The stablecoin boom won’t continue without decentralized interoperability

The stablecoin boom won’t continue without decentralized interoperability

Universal interoperability is the missing piece that can unlock stablecoins’ and CBDCs’ potential for the global digital economy.

Stablecoins are the cornerstone of the digital asset marketplace with a market cap of over $100 billion. Governments are already putting considerable resources in being up to speed with the trends. A November 2021 report published by the United States President’s Working Group on Financial Markets details the

CBDCs also require interoperability. A July 2021 BIS report

For societies and economies to reap the full benefits of CBDCs, universal interoperability will be needed to underpin integration and function over the international payments system. Similarly, stablecoins issued on different blockchain networks can only successfully facilitate digital payments if they can universally be accepted across various blockchain networks. A universal interoperability network over which CBDCs and stablecoins can effectively operate will open up more economic and trade benefits to end-users, businesses and governments alike.

This article was co-authored by Sergey Gorbunov and Tai Panich.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Sergey Gorbunov is the co-founder and CEO of Axelar, the decentralized interoperability network that connects blockchain ecosystems. He received a Ph.D. from MIT, where he was a Microsoft Ph.D. fellow. Sergey is a co-author of many cryptographic protocols, standards and systems. He was also on the founding team of Algorand, where he worked on the core platform design and development and led the cryptography group.
Tai Panich is chief venture and Investment Officer at SCB 10X, the digital technology investment arm of Siam Commercial Bank, the largest and oldest bank in Thailand. She has over 20 years of experience working in the technology investment sector in Silicon Valley, New York and Singapore. Her expertise is investing in technology companies (both private and public), especially in fintech, blockchain and DeFi, deep tech (AI, robotics, semiconductor, enterprise software and hardware, and internet/media). Prior to this role, Tai was a portfolio manager at Pictet Asset Management, where she invests in publicly-listed technology companies globally with focus on Asia.

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