Visa’s Head of Crypto, Cuy Sheffield, has predicted a surge in non-dollar stablecoins in the coming years. Speaking at the Solana Breakpoint event in Singapore on Friday, Sheffield emphasized the importance of these stablecoins for cross-border transactions.
While US dollar stablecoins currently dominate the market, Sheffield anticipates that every major fiat currency will eventually have its own on-chain representation. This shift will enable more efficient and localized payments.
Sheffield also expressed excitement about the growing number of stablecoins that aim to differentiate themselves from the market leaders, USDT and USDC. He highlighted the increasing consumer awareness of stablecoins and their potential for broader adoption in various use cases.
The recent launch of new stablecoins, such as BitGo’s USDS and PayPal’s PYUSD, underscores the growing interest in this asset class. Revolut has also announced plans to enter the stablecoin market.
Sheffield noted that 2024 has been a significant year for stablecoin adoption, particularly in facilitating cross-border payments for freelancers in regions like Nigeria and Argentina.
