What will happen to the stackcoin sphere in the future

Here is one of Sheffield’s quotes published by The Block.

Dollars are great for cross-border transactions, but then you need to be able to convert them quickly and efficiently. And in this endeavour, other stablecoins in local currencies have a big role to play.

In general, dollar-based steibles conversion is not necessary. Still, some popular crypto exchanges support P2P marketplaces that allow you to sell Tether's notional USDT for local currency via bank transfer. Well, the storage of such tokens on trading platforms or hardware wallets is generally not a problem.

Top Stablecoins by Capitalisation

The head of the department added that in the future all major currencies will be represented on blockchains, although dollar-linked stablecoins currently account for 99 per cent of the sphere’s total supply.

In addition, more and more new coins are entering the market that try to differentiate themselves from USDT or USDC. The expert continues.

Right now it seems that in most cases people are clearly using stablecoins. They know what a stablecoin is, plus there’s some sort of direct-to-consumer brand. But we think there are a lot of other usage scenarios that can happen just on the backend where the brand doesn’t matter and it’s all about economics.

Earlier this week during the Token2049 cryptocurrency conference in Singapore, digital asset storage company BitGo announced the launch of its own USDS stablecoin. It should stand out from the sphere’s two dominant projects by offering financial incentives to institutional liquidity providers. Accordingly, it is about slightly modified functionality in comparison with other popular representatives of the sphere.

USDT market capitalisation growth

The project joined the ranks of many new market entrants along the lines of PayPal’s PYUSD, which became the fourth largest stablecoin after launching last year. Also on Wednesday, London-based fintech company Revolut said it plans to launch its own steiblcoin.


Overall, the role of stables in the coin industry is really growing. Analysts at Bernstein even stated the day before that this asset category is also gaining a level of systemic importance within the niche. Read more about the experts' comments in a separate piece.


According to Sheffield, 2024 has become something of a turning point, with some companies outside the crypto industry trying to solve problems with payments to overseas freelancers using stablecoins.

Bitcoin and the dollar struggle

However, the question of whether stablecoins can become a system that links cross-border payments with localised domestic payment networks simultaneously remains a huge opportunity.

Something unique, aside from the main feature, is also non-fungible tokens (NFTs). Despite the recent rise in popularity of the meme token sphere, there is still no better way to build a community besides NFTs.

This statement was made by Pudgy Penguins CEO Luca Netz at the Solana Breakpoint conference. Here’s his rejoinder.

With meme tokens, there isn’t that profile picture by which you can easily identify someone on the internet who shares your values. It’s almost like a chain reaction effect that only NFTs can create in my opinion. There’s also a certain symbolism they create that meme tokens naturally can’t replicate.


One could easily argue with this line. Still, meme-token fans are known for their persistence and willingness to spend time spreading themed jokes on the internet. They are also an active presence in the comments of various centralised crypto exchanges that have failed to list their favourite asset. Therefore, talk of memes' inability to replicate the success of NFT is hardly relevant.


NFT sales

Pudgy Penguins’ platform manager explained that one of the unique features of NFT is its hierarchical structure, which is differentiated by price and purchase period. It symbolises power and status in the community. Luca continues.

NFT owners want to be – I don’t want to say the right word – but they want to be like being the top dog in the neighbourhood.

The NFT sphere has shrunk significantly from its peak in early 2022, when monthly sales were $17 billion. According to CryptoSlam, the amount traded in this area in the last 30 days was just $347 million.

Characters from the NFT’s Pudgy Penguins collection

While NFTs have been in decline, meme tokens have become a leading cultural and social force on Web3. Thanks to easy-to-use token generators, the capitalisation of this sphere, and especially Solana-based memcoins, now stands at $7 billion.

And in the last 24 hours alone, the volume of meme token transactions reached $1.82 billion – which confirms the incredible investor demand for what’s happening with this asset category.


The rhetoric of crypto industry representatives hints at its further development. One way or another, stablecoins are clearly going to become more and more popular, as they primarily provide access to stable fiat currencies for residents of countries with troubled economies. And memes are great for attracting new investors and adding a fun element to the coin industry.