Circle Leads the Stablecoin Revolution: What you Need to Know
Bitcoin's launch in 2009 changed the world forever and triggered the crypto revolution. The world's first cryptocurrency rose from obscurity, once primarily used for nefarious purposes like buying drugs off the dark web off websites like 'The Silk Road,' to the mainstream. Today, Bitcoin is a $2.08 trillion asset and is larger than some of America's largest companies like Meta Platforms (
META
) and Broadcom (
AVGO
). Bitcoin's undeniable success has bred further innovations and new products. Depending on how you count, there are approximately 10,000 cryptocurrencies in existence.
Few could have possibly predicted that, Blackrock (
BLK
), the world's largest asset manager and once a Bitcoin skeptic, would launch the iShares Bitcoin Trust ETF (
IBIT
). Still, there have been many booms, busts, and too many failures to count. For example, non-fungible tokens, or NFTs, caught fire a few years ago, only to plunge in value and become irrelevant. That said, stablecoins are a rare and often overlooked crypto innovation that is likely to stay. Better yet, the stablecoin revolution is in its infancy and will only grow from here.
What is a Stablecoin?
When most investors think of cryptocurrencies, they think of rampant speculation and volatility. To most, these attributes are a feature, not a bug. However, a stablecoin is a cryptocurrency that is built to have low volatility and 'peg' its value to a stable asset such as the fiat currency (like the US dollar) or a commodity like silver. Stablecoin operators back their stablecoins by holding fiat currency or T-bills in bank accounts.
What is the Benefit of Stablecoins?
Beyond bringing low volatility to crypto, stablecoins bridge the gap between crypto and legacy finance. The primary benefit of using stablecoins is that they allow for far cheaper and more rapid transactions than traditional banks. In addition, these stablecoins allow for much easier international transactions and wait times.
Why Stablecoin Adoption is Increasing Rapidly
On 'The All-In Podcast,' venture capitalist Chamath Palihapitiya laid out two reasons stablecoin usage will surge in 2025:
1. Stablecoin usage decoupled from crypto volatility for the first time in 2024. In other words, stablecoins are being used for wholesale useful functions in running a business.
2. In the first half of 2024, stablecoins ($8.5T) had more than double the transaction volume of Visa (
V
) (~$3.5T). Chamath continued, 'I think we're going to finally attack the duopoly of Visa and Mastercard (
MA
). I think you're going to see an innumerable number of use cases that sit and use stablecoin rails.
Judging by the performance of recent IPO Circle (
CRCL
), operator of the second largest stablecoin USDC (a stablecoin pegged to the dollar), the Wall Street investors believe the hype. CRCL shares are already up 79% since going public earlier this month!
Meanwhile, while stablecoin demand is already impressive, a new bill advancing through congress can accelerate that demand.
Senate Passes GENIUS Stablecoin Act
After years of running into regulatory hurdles, mostly from the Democrats, the US Senate has approved stablecoin legislation in a bipartisan vote. The bill would finally put a regulatory framework around issuing and operating stablecoins, lending credibility to the industry. Next, the bill will move to the US House of Representatives, where the Republicans hold a majority. Finally, it will go to President Trump's desk, where it will likely be signed (based on Treasury Secretary Scott Bessent's comments).
Stablecoin Winners & Losers
As mentioned, CRCL is a big winner based on its performance. Coinbase (
COIN
), which has a revenue share program with CRCL, is another big winner.Credit card companies like Mastercard and Visa as well as legacy banks, are potential losers.However, JPMorgan (
JPM
) is looking to move into the industry after filing a patent for a stablecoin-like token called JPMD.
Bottom Line
The stablecoin revolution is more than a fleeting trend; it's a fundamental shift in how we approach digital transactions in the broader financial landscape. With its efficiency, low cost, and legislative support, demand for stablecoins is set to soar.
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JPMorgan Chase & Co. (JPM): Free Stock Analysis Report
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