fintech company are lower. More competition = better prices, better experiences, and broader accessibility, Brunner added.
Cryptocurrency, Circle, stablecoin
Source: Sam Brunner
This comes just one day after reports emerged that retail giants Walmart and Amazon are considering launching their own US dollar-backed stablecoins for customers.
Meanwhile, global e-commerce giant Shopify recently confirmed its plans to integrate USDC from Circle.
US Dollar to Dollar
$0.9995
A stablecoin for payments by the end of 2025.
Darren Matsuka, a cryptocurrency data scientist at A16z, expects that stablecoins could be the optimal solution for widespread adoption in the cryptocurrency world. Matsuka stated in a post on X on June 6: "I believe stablecoins represent now the first real opportunity to bring a billion people into the world of cryptocurrency."
The transaction volume of stablecoins is approaching 20 times that of PayPal.
Matsuka pointed to the $33 trillion transaction volume that stablecoins have recorded over the past 12 months.
Cryptocurrency, Circle, stablecoin
Stablecoins achieved a transaction volume 19.4 times larger than PayPal over the past twelve months. Source: Darren Matsuka
He said, "To put that in perspective, this is approaching 20 times the volume of PayPal, nearly 3 times the volume of Visa, and quickly approaching the volume of ACH."
Related: Launch of the USDC stablecoin on the XRP Ledger
This comes after Circle's recent debut on the New York Stock Exchange (NYSE). On June 5, the stablecoin issuer made a strong entry into the public market, with its stock rising 167% in its first trading session.
However, the biggest competitor to Circle, which is Tether, is the company behind USDT.
Tether
$1.00
He showed no interest in following the same approach. A few days after Circle's listing, on June 8, Tether's CEO, Paolo Ardoino, stated that the stablecoin issuer does not intend to go public.
