Stablecoins are crypto’s killer app—but no one can agree on who will use them - Fortune

Stablecoins have emerged as one of the most tangible applications of blockchain technology, offering the price stability that traditional cryptocurrencies lack. By pegging their value to assets like the U.S. dollar, they enable seamless trading, lending, and payments across borders. Yet, as the headline from Fortune suggests, the industry’s consensus ends there: no one can agree on who will ultimately drive their adoption.

The debate centers on the primary use case. For some, stablecoins are a consumer payment tool, a faster and cheaper alternative to legacy remittance systems. For others, they are an institutional settlement layer—a bridge for large-scale treasury operations and interbank transfers. Meanwhile, a growing camp sees them as the foundational liquidity for decentralized finance, not a retail product at all.

This uncertainty carries real market relevance. Regulators and financial firms are watching how stablecoin use evolves to shape policy and infrastructure decisions. If the primary users turn out to be businesses, the demand for compliance and auditing tools will rise. If retail adoption wins out, the focus shifts to consumer protections and wallet usability. For now, the market remains in a waiting phase, observing which segment will prove the true killer use case.