Stablecoins are poised for a significant expansion beyond crypto trading, driven by adoption from major technology companies, according to Bitwise chief investment officer Matt Hougan. The comments follow recent pilot projects by DoorDash and Meta, which Hougan described as evidence that stablecoins could become a mainstream payment tool.
Tech giants test stablecoin payments
Meta launched stablecoin payouts for content creators in the Philippines and Colombia last week, while DoorDash announced on April 21 that it would offer stablecoin payment options to its users, workers, and merchants. Although both initiatives are small-scale pilots, Hougan argued they represent a critical shift.
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“On a relative basis, these are not a big deal. Both are pilot projects and the dollar amounts are small,” Hougan wrote. “But they’ve answered a question I’ve had about stablecoins for a long time. They’ve also increased my confidence that stablecoins will scale to trillions in assets and hundreds of millions of users.”
The path to a $4 trillion market
The total market value of all stablecoins currently stands at just under $318 billion. However, projections from Citigroup in September suggested the market could reach $4 trillion by 2030 under a best-case scenario. Hougan believes this is achievable if stablecoins move beyond their primary use case in crypto trading and become embedded in everyday commerce.
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“To get there, stablecoins will have to expand beyond their current primary use case of crypto trading and be embraced for everyday activity, like payments,” Hougan said. “To really scale to hundreds of millions of users, stablecoins are going to need the support of very large players.”
Why global businesses are paying attention
Hougan highlighted that stablecoins offer multinational companies a simplified global payments infrastructure. “Stablecoins make global payments simple,” he argued. “One wallet address, no banking infrastructure, no currency conversions. For a global business managing millions of micropayments, that type of simplicity is worth a lot.”
This value proposition is gaining traction as regulatory clarity improves. The U.S. Congress passed the GENIUS Act last year, establishing a federal framework for stablecoin issuers and reserve requirements. That legislation has given companies more confidence to experiment with the technology.
Visa expands stablecoin settlement network
Payments giant Visa has also deepened its involvement. The company expanded its stablecoin settlement pilot on Thursday to include five additional blockchains, as the volume of settlements on its network continues to grow. Visa’s adoption signals that traditional financial infrastructure providers see stablecoins as a durable part of the payments ecosystem.
Banking sector pushback
Not all financial institutions are welcoming the shift. U.S. banks have grown wary of stablecoins and have lobbied to restrict them, arguing that they compete with bank deposits and could threaten the stability of the banking system. The Senate is currently shaping legislation that includes a clause banning crypto exchanges from paying rewards on idle stablecoin holdings, though banking groups say the proposed measures do not go far enough.
Conclusion
The entry of large tech firms into stablecoin payments marks a potential turning point for the technology. While current pilots are small, they validate the use case beyond crypto trading and open the door for broader adoption. Combined with regulatory progress and growing interest from payments infrastructure providers, stablecoins appear increasingly positioned to scale toward the trillions of dollars in value that industry analysts have projected.
FAQs
Q1: What are stablecoins?
Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged to a fiat currency like the U.S. dollar. They are often used for trading, payments, and as a store of value within the crypto ecosystem.
Q2: Why are tech companies like Meta and DoorDash using stablecoins?
These companies are testing stablecoins for cross-border payments and creator payouts because they offer faster settlement times, lower transaction fees, and simplified global payment infrastructure compared to traditional banking systems.
Q3: What is the GENIUS Act?
The GENIUS Act is a U.S. federal law passed in 2025 that establishes a regulatory framework for stablecoin issuers, including requirements for reserve backing, transparency, and consumer protections. It aims to provide legal clarity for stablecoin adoption.
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