Visa Crypto Business Director: Non-US dollar stablecoins will rise in the next few years

According to Mars Finance, according to The Block, Cuy Sheffield, head of Visa's crypto business, said at the Solana Breakpoint event in Singapore that the demand for stablecoins based on non-US dollar fiat currencies will continue to grow in the next few years. Sheffield pointed out that while the US dollar is suitable for cross-border transactions, fast and efficient local currency conversion is equally important, which provides huge opportunities for other local currency stablecoins.

Sheffield predicts that in the future every major fiat currency will be represented on the blockchain, although currently USD stablecoins still account for 99% of the stablecoin market supply. He welcomes the emergence of more stablecoins in the market that attempt to differentiate from USDT or USDC, calling it an "exciting" trend. He noted: "Right now, it seems that in most use cases, people are explicitly using stablecoins. They know what stablecoins are, and there are some direct-to-consumer brands. But we think there are many other use cases that may only happen on the back end, and the brand is not important. The key is economics."

Sheffield stressed that 2024 is a turning point, and some non-cryptocurrency businesses begin to try to use stablecoins to solve the challenge of paying overseas freelancers. He said: "This is one of the biggest use cases we see repeatedly, freelancers in Nigeria and Argentina want to get paid, and they prefer US dollars."