StanChart crypto CEO is bullish on non-USD stablecoin market

Zodia Markets’ Usman Ahmad sees the British pound as a strong option among non-dollar stablecoins.

article-image

Trikona/Shutterstock, modified by Blockworks

share

Zodia Markets’ CEO, Usman Ahmad, aims to capitalize on the growing worldwide interest in stablecoins, crypto assets anchored to stable assets such as fiat money.

Ahmad recently discussed the opportunities in the stablecoin sector and revealed that many corporate clients are showing keen interest.

“Mostly firms which are trading in multiple jurisdictions,” he said in a Financial News interview published Tuesday.

Ahmad noted that stablecoins act as a sort of stand-in for foreign currency, enabling people to make instant international transactions even when banks are closed.

Zodia Markets serves as a digital asset exchange and brokerage, specifically catering to institutional clients. It operates separately from Zodia Custody, a digital asset custodian service. Both entities are backed by Standard Chartered.

Ahmad observed that the stablecoin market is gaining momentum, especially in those not pegged to the US dollar. He added that about 94% of the stablecoin market is denominated in dollars.

Popular stablecoins, such as Tether (USDT) and USD Coin (USDC), are all linked to the US dollar’s value, putting them among the largest crypto assets by market cap.

“We feel there is an opportunity in the non-dollar stablecoin market,” Ahmad said, highlighting British sterling-denominated stablecoins as a strong prospect.

He mentioned that some global clients have expressed frustration over banking hours affecting crypto transactions, as they have to wait for banks to reopen after weekends.

“With stablecoins, they could do that within minutes on bank holidays,” he added.

Traders and investors might look for options other than the US dollar to reduce risk, while international companies could find stablecoins pegged to currencies that better align with their global operations to be valuable.

Ahmad recognized that although stablecoins may be speedy and efficient, they don’t offer yield generation as a benefit.

For yield, stablecoin holders generally have to seek out opportunities in DeFi, potentially taking on additional risks.

Updated Sep. 5, 2023 at 9:50 am ET, clarifying Zodia Markets relationship to Zodia Custody and Standard Chartered.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

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

Upcoming Events

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

Flashnote Template (41).png

Research

We believe that few tokens at the application layer are diverging more from fundamentals than ZORA. Its fully-diluted P/S sits at 90x, pricing significant growth despite a consistent decline in weekly revenues since late July. We foresee an 80% decrease in protocol net margins due to a recent update to the fee structure that reduces trading fees from 3% to 1%, while boosting creators’ portion of the fee split. ZORA’s supply overhang also represents a near-term headwind, with 45% of ZORA’s supply (4.5B tokens or $350M at current prices) earmarked for the team & investors beginning to unlock on October 23, 2025 (36-month linear vesting schedule).

article-image

Insiders have the best information — markets should be willing to pay for it

article-image

The CFTC-regulated exchange is opening doors to crypto builders and traders through grants, partnerships, and new deposit options

by Blockworks /
article-image

DFS tells banking organizations to integrate blockchain monitoring tools to curb money laundering and sanctions risks

by Blockworks /
article-image

New short and long-term priorities include L1 gas boosts, ZK-EVMs, privacy reads, and a lean, quantum-resistant Ethereum

by Blockworks /
article-image

The new stBTC token redistributes Bitcoin gas fees to users, creating liquid yield without inflation or lockups

by Blockworks /
article-image

The reserve will collect protocol revenues to back W token, alongside new yield and unlock schedule

by Blockworks /