Meta Platforms Inc. (NASDAQ:META), DoorDash Inc. (NASDAQ:DASH) and other large tech companies will drive stablecoins to a $4 trillion market and bring millions into the cryptocurrency space, Bitwise investment chief Matt Hougan says.
Meta is testing stablecoin payments to creators in Colombia and the Philippines. DoorDash has partnered with Stripe to test Stablecoin payments for its 10 million Dashers in more than 40 countries.
Meta and DoorDash’s pilots confirm stablecoin applications beyond cryptocurrency trading and support by large tech companies, Hougan said in a post on Tuesday, adding that they also provide insight into why that support is likely to continue.
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Meta and DoorDash are not adopting stablecoin payments solely because they are fast and cheap, but also because they simplify global payments, Hougan said.
“One wallet address, no banking infrastructure, no currency conversions,” he said. “For a global business managing millions of micropayments, that type of simplicity is worth a lot. I suspect all global tech companies with distributed gig workers will follow DoorDash and Meta on this path.”
Hougan said the anticipated stablecoin growth would likely onboard millions of people to cryptocurrencies in a potential boon for the assets.
The stablecoin sector most recently boasted a market capitalization of $318 billion.
The growing adoption of stablecoins by large tech platforms has renewed investor interest in the broader cryptocurrency ecosystem, as digital payment rails continue moving toward faster, more global, and lower-cost settlement systems.
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