Blockchains are becoming dollarized: Now what?

It has become increasingly clear that stablecoins have become the dominant means of transaction settlement on public blockchains, at the exclusion of native cryptoassets (like Bitcoin/Ether). This wasn’t in the plan of the architects of these blockchains or their communities.

On-chain data supports this observation: Stablecoins represent approximately 10% of the total crypto market cap, but they account for around 70%-80% of transactional value settled on blockchains, according to data presented by Nic Carter at Token2049 (a crypto event in which our company was a sponsor of).

While most metrics show a stagnation of interest and usage for major crypto use cases, stablecoin usage is…

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