Base Founder: Cryptocurrencies need non-USD stablecoins to achieve true utility

ChainCatcher news, October 2, Jesse Pollak, head of Coinbase's Layer 2 platform Base, 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, "In today's world, about 60% of the world's currency reserves are in USD, along with dozens of other key currencies—whether it's the euro, yen, or even currencies like the Nigerian naira—they are all important components of the global economy." Pollak added, "But currently, they are missing in the crypto economy, which is 99% denominated in USD."

He further mentioned 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 also launched two additional stablecoins today, pegged to the Singapore dollar and Australian dollar.

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