Stablecoins, as tokenized representations of fiat currency circulating on the blockchain, are undoubtedly the 'killer application' of the crypto market to date. By the end of 2024, this currency operating parallel to traditional financial infrastructure has a total market value exceeding $200 billion. With the rise of stablecoins in the past five years and their deepening integration into the global economy, the potential of blockchain as financial infrastructure will inevitably be tapped and fully utilized by the traditional financial world beyond the crypto market.
VISA believes that stablecoins are a payment innovation with the potential to provide safe, reliable, and convenient payments for more people in more places. While we are still searching for specific data on the use of stablecoins for payments, Ripple, the earliest and most seasoned blockchain payment company in the market, and its token XRP have already seen value discovery and reassessment in the market.