Mike Novogratz cryptocurrency mogul foreseen That stablecoins will be able to replace the exchange market (FX) in less than five years.
Traditional FX markets continue to deal with challenges such as relatively slow transactions and high costs. Stablecoins could potentially change the situation for this sector by making it more efficient.
The Galaxy Head warned that countries that fail to adopt stablecoins could be potentially left behind, since it expects the world monetary system to move to digital currencies.
“If the countries want to participate, they would better get on the train or be left behind,” said Novogratz on the social media network.
The StableCoin market has experienced enormous growth in recent years, from only $ 10 billion in 2020 to $ 230 billion.
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Meanwhile, new players join the fray. Last month, Reuters indicated that the giant of common funds Fidelity plans to launch her cryptocurrency caught in dollars.
In December, Ripple launched the Rlusd Stablecoin, whose market capitalization now approaches $ 300 million.
Tether remains the largest player in the Stablescoin market, with USDT with a market capitalization of $ 147 billion.
There is significant legislative importance surrounding the stablecoins, with bills known as stables and geniuses which now advance through the congress.
However, the Stablescoin sector still has a reputation problem following the collapse of Terra / Luna in 2022. Last month, Novogratz agreed to pay $ 200 million in penalties to New York regulators for the promotion of project failure.
