Are Stablecoins the Future of Payments? Mizuho Analyst Shares Insights

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Aug 10, 2025

Dan Dolev, the senior financial-technology analyst at Mizuho Americas, shares his expertise on stablecoins and their growing influence in the payments landscape. He dives into how stablecoins could disrupt traditional payment networks like Visa and Mastercard. Dolev also analyzes Circle's revenue streams and the future of digital currencies in facilitating global transactions. This insightful discussion highlights the potential of stablecoins to transform consumer dynamics and combat currency instability on a global scale.

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INSIGHT

Jobs Data Reliability Concerns

The BLS jobs revision and firing raised investor fears about less-reliable economic data.
Miriam Gottfried says markets may reexamine how the BLS collects and reports payrolls.

ADVICE

Key Upcoming Economic Reports

Watch upcoming CPI, PPI, and business inventories closely as they can shift Fed expectations.
Telis Demos flags inventories as a key signal of tariff-driven restocking and price pressure.

INSIGHT

Stablecoins Are Dollar-Backed Tokens

Stablecoins are tokens designed to track fiat values and act as crypto's plumbing.
Telis Demos describes them as dollar-representative tokens meant to remain worth one dollar.

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In this week's episode of WSJ’s Take On the Week, co-host Telis Demos and guest co-host Miriam Gottfried analyze the implications of a weak jobs report and the removal of Erika McEntarfer, the top official from the U.S. Department of Labor’s Bureau of Labor Statistics, examining how investors are grappling with the prospect of less-reliable economic data in the future. The discussion also covers this week's key CPI, PPI and business inventory reports. Plus, Telis offers a stablecoin primer before crypto firm Circle Internet’s upcoming earnings announcement.

The episode continues with Telis and Dan Dolev, a senior financial-technology analyst at investment firm Mizuho Americas, exploring the burgeoning world of stablecoins. Dolev offers insights into Circle's revenue streams, whether stablecoins can disrupt Visa and Mastercard’s payment network, and their broader implications for international money transfers.

This is WSJ’s Take On the Week where co-hosts Gunjan Banerji, lead writer for Live Markets, and Telis Demos, Heard on the Street’s banking and money columnist, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com.

To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com