Plasma Wants to Own Stablecoin Fever
The Tether-aligned chain is building a home for stablecoins, with USDT as a first-class citizen.
Lately, stablecoins seem to have achieved crypto's clearest product-market fit.
Since January 2023, payment companies settled over $94.2B in stablecoin payments; monthly volumes have grown from under $2B to over $7.3B, according to research done by Artemis, Dragonfly, and Castle Island Ventures.
Despite years of insolvency claims and corporate scandals, Tether continues to stand as one of crypto's biggest success stories. Accounting for 62.5% of total stablecoin supply, USDT can be found across a dozen-plus networks, though most of its action takes place on Ethereum and Tron.
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David Christopher
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
