Circle CEO: The iPhone moment for stablecoins is approaching.
Jeremy Allaire, CEO of stablecoin issuer Circle, stated that stablecoins are about to experience a breakthrough moment akin to that of the iPhone. He further described stablecoins as the most efficient form of currency ever created by humanity.
Allaire pointed out last Saturday:
'We have not yet fully reached the iPhone moment, when global developers realize the power and opportunity of programmable digital dollars on the internet, but that moment is not far off.'
Image source: X Circle CEO: The iPhone moment for stablecoins is approaching.
According to a report by Cryptonews, Chamath Palihapitiya, founder of Social Capital, stated that stablecoins represent the 'unified theory of financial services,' predicting that by 2025, stablecoins could contribute $1-3 trillion in value to the global GDP.
Retail giants are laying out plans for stablecoins, and the trading volume data is astonishing.
Foreign media has reported that retail giants Walmart and Amazon are considering launching a dollar-backed stablecoin, and global e-commerce giant Shopify has confirmed it will integrate Circle's USDC stablecoin by the end of 2025.
The trading volume data for stablecoins is even more astonishing. According to statistics from Daren Matsuoka, a data scientist at venture capital firm a16z Crypto, as of May 31, the trading volume of stablecoins reached $33 trillion in the past 12 months.
Matsuoka stated: 'In the past 12 months, the global trading volume of stablecoins is about 20 times that of PayPal and roughly 3 times that of Visa, and it is rapidly approaching the trading volume of ACH.' He believes stablecoins offer the first credible opportunity for cryptocurrencies to reach 1 billion users.
Stablecoins face technical challenges, but the outlook is optimistic.
Although the prospects for stablecoins are promising, they still face practical challenges. Existing payment services like BVNK charge a 2% fee plus a $1 network cost, making stablecoins more expensive than traditional alternatives.
However, Circle's recent performance after going public shows market confidence. According to Cointelegraph, on the day Circle successfully went public, its stock price soared by 167% on the first trading day. On the other hand, Circle's biggest competitor, Tether's CEO Paolo Ardoino, stated that there is no intention to follow suit.
Allaire compares the application of stablecoins to the technological brilliance brought by the birth of the iPhone, signifying that widespread developer adoption requires better tools and infrastructure. Just as the success of the iPhone was due to Apple creating a comprehensive development platform, stablecoins also need a similar ecosystem development.
Further Reading:
The cryptocurrency industry is moving towards traditional finance! Circle and BitGo apply for banking licenses, Coinbase may follow suit.
Walmart and Amazon are considering issuing stablecoins! Why are big companies jumping into the stablecoin race?
This content is generated from various sources summarized by Crypto Agent, reviewed and edited by Crypto City. It is still in the training phase and may contain logical biases or informational inaccuracies. The content is for reference only and should not be considered investment advice.
'The trading volume of stablecoins is 20 times that of PayPal! Circle: The iPhone moment for stablecoins is coming' was first published in 'Crypto City.'
