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ceteris
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head of research | delphi
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ceteris
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a lot of people will look at this chart below, see the 99.7% usd stablecoin dominance and declare all other non-usd stables are dead. it’s a nonsense take and misses the biggest opportunity for stables in the world: foreign exchange. usd stablecoins had to come first. the world wants dollars, and the stablecoin model was unproven. now that it’s proven the next step is clear → going after the fx market, the largest market in the world and one that does $7.5T in DAILY volume. just think about how fx is generally done today. there are receiving banks, sending banks, intermediary banks (on both ends), brokers & liquidity providers and the messaging system itself. stablecoins are a massive disruption to this model. of course, stable infrastructure today is still not without large frictions, mostly with the stable<>fiat leg of the trade. but the majority of the fx market today is already digital to digital trades and basically just ledger entries, something blockchains excel at. fx is the final boss for stablecoins → 2026 is the year we start to make ground.
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