OpinionStablecoins Are Winning. Bitcoin Maximalists Are Losing.
Stablecoin circulating supply passed $200 billion. Daily settlement volume routinely exceeds Visa in dollar terms. Emerging market users are adopting stablecoins faster than they ever adopted Bitcoin. The maximalist response has been to ignore the data and repeat the 2019 talking points. That response is losing the argument and losing the market share. It is worth being specific about what exactly is being lost, because parts of the maximalist case are still correct and parts of it are not.