Author: Nick Shaheen Source: Bankless Translation: Shan Ouba, Golden Finance
Stablecoins are gradually becoming the most important application scenario in the crypto industry. Although progress has been slow in the past, the pace is now accelerating, and we seem to be at a "one-shot" moment.
The past month has made this trend clearer than ever before.
Stripe and Meta, two of the world’s top tech giants, have officially entered the stablecoin game; stablecoin transaction volume has officially surpassed Visa; and despite political resistance, stablecoin regulation is no longer a question of “if” but “when”.
The moment for stablecoins has arrived. It used to happen quietly, but now it’s happening all at once.
Stripe has quietly launched a stablecoin financial account, allowing businesses in more than 100 countries around the world to hold, send and receive USDC or USDB (Bridge’s infrastructure stablecoin).
Essentially, this is the equivalent of a digital dollar account without the need for a bank.
Behind the scenes, Stripe is handling stablecoin custody and asset management through its acquired Bridge platform. Here’s the kicker: these accounts are backed by 1:1 USD reserves, stored at BlackRock.
No ACH delays, no foreign exchange fees, and no need for local banking infrastructure—this is a programmable, internet-native dollar.
This is the future that PayPal was supposed to build.
Meta is reportedly in talks with several crypto companies to re-launch stablecoin payment services on their platforms, including WhatsApp.
Yes, it is the Meta that was forced to stop the Diem project by the US Congress three years ago.
The key is scale: WhatsApp has more than 2 billion users. If Meta successfully launches this function, the adoption of stablecoins will not be a "trickle" but a "flood".
According to Bitwise's latest "Q1 2024 Crypto Market Review", stablecoins will reach a transaction volume of $27.6 trillion in 2024, surpassing Visa and Mastercard.
Of these transactions, 95% of the transaction volume occurs on Ethereum. Yes, Ethereum has now become one of the most important financial infrastructures in the world.
Take this fact for a moment.
Bridge's stablecoin USDB is quickly becoming the most popular stablecoin for developers.
Unlike traditional issuers that keep all interest income for themselves, Bridge will share the interest income with users and developers. Developers can get rewards by simply switching to USDB through the API.
Exchange with USDC? Free
Minting and redemption? Available globally
Reserve assets? Still hosted by BlackRock
If stablecoins are the new generation of "dollars", then Bridge is building the "Stripe of programmable money".
Last week, the U.S. Senate failed to pass the GENIUS Act, the first legislative proposal in the United States to attempt to regulate stablecoins at the federal level.
The bill lost a procedural vote of 48:51, not because of a lack of support, but because some pro-crypto Democratic lawmakers were "caught off guard" by the Republicans' temporary amendments to the bill.
Even some of the bill's co-sponsors voted against it, citing the lack of transparency and hasty progress in the amendment process.
Despite this, calls for regulation remain high. Senator Warner said stablecoins have "undeniably become part of the future of finance" and promised to push for legislation as soon as possible after revising it.
The bill will:
Establish a federal regulatory system for stablecoin issuers
Set capital adequacy and liquidity standards
Subject issuers to the anti-money laundering framework of the Bank Secrecy Act
Critics believe the bill is too lenient on the crypto industry and is satisfying their lobbying demands. But in any case, this shows that the United States is choosing to keep stablecoin regulation "at home" rather than letting it grow wildly overseas.
This vote failed, but the next one may pass this week.
Stablecoins are not a use case, they are the ultimate use case for crypto.
Institutions are accelerating their entry:
Stripe built the wallet
Meta is building the front-end interface
Ethereum provides the underlying architecture
Developers build all application layers
In 2020, stablecoins were just a "novelty"; in 2024, they have grown into a multi-trillion dollar industry; by 2025, they are being "battle-tested" by tech giants and lawmakers.
The financial system is changing. Slowly, then suddenly.
Stablecoin issuer Circle has revealed its v2.2 upgrade, aiming to reduce transaction fees by approximately 7%. While the announcement carries a tone of promise, some may view it as an attempt to stay relevant in an increasingly competitive landscape.
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