Chamath Palihapitiya Says Stablecoins Are Crypto’s ‘Second Killer App’ After Bitcoin, As Volumes Surpass Visa
Tech investor Chamath Palihapitiya highlighted the rising dominance of stablecoins in the global financial system Tuesday, deeming them one of the hottest cryptocurrency narratives besides Bitcoin (CRYPTO: BTC).
What Happened: As part of his deep dive into the stablecoin market, Palihapitiya noted that stablecoins’ weekly transaction volumes have exceeded that of Visa Inc. (NYSE:V).
These findings were corroborated by a recent report by asset management firm Bitwise, which showed stablecoin transaction volumes overtaking the payments giant by 2024. In 2020, stablecoin volumes were 11% of total VISA volumes.
The dominance led Palihapitiya to call dollar-backed stablecoins, including Tether (CRYPTO: USDT) and USD Coin (CRYPTO: USDC), the “second killer app” in the cryptocurrency space, next to Bitcoin.
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