Social Capital CEO: Stablecoin Growth Will Challenge the Duopoly of Visa and Mastercard

According to PANews, Chamath Palihapitiya, CEO of Social Capital, forecasts a significant rise in stablecoin adoption by 2025, positioning them as a crucial tool for wholesale transactions. He anticipates that by 2024, stablecoin usage will decouple from cryptocurrency trading, surpassing 1.1 billion transactions with a settlement value of $8.5 trillion, more than double Visa's transaction volume. Palihapitiya suggests this growth could challenge the duopoly of Visa and Mastercard, particularly as credit card interest rates increase. He also addressed regulatory concerns, highlighting blockchain technology's role in providing transparency and traceability in transactions.