Bitwise says big tech pilots could accelerate stablecoin payments adoption

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Big tech stablecoin payments adoption

Highlights

Meta launched stablecoin payouts for creators in the Philippines and Colombia, while DoorDash will offer stablecoin payments to users, workers, and merchants.
U.S. policy support, highlighted by the GENIUS Act, boosts corporate confidence to pilot stablecoins, with Citigroup projecting potential stablecoin market growth to $4 trillion by 2030.
Visa expanded its stablecoin pilot to five new blockchains, but U.S. banks advocate for stricter limits, citing competitive risks to deposits and banking system stability.

Tech pilots broaden payments use case

As reported by Cointelegraph, Bitwise chief investment officer Matt Hougan says recent pilot projects by Meta and DoorDash suggest stablecoins are moving closer to everyday payments use. He describes the efforts as small in scale for now, but says they answer a long-standing question about whether major consumer technology platforms can help bring the assets to hundreds of millions of users.

Meta launched stablecoin payouts for creators in the Philippines and Colombia on Thursday, while DoorDash said on April 21 that it would offer stablecoin payments to users, workers and merchants. Hougan argues that stablecoins will need support from very large companies if they are to expand beyond their current main role in crypto trading and scale into a much larger payments market.

He says the appeal for multinational businesses goes beyond lower costs and faster transfers. In his view, stablecoins can simplify global payments infrastructure by reducing reliance on banking networks and currency conversions, an advantage that could matter for companies handling large volumes of micropayments across multiple markets.

Regulatory backdrop shapes industry response

Hougan points to a more supportive policy setting in the U.S., where companies have become more confident about testing stablecoins after Congress passed the GENIUS Act last year, establishing rules for issuers and reserve backing. He also cites Citigroup's September projection that the stablecoin market could grow from just under $318 billion currently to $4 trillion by 2030 in a best-case scenario.

Adoption is also spreading among established payments groups. Visa expanded its stablecoin pilot on Thursday to five additional blockchains as settlement volumes on its network rise, underscoring broader corporate interest in the technology.

At the same time, banks in the U.S. remain cautious and have pushed for tighter limits, arguing that stablecoins compete with deposits and could weaken the banking system. The Senate is still shaping broader crypto legislation, including provisions on whether platforms such as crypto exchanges can pay rewards on idle stablecoin holdings, and banking lobby groups say the latest compromise language does not go far enough.

In our earlier article on the Senate’s stablecoin compromise tied to the Clarity Act, we explained how the updated language aims to settle the dispute over rewards on stablecoin platforms. The draft would restrict balance-based “idle yield” while still allowing activity-based rewards linked to platform use, a structure Coinbase says protects its model while addressing bank concerns about deposit flight. We also noted the broader stakes: if the compromise fails, the regulatory outcome could shift toward a more permissive framework, reshaping competition between banks and crypto platforms.

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