BlackRock Clients Not Betting On Global Payment Network For Bitcoin

“Stablecoins have the potential to greatly expand where they are used today, going beyond just the sort of crypto trading ecosystem and DeFi to actually doing retail remittance payments, corporate, multinational, cross-border transactions, and capital market settlement activity,” he said.

He said Bitcoin has a better chance of competing in retail remittance payments than in other areas, but isn‘t ruling anything out. “At some point it is possible, but it’s a more speculative thing to underwrite at this point,” he said.

Stablecoins are ‘scaling faster’ than expected

ARK Invest CEO Cathie Wood recently stated that stablecoins “scaling faster” than expected is the reason for her recent lowering her 2030 Bitcoin price prediction.

“Stablecoins are usurping part of the role that we thought that Bitcoin would play,” she said.

Wood explained that she previously projected Bitcoin could reach $1.5 million by 2030, but with stablecoins now serving many of the use cases she thought Bitcoin would dominate, she said it may make sense to trim that forecast by about $300,000.

“I think emerging markets are huge in this regard and were starting to see institutions in the United States focused on new payment rails,” she said.

Tether co-founder Reeve Collins told Cointelegraph in September that he expects “all currency” to become stablecoins by 2030 as part of a broader shift that will see all forms of finance go onchain.