According to ChainCatcher, Cuy Sheffield, head of cryptocurrency at Visa, said in a fireside chat at the Solana Breakpoint event held in Singapore on Friday that stablecoins based on non-US dollar fiat currencies will grow in the next few years.

“The dollar is great for cross-border transactions, but you need to be able to convert it quickly and efficiently, and other local currency stablecoins can play an important role in this regard,” said Cuy Sheffield.

Cuy Sheffield added that in the future every major fiat currency will be represented on-chain, although currently US dollar stablecoins make up 99% of the total stablecoin market supply. It is "exciting" to see more stablecoins entering the market that attempt to differentiate themselves from USDT or USDC.