TLDR
- Bitwise said stablecoins could reach mainstream use if major technology firms expand payment pilots.
- Meta launched stablecoin payouts for creators in the Philippines and Colombia through a limited rollout.
- DoorDash introduced stablecoin payment options for users, workers, and merchants in a pilot program.
- The total stablecoin market stands at nearly $318 billion, with projections of $4 trillion by 2030.
- Congress passed the GENIUS Act to regulate stablecoin issuers and set clear backing requirements.
- Visa expanded its stablecoin settlement pilot to five additional blockchains as volumes increased.
Stablecoins could move closer to mainstream use as large technology firms test payment pilots, Bitwise said. The asset manager linked these trials to rising confidence in long-term growth projections. It pointed to forecasts that place the market near $4 trillion by 2030.
Stablecoin Adoption Gains Traction as Tech Firms Test Payments
Bitwise chief investment officer Matt Hougan said recent pilots from DoorDash and Meta answered long-standing questions about usage. He described the projects as small in size yet important in direction. “On a relative basis, these are not a big deal,” Hougan wrote. However, he said they showed how large companies could use stablecoins in real settings.
Meta launched stablecoin payouts for creators in the Philippines and Colombia last week. DoorDash announced on April 21 that it would support stablecoin payments for users, workers, and merchants. Hougan called such activity “the real killer app of stablecoins,” and he linked it to broader scaling potential.
He said stablecoins must move beyond crypto trading to reach mass adoption. He stated that daily payments would drive wider use and asset growth. He added that large players must support expansion to reach hundreds of millions of users.
Market Growth Projections and Regulatory Backdrop
The total stablecoin market currently stands just under $318 billion. Hougan cited a September projection from Citigroup that outlined a $4 trillion market by 2030 in a best-case scenario. He said expanding payment use cases would help achieve that target.
Hougan argued that companies see stablecoins as cheaper and faster than traditional rails. He said multinational firms also seek to simplify global payment systems. “Stablecoins make global payments simple,” he wrote. He explained that one wallet address can reduce banking layers and currency conversions.
Visa expanded its stablecoin settlement pilot to five more blockchains on Thursday. The company reported growing settlement volumes on its network. At the same time, US banks continued to raise concerns about deposit competition.
Congress passed the GENIUS Act last year to regulate stablecoin issuers. The law set rules on backing requirements and issuer oversight. Lawmakers now draft broader crypto legislation in the Senate.
The draft bill includes a clause banning exchanges from paying rewards on idle stablecoin balances. However, it allows other forms of rewards under certain conditions. Banking groups said on Tuesday that the proposed limits do not go far enough.
