Stablecoins are the killer application of crypto.
We just discussed stablecoins. But I want to circle back. Duong stated that he gets asked frequently by institutional investors if the predictions for stablecoins, such as Jeremy Allaire from Circle stating stablecoins would reach $3 trillion by 2030 are real.
“You think about the level of M2 money supply in the United States, and it’s $21 trillion. So we’re just at around 1% of that if we go to $3 trillion, that’s still only less than 15% of the entire M2 mining supply as it is so I really don’t think that’s far off. I think that the opportunity on that side of things is still huge,” Duong explains.
His belief is that Cicle’s acquisition of Hashnote, which already owns a stablecoin with a yield-bearing component, shows their interest in such stablecoins. A macroeconomic environment has made institutions, at the very least, interested in a potential yield-bearing product. High rates encourage people to look for ways to save or make money.
Duong, who supports some of Marc Boiron’s arguments from Polygon Labs made last week, believes the Fed will still be able to maintain interest.
“In terms of utility, stablecoins are meaningfully disrupting the payments landscape, bringing crypto and fiat banking solutions closer together,” Duong wrote the report.
Stablecoins are growing at a rapid rate that is hard to stop.
“Behind this growth lies a simple but powerful fact: Stablecoins can make it faster and cheaper for both businesses and individuals to move money around the globe,” Coinbase is a written by.
This is the exact thing we’re looking for, dear reader.
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