$ETH 14 hours ago
Former Binance.US CEO Says Multi-Currency Is The Future Of Stablecoins
The US dollar dominates the stablecoin industry, but that could soon change, according to former Binance.US CEO and 1Money founder Brian Schroeder.
Sixteen years after the invention of Bitcoin, the blockchain industry has yet to solve the many problems plaguing traditional finance. Former Binance.US CEO and 1Money founder Brian Schroeder says a stablecoin network optimized for global payments in local currencies could solve this problem.
In an interview with Cointelegraph, Schroeder explained the motivation behind launching 1Money, a layer 1 network designed to support multi-currency stablecoin payments.
“Our mission is to make stablecoin payments more convenient and practical for everyday use,” Schroeder said, citing peer-to-peer transfers, e-commerce purchases, and cross-border transfers as important use cases.
“We envision a global network backed by stablecoins representing all major currencies,” he said.
The stablecoin market has grown to a $222 billion behemoth, led by Tether’s USDt
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And my USD Coin Circle
US Dollar
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According to CoinGecko, these two USD-pegged stablecoins combined represent over 86% of the total market.
1Money isn’t the only company working on a stablecoin payment network. In November, Robinhood, Kraken, and Paxos formed a consortium to launch the Global Dollar Network, which is powered by the Ethereum stablecoin USDG.
Meanwhile, blockchain company Ripple has also launched a stablecoin network for global payments and collateral for real-world tokenized assets.
However, unlike Global Dollar Network and Ripple, 1Money is designed to natively support multiple stablecoins. This is due to the belief that stablecoins will evolve into a multi-currency market driven by demand for local remittances and payments.
