Opinion: The stablecoin industry may explode, challenging the dominance of the US dollar

At the Emergence conference hosted by The Block, experts discussed the impending "renaissance" of the stablecoin industry. Regional stablecoins will rise rapidly with the implementation of the European Crypto Asset Market Regulatory Framework (MiCA) and the assumption of pro-crypto politicians in the United States. Vishal Gupta, a former Circle executive, pointed out that the stablecoin market will shift from a dollar-dominated landscape to diversified development, such as stablecoins backing the Brazilian real and the African CFA franc.
Experts also mentioned that stablecoins have become an important tool for residents of many inflationary countries to store value, but they should not be limited to the US dollar. Friederike Ernst, co-founder of Gnosis, stressed that the global economy should not be subject to US monetary policy, calling for more exploration of innovative forms of money. Although stablecoins are seen as a continuation tool of US dollar hegemony, experts agree that the US will not launch a central bank digital currency (CBDC).