On November 28th, Aishwary Gupta, global head of Polygon Payments and RWA, believes that the global stablecoin is entering a "super cycle", and the number of stablecoin issuers may exceed 100,000 in the next five years.
Mr. Gupta pointed out that Japan is participating in government bond and policy stimulus pilots through stablecoins such as JPYC, demonstrating that stablecoins can be an instrument of national economic sovereignty rather than undermining central bank power. He said stablecoins, which are subject to monetary policy alongside fiat currencies, would essentially boost global demand for a country's currency, just as stablecoins drive dollar usage.
Gupta also warned that stablecoin earnings are attracting low-interest deposits (CASA) in the banking system to the chain, undermining banks' ability to create credit and maintain low-cost capital. To counter competition, he expects banks to issue "deposit tokens" on a large scale to keep money on their balance sheets while allowing customers to use assets on the chain.
He believes that as the number of stablecoins expands rapidly, the future payment system will rely on a unified settlement layer, allowing users to pay with any token, and merchants to receive payments with another token, with the underlying conversion completed in the background without feeling.
Polygon executive: The number of stablecoin issuers may exceed 100,000 in the next five years, and banks will issue "deposit tokens" on a large scale
2025-11-28 05:38:10
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