Ah, stablecoins! Those elusive digital dollars that have yet to capture the hearts of developers like the iPhone did. Jeremy Allaire, the grand wizard of Circle, proclaims that the moment of revelation is nigh! 🌟
“We are not quite yet at the iPhone moment when developers everywhere realize the power and opportunity of programmable digital dollars on the internet in the same way they saw the unlock of programmable mobile devices. Soon,” he declared, as if he were a prophet in a digital temple.
“The highest utility form of money ever created,” he added, with a flourish that would make even the most seasoned magician envious.
Retail giants are eyeing stablecoins
In a delightful twist of fate, Allaire’s musings were echoed by Sam Broner, a partner at a16z Crypto, who proclaimed that “stablecoins are better because they encourage competition.” Ah, the sweet taste of competition! đźŤ
“Now anyone can program money – the fixed and marginal costs of building a fintech are lower. More competition = better prices, better experiences, more access,” Broner added, as if he were unveiling the secrets of the universe.
Just a day later, whispers emerged that retail titans Walmart and Amazon are contemplating their own US dollar-backed stablecoins. Imagine the chaos! đź›’đź’°
Meanwhile, Shopify, the e-commerce behemoth, has confirmed plans to integrate Circle’s USDC stablecoin for payments by the end of 2025. The future is here, folks!
Daren Matsuoka, a data scientist at a16z Crypto, boldly predicts that stablecoins may be the golden ticket to crypto adoption. “Stablecoins now present what I believe is the first credible opportunity to onboard a billion people into crypto,” he proclaimed in a June 6 X post. Talk about ambition! 🚀
Stablecoin transaction volume close to 20X the volume of PayPal
Matsuoka pointed to the staggering $33 trillion transaction volume that stablecoins have recorded over the past 12 months. Yes, you read that right! đź’¸
“To put that into perspective, that’s close to 20 times the volume of PayPal, close to 3 times the volume of Visa, and quickly approaching the volume of ACH,” he said, as if he were a financial bard spinning tales of grandeur.
And let us not forget Circle’s recent debut on the New York Stock Exchange (NYSE). On June 5, the stablecoin issuer made a splash, with its shares soaring 167% in its first trading session. A true spectacle! 🎉
However, in a plot twist worthy of a novel, Circle’s fiercest rival, Tether, the mastermind behind USDT, has no intention of following suit. Just days after Circle’s listing, Tether CEO Paolo Ardoino declared that they would remain steadfastly private. The drama unfolds! 📉
Read More
2025-06-15 09:35