An upcoming boom in stablecoins and a long-awaited regulatory framework for them could help Coinbase, Robinhood and the U.S. dollar.
Having a pro-crypto government means stablecoins could finally take off in 2025, and it could be a boon not just to the industry, but also to the U.S. dollar. The market cap for U.S. dollar-backed stablecoins is up more than 50% this year and up about 15% since the election. It could double in the new year if Congress finally passes a regulatory framework for this sector of crypto, according to Matt Hougan, chief investment officer at Bitwise Asset Management.
A report issued by Castle Island Ventures and Brevan Howard Digital this year, sponsored by Visa, shows that outside of trading, the most popular reasons for using stablecoins are saving money in dollars, obtaining better currency conversion rates, earning a yield and converting a local currency to dollars.
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