Jeremy Allaire of Circle believes the Stablecoin industry is on the verge of hiring mass developers, with major retailers and Fintech innovators entering the space.
According to Circle CEO Jeremy Allaire, Stablecoins were able to quickly reach a groundbreaking moment similar to the 2007 iPhone launch.
In a post on Saturday, Allaire said the industry was “not an iPhone moment yet” when developers are universally aware of the potential of programmable digital dollars. However, he admitted that the day was approaching.
Allaire’s remarks calling Stablecoins “the best utility format ever created,” responded to a post from A16Z Crypto partner Sam Broner, who claimed Stablecoins would drive competition and reduce the cost of building financial applications.
Broner said Stablecoins allow anyone to program money and encourage more competition.
Retail giants and e-commerce leaders accept stubcoin
Allaire’s optimism is consistent with reports that US retail giants Walmart and Amazon are exploring their own US dollar-backed stubcoins, indicating a growing institutional interest. Meanwhile, e-commerce powerhouse Shopify recently confirmed its plans to consolidate Circle’s USDC Stablecoin for payments by the end of 2025.
The global e-commerce giant is working with major US exchange Coinbase to deploy early access. A limited number of merchants will have immediate access to the full product starting June 13th, as part of their early access rollout, according to a Shopify spokesperson.
Shopify CEO Tobi Dolls I said In Thursday’s X post, Stablecoins is a natural way of trading on the internet and believes they will work with Coinbase to develop a Commerce Payment Protocol Smart Contract that will intensify this work.
Daren Matsuoka, data scientist at A16Z, highlighted the potential for Stablecoins’ transformation in onboarding the next billion crypto users.
In a June 6th post, he highlighted the incredible $33 trillion trading volume processed by Stablecoins over the past year. This is almost 20 times more than PayPal and almost 3 times more than Visa.
As the momentum grows steadily and the genius progresses, the circle circles will increase rapidly.
The surge in Stablecoin adoption comes just days after the circle made its public on the New York Stock Exchange on June 5th. The company’s shares rose 167% on the first day of trading, a sign of investor interest.
However, Tether, the publisher of rival Stablecoin USDT, is not planning to comply with the lawsuit. Tether CEO Paolo Ardoino said on June 8th that Tether will remain a foreseeable future private company.
Allaire’s predictions for Stablecoins’ iPhone Moment are beginning to appear plausible as competition heats up and use cases increase.
The future of stable coin issuance for many companies may depend on induction and establishment of national innovation for the US stubcoin (genius) law.
The bill aims to establish clear rules on collateral and implement anti-money laundering compliance. These regulations could pave the way for greater institutional adoption in the world’s largest US economy.
On Thursday, the US Senate advanced the bill with 68-30 votes. Majority leader John Tune called on lawmakers to gather behind the legislation. A bipartisan majority, including several Democrats, voted to evoke the cloud, moving the bill to a full floor voting before heading to the House.
Meanwhile, companies related to major banks such as JPMorgan, Bank of America, Citigroup and Wells Fargo reportedly investigated the launch of the joint Stablecoin initiative.