- Stablecoins to surpass $100 billion this year.
- The crypto asset is set to become more versatile.
Several financial experts have predicted that stablecoins will penetrate deep into the non-crypto currency sphere in 2021. As per industry figures, it is anticipated that these assets will surpass and maybe triple $100 billion. Its current market value is about six-times the past year as it has surpassed $35 billion.
Matthew Gould, a Chief Executive Officer and joint founder of Unstoppable Domains, a blockchain building firm expressed his joy over the development of stablecoins while predicting that it would have grown beyond $100 billion by the end of the year.
Stablecoins will become more useful
Gould is in good company as Simeon Seojoon Kim who is a Chief Executive Officer and manager at a Blockchain activating organization also predicted that the number of stablecoins will rise in 2021. He furthered that “it is rational for blockchain enthusiasts to anticipate stablecoins becoming more important in crypto exchanges and other aspects of fintech which includes payment and so on.” Jonathan Zerah, who is the head of marketing at a messaging application company, status.im, stated that this year will mark the beginning of stablecoins’ application outside DeFi.
The people will choose
The Chief Technology Officer at Tether, Paul Ardiono and its similar organization Bitfinex indicated that the coins will move further into non-crypto financial sector this year. He also stated that gaining grounds in the non-crypto market will aid its general adoption. He explained that as digital currencies are gaining ground, people will begin noting differences between transacting with cryptocurrency and hard currency. Then at this stage the people will have to choose which to adopt or go on with. Ardiono furthered that as new players enter the market and they gain more knowledge, there is a possibility that they change stablecoins to a means of value storage. He added it could have a serious effect on people having fiat currency.
However, it is possible that the fate of the digital asset may be clouded and not certain. This could be because some of the alleged global assets are currently facing negative reactions from the legislative arm of some nations. These nations are concerned that the utilization of hard currency might be fading slowly.