At the WOW Summit in Hong Kong, blockchain industry professionals said crypto regulation will lead to stablecoins being widely used by 2030.
Crypto regulation: stablecoins increasingly used by 2030
International blockchain industry professionals spoke during the WOW (World of Web3) Summit in Hong Kong, especially on regulated stablecoins.
In particular, the panel, “Digital Assets: Policies & the Road Ahead,” saw the group discuss the use of regulated stablecoins and their current market growth rate.
In this regard, Alexandra Sasha, Denmark’s first Member of Parliament and an advocate of blockchain technology and innovation said:
“So I think there’s still two forms of need because you will have people who will want to centralize the digital era, and you will always have the people who do want this decentralized way of using payments, of course, unless it gets banned, but I do not think that’s the goal of anyone.”
In practice, digital regulatory professionals predict widespread use of stablecoins worldwide by 2030, despite the current competition between TradFi and DeFi.
Crypto regulation: stablecoins and the centralized vs decentralized approach
Kelvin Lester Lee, commissioner of the Securities Exchange Commission of the Philippines, also commented on stablecoins regulated by 2030 and their use.
In this regard, Lester Lee reportedly said that he is not certain that regulated digital assets will be so thriving in 7 years, but that they could also be there by taking different forms.
Finally, Douglas Arner, a professor involved in the interconnected areas of finance and technology regulation at the University of Hong Kong also participated by saying his opinion on the panel.
Arner predicts that what is already happening now and will continue in the future is competition between centralized and decentralized approaches, both in the metaverse and crypto fields.
Despite this, Arner foresees that by the end of the decade, regulated stablecoins will emerge as the most popular monetary instrument embedded in blockchain applications.
Tether (USDT) approaches $80 billion market cap
At the time of writing, the most popular stablecoins Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI) rank among the top 20 in the entire crypto market by market capitalization.
Specifically, the most popular and widely used turns out to be Tether (USDT), which sees its market cap approaching $80 billion, precisely rising to $79.80 billion.
Next is USDC, which has lost share of its market cap in the past seven days, now worth $32.51 billion. BUSD also fell in the last week from $8 billion to $7.55 billion. Whereas DAI’s market cap is about $5.3 billion.
USDC reportedly announced the launch of the stablecoin on the Cosmos blockchain, making it available for all of its 50-plus Cosmos IBC blockchains.