Solana (SOL) co-founder Anatoly Yakovenko says one crucial development in the crypto space could trigger a boom in digital asset adoption.
Yakovenko says in a new interview with Scott Melker that stablecoin legislation in the US could blow the doors wide open in terms of onboarding new users to the sector.
“My big hope/dream is that this year Congress passes stablecoin legislation and we see a thousand stablecoins bloom that are competing globally and getting every human in the world access to a digital dollar.
And that means that we effectively start onboarding most of the world to the digital dollar on Solana, because it’s the best place to do it. But effectively at a fast, low-cost blockchain.
And once you have enough users with wallets and self-custody that are all doing this, I think then you really have a big enough market [and] you can start testing all the other business models. But we’ll see what happens, right? I think that’s one of the pieces that could cause a massive boom in crypto adoption.”
Yakovenko also says that he agrees with the unpopular sentiment that stablecoins are the “killer app” that will likely attract users around the globe, especially those who reside in countries with collapsing currencies as they have a serious need to access digital dollars.
Last month, the U.S. House Committee on Financial Services published a draft stablecoin bill that proposes qualifications and requirements to be a payment stablecoin issuer and details the criminal penalties for violators.
The bill would also request the research and exploration of a central bank digital currency (CBDC).
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