Markets |
The Rise of Stablecoin
Wyatt Lonergan | VanEck
John Divine | BlockFills
Session Video
Stablecoins may seem like crypto’s quiet achievers, but as Wyatt Lonergan of VanEck and John Divine of BlockFills explained, they are fast becoming the financial plumbing of the digital world. The panel explored the evolution of stablecoin regulation, use cases, and infrastructure—highlighting the disruptive potential of programmable dollars on a global scale.
Core Themes and Shifts
Wyatt detailed how stablecoins like USDC function as tokenized money market funds, offering global digital cash rails. With the recent Genius Act legislation, stablecoins are being federally regulated in the U.S., setting the stage for mainstream adoption. The panel outlined a bifurcating landscape: bank-backed issuers on one side, non-bank fintech issuers on the other. Distribution and developer experience emerged as key differentiators.
Key Strategic Insights
John highlighted how stablecoins open banking access globally and create seamless rails for on-chain assets and payments. Wyatt predicted a shift toward stablecoin “platform wars,” with firms like Circle, Stripe, and Tether competing not just on float monetization but also APIs, developer tools, and compliance infrastructure. Business models will evolve from margin capture to embedded financial services. Partners like Uber and Amazon may drive the next wave.
Implications for Builders or Investors
Builders should think of stablecoins as programmable financial primitives: rails to build apps, wallets, and compliance layers. Investors should watch the race for distribution dominance. The rise of stablecoins signals a new phase in Web3 infrastructure—one where legacy financial institutions, tech platforms, and crypto-native firms converge on the same rails.
