Base Founder: Cryptocurrency Needs Non-Dollar Stablecoins to Achieve True Usability

BlockBeats News, October 2nd, Jesse Pollak, Head of Base, Coinbase's Layer 2 platform, told attendees at the Token2049 conference in Singapore that non-USD stablecoins are "missing" in the crypto ecosystem, and locally pegged stablecoins can provide meaningful local utility.

Pollak stated, "Today, about 60% of the world's currency reserves are in dollars, as well as dozens of other key currencies—whether it's the euro, the yen, or even currencies like the Nigerian naira—they are all key parts of the global economy," Pollak added, "but currently they are missing in the crypto economy, where 99% of the crypto economy is priced in dollars."

He further noted that there are already 12 local currency stablecoins available on Base, including stablecoins backed by the Indonesian Rupiah, Turkish Lira, New Zealand Dollar, and Brazilian Real. Coinbase today also launched two additional stablecoins pegged to the Singapore Dollar and the Australian Dollar.

According to The Block data, as of Wednesday, the total supply of USD-pegged stablecoins has increased from $272.3 billion in early September to $284.4 billion.