According to ChainCatcher, Cuy Sheffield, head of cryptocurrency at Visa, shared his views on the future of stablecoins at the Solana Breakpoint event in Singapore. He pointed out that stablecoins based on non-US fiat currencies will grow in the next few years.

Sheffield believes that while US dollar stablecoins perform well in cross-border transactions, stablecoins in other local currencies can also play an important role in fast and efficient exchanges. He also mentioned that in the future every major fiat currency will be reflected on the blockchain, although US dollar stablecoins currently dominate the market.

He said it was "exciting" to see more stablecoins entering the market that tried to differentiate themselves from USDT or USDC.