Stablecoins to go mainstream like the iPhone in 2007 says Circle CEO

Circle’s Jeremy Allaire believes the stablecoin industry is on the brink of mass developer adoption, with major retailers and fintech innovators entering the space. According to Circle CEO Jeremy Allaire, stablecoins could soon reach their breakthrough moment, akin to the iPhone’s launch in 2007. In a post on Saturday, Allaire said the industry is “not quite yet at the iPhone moment ” when developers universally recognize the potential of programmable digital dollars. However, he acknowledged that the day was fast approaching. Calling stablecoins “the highest utility form of money ever created,” Allaire’s remarks responded to a post from a16z Crypto partner Sam Broner, who argued that stablecoins foster competition and reduce the costs of building financial applications. Broner noted that stablecoins allow anyone to program money, fostering more competition, which leads to better prices, improved user experiences, and greater access. Retail giants and e-commerce leaders embrace stablecoins Allaire’s optimism coincides with reports that US retail giants Walmart and Amazon are exploring their own US dollar-backed stablecoins, signaling increased institutional interest. Meanwhile, e-commerce powerhouse Shopify recently confirmed plans to integrate Circle’s USDC stablecoin for payments by the end of 2025. The global e-commerce giant is rolling out the early access in collaboration with major US exchange Coinbase. According to a spokesperson for Shopify, a limited number of merchants will immediately have access to the full product starting on June 13 as part of the early access rollout. Shopify CEO Tobi Lutke said in an X post on Thursday that they think that stablecoins are a natural way to transact on the internet and worked with Coinbase to develop the commerce payment protocol smart contract that powers this work. Daren Matsuoka, a data scientist at a16z, emphasized the transformative potential of stablecoins in onboarding the next billion crypto users. In a June 6 post, he highlighted the staggering $33 trillion in transaction volume processed by stablecoins over the past year — nearly 20 times more than PayPal and almost three times that of Visa. Circle surges as stablecoin momentum grows and the GENIUS Act advances The spike in the adoption of stablecoin comes just days after the public debut of Circle on the New York Stock Exchange on June 5. Shares of the company jumped 167% on its first day of trading, a sign of keen investor interest. However, rival stablecoin USDT’s issuer, Tether, has no intention of following suit. Tether CEO Paolo Ardoino said on June 8 that Tether will continue to be a private company for the foreseeable future. Allaire’s forecast of an “iPhone moment” for stablecoins is starting to look plausible as competition heats up and use cases multiply. The future of stablecoin issuance for many companies may depend on the passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. This bill seeks to establish clear rules around collateralization and enforce Anti-Money Laundering compliance. These regulations could pave the way for greater institutional adoption in the world’s largest US economy. On Thursday, the US Senate advanced the bill with a 68–30 vote, as Majority Leader John Thune called on lawmakers to rally behind the legislation. A bipartisan majority, including several Democrats, voted to invoke cloture, moving the bill toward a full floor vote before it heads to the House of Representatives. Meanwhile, firms associated with major banks like JPMorgan, Bank of America, Citigroup, and Wells Fargo have reportedly explored launching a joint stablecoin initiative. KEY Difference Wire helps crypto brands break through and dominate headlines fast

Source: Cryptopolitan