TechFlow news, on September 20, according to The Block, Cuy Sheffield, head of crypto at Visa, said at the Solana Breakpoint event in Singapore that demand for stablecoins pegged to non-U.S. dollar fiat currencies will continue to grow over the next few years. Sheffield noted that while the U.S. dollar is well-suited for cross-border transactions, fast and efficient conversion using local currencies is equally important, creating significant opportunities for stablecoins tied to other local currencies.
Sheffield predicted that every major fiat currency will eventually be represented on blockchains, even though dollar-denominated stablecoins currently account for 99% of the stablecoin market supply. He welcomed the emergence of more stablecoins aiming to differentiate themselves from USDT or USDC, calling it an "exciting" trend. He also emphasized that 2024 marks a turning point, with some non-crypto companies beginning to experiment with stablecoins to address challenges in paying overseas freelancers.
