Original title: None
Original author: Ignas
Original source: x
Compiled by: Mars Finance, Daisy
The stablecoin revolution is accelerating rapidly.
Public blockchains have taken the lead in this race.
In 2019, JPMorgan Chase launched JPM Coin on its Quorum blockchain.
Fast forward to today, and traditional financial giants are choosing public blockchains to launch their stablecoins — a big win for our industry!
PayPal launches stablecoin on Solana and Ethereum
Ripple and Revolut are also launching stablecoins
UAE Central Bank approves AED stablecoin.
Even more exciting news is that Visa will launch the Visa Tokenized Asset Platform (VTAP) next year.
VTAP will allow banks to “mint, destroy and transfer” tokens, providing infrastructure for “financial institutions looking to leverage the benefits of blockchain.”
Spanish bank BBVA is already testing VTAP and plans to conduct a pilot on the Ethereum blockchain “sometime next year.”
A few years ago, such an announcement would have sent ETH up 50%. Now, few seem excited.
To be honest, it is really good news that Visa did not launch its own permissioned chain but chose a public blockchain.
While cryptocurrencies are winning over private chains, the key now is to see which blockchains attract the most stablecoins.
For example, PayPal’s PYUSD supply is growing rapidly on Solana (thanks to Kamino’s mining).
Ethereum is losing its dominance to Tron in terms of overall stablecoin supply, though Base is gradually entering the competition.
Additionally, a16z’s research shows that stablecoin activity is not affected by crypto cycles and can even increase demand for blockchain space during crypto winters.
Overall, this trend is very bullish for cryptocurrencies.
However, the competition now is over which blockchain can attract the largest supply.
Ethereum still leads, but other blockchains are beginning to seriously compete.
