Ship or Die 2025: Why Everyone Will Have a Stablecoin

In a groundbreaking discussion, industry leaders predict a future where stablecoins become ubiquitous, reshaping the landscape of global finance and digital payments. As major companies rush to launch their own stablecoins, experts reveal why this trend is set to accelerate and how it could democratize access to the US dollar for billions worldwide.

Summary

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The video features a panel discussion with Joao Reginatto, Raagulan Pathy, and Anna Yuan, exploring the future of stablecoins in 2025. They discuss the recent surge in stablecoin launches by major companies and the underlying reasons for this trend. The experts highlight the potential for stablecoins to solve various consumer experience problems and serve as a foundation for building new fintech applications.

The panelists emphasize that stablecoins are evolving beyond their initial use cases, becoming a crucial infrastructure for global financial services. They predict that stablecoins will enable developers worldwide to create innovative financial products without traditional banking constraints. The discussion also covers the challenges of liquidity fragmentation and how platforms like M0 are working to address these issues.

Importantly, the experts view stablecoins as a means to provide billions of people worldwide with access to dollar-denominated bank accounts, potentially revolutionizing global banking. They argue that this represents a multi-trillion dollar opportunity that goes far beyond the current focus on trading venues and exchanges.

Key Points:

The Rise of Stablecoins

Stablecoins are experiencing a significant surge in popularity, with major companies like Robinhood and Ripple launching their own versions. This trend is driven by various factors, including the desire for branded digital currencies and the need to solve specific consumer experience problems. The panelists argue that while not every business needs its own stablecoin, many are exploring this option to gain a competitive edge and improve their service offerings.

The experts emphasize that stablecoins are evolving from simple digital representations of fiat currencies to sophisticated financial tools. They predict that future stablecoins will offer enhanced programmability, allowing for features like built-in yield generation and more flexible payment options. This evolution is expected to make stablecoins more attractive for both businesses and consumers.

Stablecoins as Financial Infrastructure

One of the most significant insights from the discussion is the view of stablecoins as financial infrastructure rather than just another cryptocurrency. Joao Reginatto, with his extensive background in the stablecoin industry, explains that stablecoins are becoming the foundation upon which new fintech applications can be built. This shift in perspective is crucial, as it positions stablecoins as a fundamental layer of the future financial system.

The panelists argue that stablecoins offer significant advantages over traditional banking infrastructure, particularly for building global financial services. They highlight the difficulties faced by fintechs when working with traditional banks, including regional limitations and outdated systems. Stablecoins, on the other hand, provide a global, programmable money infrastructure that allows for greater innovation and customization.

Addressing Liquidity Challenges

A major challenge in the stablecoin ecosystem is liquidity fragmentation, especially for newly launched stablecoins. The panelists discuss how platforms like M0 are working to address this issue by creating a shared liquidity layer for multiple stablecoins. This approach aims to provide the benefits of customization and branding without sacrificing liquidity or creating inefficiencies in the market.

The experts draw parallels to the traditional banking system, where interbank transfers occur seamlessly without the need for constant price discovery. They envision a future where stablecoins can interact similarly, with blockchain-native clearing solutions facilitating smooth transfers between different stablecoin ecosystems. This development could significantly improve the user experience and efficiency of stablecoin transactions.

Global Access to Dollar-Denominated Accounts

Perhaps the most ambitious vision presented in the discussion is the potential for stablecoins to provide billions of people worldwide with access to dollar-denominated bank accounts. The panelists argue that there is a massive unmet demand for US dollar banking services globally, particularly in regions like Africa, Latin America, and the Middle East.

They estimate that while only about 500-700 million people currently have access to US dollar bank accounts, the potential market could be 5-10 times larger. Stablecoins, combined with innovative fintech applications, could bridge this gap, offering a "dollar bank account experience" to users in over 160 countries. This represents a multi-trillion dollar opportunity that goes far beyond the current focus on cryptocurrency trading and exchanges.

The Future of Fintech Development

The panelists predict that stablecoins will democratize fintech development, allowing entrepreneurs from anywhere in the world to build dollar-based financial applications without the need for traditional banking partnerships. This could lead to a new wave of innovation in financial services, with applications like digital banks, payment platforms, and investment tools being developed for global markets from diverse locations.

The experts argue that this shift will not only facilitate capital movement but also enable more efficient capital formation. By removing the barriers associated with traditional banking infrastructure, stablecoins could accelerate the pace of innovation in the financial sector and lead to more inclusive financial services globally.

Facts + Figures

• As of 2025, there are approximately $250 billion in stablecoins in circulation
• The M2 money supply for US dollars is around $22 trillion
• Stablecoins currently represent less than 0.5% of the total dollar supply when including offshore dollars
• An estimated 2-5 billion people worldwide want access to a US dollar bank account
• Only about 300 million people in the US have US dollar bank accounts
• An additional 200-400 million people outside the US have access to US dollar bank accounts
• The gap between those who want dollar bank accounts and those who have them is estimated to be 5-10x
• The potential market for global dollar-based banking services is described as a "multi-trillion dollar opportunity"
• The panel predicts that interest rates may decrease to 1-2% in the future
• Major banks are not expected to launch significant stablecoin products in the immediate future, with a 3-5 year timeline suggested for meaningful entries into the market

Top quotes

1. "Stablecoins are actually going to be the substrate upon which fintechs get built on." - Joao Reginatto
2. "We're trying to be a stablecoin bank for the world." - Raagulan Pathy
3. "I don't think users care. They just want dollars." - Raagulan Pathy
4. "We're not selfish about everyone has to have a cast dollar. I think as Joe said, that's kind of a game that circle and tether have been playing of trying to get as big as possible." - Raagulan Pathy
5. "While our vision is that we will definitely have more stablecoins than we have today in one year time, in five years time, we are not advocating for fragmentation of liquidity." - Joao Reginatto
6. "There's at least 2 billion people in the world who want a dollar bank account. Maybe it's more. Maybe it's 3, 4, 5 billion people." - Raagulan Pathy
7. "Now anybody from anywhere in the world can build FinTech applications without having banks." - Joao Reginatto
8. "My personal view is banks are fucked anyway." - Raagulan Pathy

Questions Answered

What are stablecoins and why are they becoming more popular?

Stablecoins are digital currencies designed to maintain a stable value, typically pegged to a fiat currency like the US dollar. They're becoming increasingly popular because they offer the benefits of cryptocurrency (such as fast, global transfers) with the stability of traditional currencies. Companies are launching their own stablecoins to improve user experiences, solve specific financial problems, and create branded digital currencies that can be integrated into their existing products and services.

How will stablecoins change the financial landscape?

Stablecoins are set to revolutionize the financial landscape by serving as a new infrastructure layer for building fintech applications. They will enable developers worldwide to create innovative financial products without the constraints of traditional banking systems. This could lead to more accessible and efficient global financial services, particularly for those in regions with limited access to US dollar bank accounts. Additionally, stablecoins may accelerate the pace of innovation in the financial sector by reducing barriers to entry for new fintech startups.

What is the potential market size for stablecoin-based services?

The potential market for stablecoin-based services is enormous. While there are currently about 500-700 million people with access to US dollar bank accounts, experts estimate that 2-5 billion people worldwide want such access. This represents a potential market 5-10 times larger than the current one, described as a "multi-trillion dollar opportunity." Stablecoins could bridge this gap by providing a "dollar bank account experience" to users in over 160 countries, revolutionizing global banking and financial services.

How are platforms like M0 addressing liquidity challenges for stablecoins?

Platforms like M0 are working to address liquidity challenges by creating a shared liquidity layer for multiple stablecoins. This approach allows different stablecoins to benefit from a common pool of liquidity while still maintaining their unique features and branding. M0 is also developing blockchain-native clearing solutions to facilitate seamless transfers between different stablecoin ecosystems, similar to how interbank transfers work in the traditional banking system. These innovations aim to improve the efficiency and user experience of stablecoin transactions.

Will major banks launch their own stablecoins soon?

According to the experts in the video, major banks are unlikely to launch significant stablecoin products in the immediate future. They estimate it could take 3-5 years before banks enter the market with meaningful stablecoin offerings. The panelists argue that banks face significant regulatory and compliance hurdles, and their existing infrastructure may not be well-suited for rapid innovation in this space. This delay could provide an opportunity for fintech startups and cryptocurrency companies to establish themselves in the stablecoin market before traditional banks catch up.