Have we forgotten the point of stablecoins?

by

Well now, these stablecoins, they’re makin’ a right splash, ain’t they? Visa and Mastercard, bless their hearts, are offerin’ cards linked to these things. And Stripe, that feller, he’s gone and bought Bridge, showin’ a mighty keen interest in makin’ spendin’ these digital whatsits as easy as handin’ over a dollar bill. Circle’s gone and done IPO’d, too, amassin’ a cool $1.15 billion. 😮 Seems 2025 is destined to be the year of the stablecoin, wouldn’t you say?

But here’s the rub, folks. Are we all gettin’ carried away, chasin’ a rainbow and forgettin’ the purpose behind all this fuss? It seems to me these newfangled ideas are less about helpin’ folks and more about big companies tryin’ to stay hip. 🧐 It’s like puttin’ a fancy coat on an old mule – it still pulls the plow, but it looks a mite silly doin’ it.

Take these stablecoin-linked cards. What good are they to the average fella? Spendin’ your Tether (USDT) at the grocery store is the same as spendin’ U.S. dollars, ain’t it? Same money deducted, same fuss. And you likely need a bank account and a decent credit history to benefit in the first place. Seems we’re just keepin’ the status quo, and if we reduce stablecoins to tools for bankers and crypto fellas, then we’re missin’ a powerful opportunity. 🤦‍♂️

This ain’t the path we ought to be takin’. Stablecoins hold the promise to rethink the whole shebang of finance. We’re already seein’ how they can lend a hand to folks left behind by the old banking system, those folks who’ve been gettin’ the short end of the stick for far too long.

Stablecoins ≠ TradFi

Now, stablecoins and this blockchain technology represent a chance, a genuine opportunity, to take a good, hard look at what’s wrong with our payments and finance. And to apply some fresh ideas to fix it. Did you know there are 1.4 billion people in this world with no bank account? 😲 In Africa, 57% of ’em – folks with families, livelihoods – haven’t got a penny saved in a bank, not even a mobile account. And it ain’t just Africa, mind you. 6% of us good ol’ Americans are unbanked in 2024!

These stablecoin-linked cards, or folks sellin’ things online with stablecoins, or Wall Street buyin’ up Circle shares – none of it’s gonna help these folks. Yet, stablecoins are designed to open up the financial world to these unbanked folks. As Coinbase says, and they’re often right, it seems: “Anyone with a smartphone and internet connection [is able] to store value, send money, and access global financial networks without needing a traditional bank account.”

That’s where we ought to be focusin’ our attention. There’s already a glimmer of hope. 5% of those unbanked folks in the U.S. are usin’ cryptocurrency for transactions. That’s up a whole point from last year, and more than double the number of folks with bank accounts usin’ crypto! 👍

If we just copy what the banks are doin’, we’ll just end up makin’ the same old problems. We need to be lookin’ for new ways to help those who need it most.

Cards alone won’t get us there

We’re livin’ in a time where we can pay for things directly, person to person, without all the middle-men. Yet, we still reach for our cards like a hound dog for a bone. 🐕

But it doesn’t have to be this way! There’s a whole lot of room to come up with better ways to pay for things, and folks *are* doin’ it. Take these apps like MiniPay, particularly in less developed countries. They let folks pay bills, send money across borders, even subscribe to their music—all without touchin’ a traditional bank. They’ve already generated millions of impressions and opens, a clear sign people want this!

And then there’s Strike, over in Latin America, usin’ stablecoins to make sendin’ money home easier and cheaper. It’s a better deal, plain and simple. 😊

These solutions might start small, helpin’ folks bypass high fees and slow transfers. But they could end up bein’ used by everyone, everywhere. A simple stablecoin wallet to send money could become a travel wallet, allowin’ folks to buy local services without changin’ their currency or payin’ hefty card fees.

While these cards aren’t goin’ away any time soon, stablecoins give us a chance to tackle payment problems from the ground up, creatin’ solutions that can benefit everyone.

Keeping crypto’s core premise front and centre

Stablecoins are at a crossroads. Instead of tryin’ to force ‘em into the old ways of doin’ things, we should focus on solutions that deliver on what crypto’s all about: helpin’ those left behind by the traditional financial system. That means makin’ it easy, user-friendly, for folks around the world to use stablecoins – simple as pie! 🥧

We have the chance to change the way we think about payments, and create somethin’ that truly benefits everyone, no matter where they live or how much money they have. We just gotta keep our eyes on the prize, not get lost in the weeds of the journey. 😉

Murray Neil Spark

Murray Neil Spark is the head of commercial and ecosystems for MiniPay, with over 10 years of experience at Opera. He leads MiniPay’s partnerships and ecosystem development, including collaborations with industry giants such as Tether, Celo, and more. From South Africa, Murray previously led Business Development for different divisions of Opera before moving over to MiniPay. When it comes to personal interests, Murray is passionate about his family, wildlife and the outdoors.

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2025-07-19 12:58