Stablecoins are ‘meaningfully disrupting’ payments landscape: Coinbase

Stablecoins have emerged as crypto’s killer app, and the data shows that they still have room to run

article-image

ddRender/Shutterstock modified by Blockworks

share


This is a segment from the Empire newsletter. To read full editions, subscribe.


Let me introduce crypto’s killer app: stablecoins. 

I know we just talked about stablecoins, but I wanted to, well, circle back. Duong said he’s frequently being asked by institutional investors if some of the forecasts for stablecoins (like Jeremy Allaire of Circle saying that stablecoins will hit $3 trillion by 2030) are realistic. 

“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 explained. 

Look at stablecoins go

He also thinks that Cicle’s recent acquisition of Hashnote shows its interest in yield-bearing stablecoins, given that Hashnote already has one. Institutions, at least, are very interested in the potential yield-bearing offering due to the macro environment. Basically, high rates lead to more folks sniffing around to see where they can make or save some extra money. 

Even with the Fed currently going into an easing cycle, Duong thinks that the interest will remain, backing up some of the points made by Marc Boiron of Polygon Labs last week. 

“In terms of utility, stablecoins are meaningfully disrupting the payments landscape, bringing crypto and fiat banking solutions closer together,” Duong wrote in the report.

Stablecoins really seem to be in the can’t stop, won’t stop stage of growth. 

“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 wrote.

And that, dear readers, is exactly what we want from a potential killer app.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Swiss regulator Gespa is assessing whether FIFA’s tokenized ticket sales for the 2026 World Cup violate gambling laws

by Blockworks /
article-image

The deal gives Ondo Finance SEC-registered broker-dealer, ATS, and transfer agent licenses to operate regulated tokenized securities markets

by Blockworks /
article-image

Ethereum and Solana funds mark industry first as Grayscale adds staking to spot crypto products

by Blockworks /
article-image

US bitcoin ETFs that seen more than $2.2 billion of net inflows over the last four trading days

by Blockworks /
article-image

More than 75 million U.S. Galaxy owners gain integrated Coinbase One access through Samsung Wallet, with global rollout planned

by Blockworks /
article-image

The central bank signed agreements with firms for fraud, payments, and app services ahead of a potential launch

by Blockworks /