What to know:
- DoorDash and Meta are testing stablecoin payouts for workers and creators worldwide.
- Hougan says early pilots could help stablecoins reach a $4 trillion market by 2030.
- Stablecoin payouts may bring millions of gig workers and creators into crypto payments.
Large technology firms are testing stablecoin payouts as Bitwise’s Matt Hougan sees a path toward a $4 trillion market by 2030. He said early pilots could expand stablecoins from roughly $300 billion today even while current use remains limited in size.
Hougan, chief investment officer at Bitwise Asset Management, shared the view in a client note released Tuesday. He said recent trials by major platforms have increased his confidence that stablecoins can grow into a multi-trillion-dollar market.
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Stablecoin Payouts Gain Use in Gig and Creator Economies
DoorDash is one of the companies testing the model. The company has been testing stablecoin payouts in partnership with Stripe for approximately 10 million Dashers in over 40 countries, Hougan says.
Meta has also launched similar payment programs for creators. This rollout is for creators in the Philippines and Colombia. Hougan said Meta is using Solana and Polygon networks to distribute earnings through these programs.
The trials are still small in dollar terms. Hougan said their importance comes from the payment structure, not only from transaction costs.
Stablecoins enable enterprises to transfer funds with one wallet address, he said. That can decrease reliance on conventional financial institutions and minimize the work for changing currencies. Stablecoin payouts could be a good match for gig and creator economies.
Global technology companies with distributed workforces are likely to follow similar models, Hougan said. He further noted the model has the potential to introduce millions of new users to crypto payment systems.
Stablecoin Volume Could Reach $719 Trillion by 2035
The market has already expanded with a number of stablecoins. CoinGecko data shows the dollar-pegged stablecoin supply has climbed past $311 billion. About $189.5 billion is registered in Tether’s accounts with USDT. Circle’s contribution is around $78 billion via USDC.
According to a Chainalysis report, adjusted stablecoin volume could reach $719 trillion by 2035 through organic growth alone. If macro catalysts are added in, the amount could reach close to $1.5 quadrillion, the report said.
The report estimated that the payment volumes in stablecoins could exceed the off-chain transaction volumes of Visa and MasterCard between 2031 and 2039. The prediction follows businesses transitioning to stablecoin infrastructure.
Western Union, USDPT, Fidelity, FIDD, Meta, and many other Fortune 500 companies are gearing up for launches. The ecosystem is also evolving with products like Jupiter’s JUPUSD, which brings yield back to the ecosystem and has seen significant inflows.
The regulatory landscape continues to play a major role in the outlook. Andreessen Horowitz cited developments regarding regulations surrounding stablecoins in the United States, including developments around the GENIUS Act. He said more clarity through legislation and rulemaking could support continued growth in on-chain finance.
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