Visa cryptocurrency chief: Stablecoins based on non-U.S. fiat currencies will grow in the coming years

ChainCatcher news, Visa's cryptocurrency chief Cuy Sheffield stated during a fireside chat at the Solana Breakpoint event in Singapore on Friday that stablecoins based on non-U.S. fiat currencies will grow in the coming years.

Cuy Sheffield said, "The U.S. dollar is great for cross-border transactions, but you need to be able to exchange quickly and efficiently, and other local currency stablecoins can play an important role in that."

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