Cuy Sheffield, Cryptocurrency VP at Visa, says that some startups already run their companies using stablecoins, eschewing bank accounts. He believes over time non crypto businesses will use stablecoins for corporate treasury as well. Sheffield was talking during Korea’s Upbit Developer Conference.
Certain venture capital firms that invest in cryptocurrency companies transfer that funding using stablecoins. And that’s not an insignificant amount. According to KPMG, crypto and blockchain firms raised $8.7 billion in the first half of 2021, although we don’t know what proportion was funded in the form of stablecoins.
These crypto native startups then use the stablecoins to pay remote employees and vendors.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
