Sixteen years after Bitcoin’s launch, stablecoins have become one of the most compelling applications of blockchain technology. Banks are reportedly ‘panicking’ as stablecoins encroach on their territory, while Fortune 500 companies are beginning to recognize their transformative potential.
A recent survey by Coinbase found that interest in stablecoins among Fortune 500 companies has grown sharply over the past year. The crypto exchange polled 100 executives from these companies and discovered that nearly 29% are either using or exploring the use of stablecoins, representing a more than threefold increase from 8% in 2024. Executives cited faster financial transactions and lower payment fees as the primary drivers of this interest, with about 7% of respondents stating that their companies are already utilizing stablecoins.
Stablecoin Market Growth
However, not all companies are embracing stablecoins. The US banking lobby has expressed particular concern about yield-bearing stablecoins potentially disrupting their business model.
In related news, Meta Platforms is making significant moves in the AI sector by assembling a ‘superintelligence’ unit led by Scale AI founder Alexandr Wang, following reports of a nearly $15 billion all-cash deal to acquire Scale AI. This development comes as Mark Zuckerberg’s company faces challenges in keeping pace with advancements in artificial intelligence.
Other notable developments in the crypto and fintech space include:
- Nasdaq-listed fintech firm Netcapital acquiring Web3 gaming platform Mixie to enhance its tokenization infrastructure.
- Guggenheim partnering with Ripple to expand its digital debt offering on the XRP Ledger, with plans to potentially allow purchases using Ripple’s US dollar-pegged stablecoin, RLUSD.
These developments highlight the evolving landscape of stablecoins and the broader crypto and AI sectors, as major companies continue to make strategic moves in these areas.
