Three massive stablecoin announcements in the past 48 hours ⚡
1. JPMorganChase 𝗹𝗲𝘁𝘀 𝗰𝗹𝗶𝗲𝗻𝘁𝘀 𝘀𝘄𝗮𝗽 𝗝𝗣𝗠𝗗 𝗳𝗼𝗿 𝗨𝗦𝗗𝗖 𝗼𝗻 𝗕𝗮𝘀𝗲
• JPMD = JPM's permissoned bank deposit token
• Previously institutions would redeem JPMD back into fiat in a bank account, staying inside of the JPM ecosystem; now they can swap between JPMD to USDC on Base, and from there hold or send
→ Meaning: Falling barrier to institutions bringing big $ onchain
2. Visa 𝗽𝗶𝗹𝗼𝘁𝘀 𝘀𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻 𝗽𝗮𝘆𝗼𝘂𝘁𝘀
• Select partners can fund payouts in fiat to creators and gig-workers in USD-backed stablecoins
• "Stablecoin" was mentioned 25 times in Visa's Q4 earnings call; stablecoin-linked card spend was up 4X YoY and total settlement volume reached $2.5B annualized
→ Meaning: The largest card network in the world is speedrunning cheaper, faster global payments, now directly to end-user wallets
3. Cash App 𝗮𝗱𝗱𝘀 𝘀𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻 𝘀𝘂𝗽𝗽𝗼𝗿𝘁
• Users will be given a wallet address that converts incoming fiat to stablecoin, and outgoing stablecoin to fiat; details are limited but USDC and Solana have been confirmed
• This follows Venmo, Zelle®, and recently Revolut integrating stablecoins
→ Meaning: Cash App has 58M MAUs; millions of new users will be exposed to stablecoin UX
“If I were founding Cash App today, I would build it on stablecoin rails natively.” - Miles Suter, Bitcoin product lead, Block.
Inevitable.