Moderator: Harsh (BD manager @R2)

Speakers:

• Sebas (@base)

• Anthony (@Uniswap)

• Aaron (@R2)

1. Stablecoin Trends and Adoption

• The stablecoin landscape is shifting, with growing government involvement (e.g. recent U.S. legislation) and rising fintech activity, especially in Latin America where countries like Mexico now have over 1,000 fintech startups. Stablecoins are emerging as user-focused financial tools in these regions. (Anthony)

• Stablecoins are the "killer application" of crypto due to their speed, cost-efficiency, and widespread usability. In countries like Argentina, where people prefer dollars over local currency, local stablecoins can make everyday transactions easier and more practical. (Sebas)

• The next generation of stablecoins will focus on capital efficiency and composability. These will go beyond value storage to become yield-generating assets, backed by productive collateral, like tokenized T-bills — function as on-chain savings accounts within DeFi ecosystems. (Aaron)

2. Interplay with RWA & Tokenization

• Major players like Robinhood are entering space, aiming to build blockchains for real-world assets (RWAs), such as tokenized private company stocks like OpenAI. Younger generations (Gen Z) are driving demand for yield-bearing assets, reshaping expectations around money. (Anthony)

• Stablecoins backed by RWAs, like Anzen coin on Base, represent just the "tip of the iceberg" for future innovation. Compared to the failures of algorithmic stablecoins, RWA-backed models offer lower risk and greater long-term potential. (Sebas)

• RWAs could be a key to unlocking sustainable DeFi yields, transforming stablecoins into robust financial instruments. To succeed, regulatory and technical barriers must be simplified, especially for users in emerging markets like Latin America. (Aaron)

3. DeFi Integration & Composability

• Local stablecoins can seamlessly integrate with everyday payment systems, like QR code merchant payments, helping bridge crypto with real-world economies. This is especially impactful in Latin America, where stablecoins can drive real adoption. (Sebas)

• Tether’s $13B in revenue shows stablecoins are highly profitable. Major players like PayPal, Revolut, and Mercado Pago are entering space. In Latin America, apps like DollarApp use USDC under the hood for fast, low-cost payments, while local projects are tokenizing assets for government use. (Anthony)

• Stablecoins are evolving into productive capital, powering structured products like on-chain ETFs and automated yield strategies. They’re becoming key tools for frictionless access to dollars and yield — especially in regions like Latin America and Africa. (Aaron)

4. Role of DEXs in Stablecoin Adoption

• Uniswap Labs is building localized solutions through Unichain, a DeFi-focused chain with cost-saving features like flashbots. They're actively gathering global feedback to tailor offerings for regions such as Latin America and Asia. (Anthony)

• Base supports local stablecoin projects worldwide to bridge crypto infrastructure with real-world economies. Local stablecoins are essential for integrating with local financial systems and powering everyday consumer apps, especially in places like Argentina. (Sebas)

• AMMs like Uniswap need to evolve to accommodate yield-bearing stablecoins with diverse risk profiles and offer tools for institutional liquidity providers. In the future, DEXs may allow users to trade risk-adjusted returns, not just tokens. (Aaron)

5. Stablecoin Consolidation and Competition

• An initial surge of stablecoins will likely be followed by consolidation, with a few dominant players per currency or region. Competition between chains is "friendly," aiming to grow the ecosystem rather than compete in a zero-sum game. (Sebas)

• The future will include a mix of government-backed, corporate, and community-driven stablecoins. While corporate players like PayPal and Aave (GHO) gain traction, community stablecoins face challenges in competing at scale. (Anthony)

• A "winner-takes-all" outcome is unlikely — stablecoins will dominate by use case, whether for payments, yield, or institutional access. Centralized options like USDT and USDC lead with over 90% market share due to liquidity, though emerging players like Ripple are gaining ground. (Aaron)

6. Future Catalysts and Risks

• Regulatory clarity, such as the Genius Act and the rise of tokenized sovereign debt, will be key drivers of stablecoin growth. However, fragmented global policy could fracture liquidity and limit innovation if not addressed. (Aaron)

• Crypto must become consumer-friendly, with stablecoins serving as a gateway to mainstream finance. Base is working to simplify user experience through tools like the Base app, which abstracts crypto complexity. (Sebas)

Thank you to Sebas, Anthony, and Aaron for the amazing insights during the AMA! The discussion was on point — really looking forward to what’s ahead. Big things are coming, stay tuned!