Big brands are sleepwalking when it comes to stablecoins

Key Points

1. PayPal's PYUSD reached a $1 billion market cap, competing with USDC and USDT, while BlackRock planned to invest in Circle's IPO, signaling stablecoin growth.

2. Non-financial companies like Amazon and Walmart are considering issuing their own stablecoins, indicating broader industry interest.

3. Public blockchain transparency poses privacy risks, as all transactions are permanently recorded, exposing financial histories and purchase data.

4. The GENIUS Act focuses on stablecoin asset backing and AML safeguards but overlooks privacy concerns, which could limit adoption.

5. Zero-knowledge proofs and other privacy solutions are needed to align blockchain's transparency with business needs and ensure stablecoin usability.