The Pomp Podcast
#1239 Peter Johnson | Stablecoins Are The True Killer App of Crypto
Sep 4, 2023
Peter Johnson, Co-Head of Venture Investments at Brevean Howard Digital, discusses the rise and significance of stablecoins in blockchain. Topics include the dominant use case of stablecoins, decoupling from market volatility, profitability of issuers, interaction with CBDCs, and their relationship with Bitcoin.
29:54
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Quick takeaways
- Stablecoins have become the dominant use case for blockchains, with approximately 70% of the value transferred involving stablecoins, indicating their widespread usage and value.
- Stablecoins have exhibited decoupling from exchange volumes, highlighting their utility in real-world applications and transactions beyond speculative trading.
Deep dives
The Rise of Stablecoins
Stablecoins have experienced an exponential rise, with their market cap surpassing $125 billion. In 2022 alone, stablecoins settled around $11 trillion, comparable to the transaction volume of Visa. This growth indicates a high demand for US dollars around the world, as stablecoins provide a convenient and cost-effective way for users to hold and transact in dollars. Notably, stablecoins have become a dominant use case for blockchains, with approximately 70% of the value transferred on blockchains involving stablecoins.
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