Patrick Collison

Patrick says the big stablecoin use case taking off right now is cross-border and outside the US: the vast majority of people in the world are subject to a weaker, more inflationary currency - he cites the naira devaluing by a factor of three or four in a couple of years - and consumers in those countries increasingly want to hold dollar balances, a use case that is really exploding. He frames it as a retail version of the eurodollar system of the 1970s and 1980s, where the minimum transaction was about a million dollars, while a consumer in Ecuador can now hold a one-dollar balance. He thinks this also deepens the dollar's status as the world's reserve currency.