The

Polkadot
community
wants
to
establish
the
blockchain
network
as
a
leader
in
stablecoin
payments
with
a
new
proposal
to
boost
adoption.

The

proposal,
which
received
unanimous
community
support,
seeks
to
reduce
the
minimum
balance
for

Tether’s
USDT
and
Circle’s
USD
Coin
(USDC)
on
the
Polkadot
Asset
Hub
to
$0.01
from
$0.07.

The
community
argued
that
this
move
would
drastically
boost
Polkadot’s
attractiveness
to
stablecoin
users.
However,
the
blockchain
would
still
have
to
implement
additional
upgrades,
like
cutting
transaction
fees
on
Asset
Hub
by
approximately
90%
and
implementing
sub-1
block
times
on
the
network,
to
achieve
its
stablecoin
payment
goals.

 

The
proposal
stated:

“[These
upgrades]
together
with
super-apps
such
as
Telenova,
could
make
AssetHub
(and
therefore
Polkadot)
the
home
of
cheap,
fast
&
more
importantly
stable/
reliable
stablecoin
transfers
—
and
serve
as
a
perfect
case
study
demonstrating
the
power
of
building
on
Polkadot.”

Nonetheless,
community
members
agreed
that
the
current
proposal
was
a
good
start
towards
making
Polkadot
competitive
against
other
blockchain
networks
that
deal
with
remittances.

Stablecoins
driving
crypto
adoption

Stablecoins
have
emerged
as
one
of
the
most
successful
applications
of
crypto
technology
in
the
real
world,
especially
in
emerging
markets
like
Nigeria.

Typically,
stablecoins
are
pegged
to
the
US
dollar
and
designed
to
offer
a
stable
alternative
to
volatile
digital
assets
like
Bitcoin
and
crypto
users
in
struggling
economies
tend
to
use
them
to
hedge
against
their
falling
national
currencies
and
as
a
payment
method
for
goods
and
services.

Market
experts
have
predicted
a

strong
demand
for
stablecoins,
with
Ripple
forecasting
the
market
to
surpass
$2.8
trillion
by
2028.
This
growth
has
significantly
boosted
the
adoption
of
blockchain
networks
like
Solana,
Tron,
and
Ethereum,
which
account
for
87%
of
the
$162
billion
stablecoin
market.

 

Blockchain
analyst
Lookonchain
recently

highlighted
that
Tether’s
USDT
on
the
TRON
network
achieved
a
24-hour
trading
volume
of
$53
billion,
outpacing
Visa’s
average
daily
volume
of
$42
billion
during
the
year’s
first
quarter.

Moreover,
PayPal

expanded
its
PYUSD
stablecoin
to
the
Solana
blockchain,
citing
the
network’s
lower
transaction
fees
and
faster
processing
times
as
critical
advantages.

Mentioned
in
this
article

Go to Source
Author: Oluwapelumi Adejumo

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