Meta and DoorDash Just Made the Case for Stablecoins Going Mainstream

TLDR

• Bitwise CIO Matt Hougan says DoorDash and Meta’s stablecoin pilots signal real-world adoption is beginning
• The stablecoin market sits at $318 billion but could reach $4 trillion by 2030, per Citigroup projections
• Meta launched stablecoin creator payouts in the Philippines and Colombia; DoorDash announced stablecoin payments in April
• Bridge executive Ben O’Neill says Tether and Circle’s dominance limits competition and hurts product-market fit
• More use-case-specific stablecoins and clearing infrastructure are needed to scale adoption

Stablecoins have long been used mostly for crypto trading. But two new pilots from major tech companies are changing that picture.

Meta launched stablecoin payouts for creators in the Philippines and Colombia last Thursday. DoorDash announced on April 21 that it would offer stablecoin payments to users, workers, and merchants. Both are small pilots, but Bitwise Chief Investment Officer Matt Hougan says they matter.

Hougan called payments the “real killer app” for stablecoins. He said the technology needs to move beyond crypto trading and into everyday use to hit scale.

The stablecoin market is currently valued at just under $318 billion. Citigroup projected in September that the market could grow to $4 trillion by 2030 in a best-case scenario.

Hougan pointed to two main reasons big companies are interested. First, stablecoins are cheaper and faster than traditional payments. Second, they simplify global payments infrastructure — one wallet address, no banking setup, no currency conversions.

Visa has also been expanding its stablecoin use. The payments company grew its stablecoin settlement pilot to five more blockchains on Thursday as settlement volumes increased on its network.

US companies have grown more willing to test stablecoins after Congress passed the GENIUS Act, which set rules for how stablecoin issuers must back their tokens.

Tether and Circle’s Dominance Has a Downside

Not everyone is optimistic about how the stablecoin market is structured. Ben O’Neill, head of money movement at Bridge, said the dominance of Tether and Circle is holding the market back.

Tether’s USDT has a market cap of around $189.5 billion. Circle’s USDC sits at roughly $71 billion. Both were built for different eras and use cases, O’Neill said.

For a payments company, neither works perfectly. Tether’s burn fees are too unpredictable. Circle keeps raising its fees, making high-volume settlement costly.

O’Neill said the fix is more stablecoins built for specific use cases, along with better clearing infrastructure to swap between them efficiently.

Senate Legislation Still in Progress

On the regulatory front, the Senate is still shaping crypto legislation. A current clause would ban crypto exchanges from paying rewards on idle stablecoin holdings.

Banking groups argued on Tuesday that the proposed compromise between crypto and banking lobbyists did not go far enough.

Visa expanded its stablecoin settlement network to five more blockchains on Thursday as part of its ongoing pilot.

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