Recent tests of stablecoins by companies like Meta and DoorDash could help cryptocurrency wallets and digital payments become more widely adopted.
Stablecoins are becoming more popular, extending beyond just cryptocurrency trading. Big tech and payment companies are now exploring how to use them for sending money across borders. Recent trials by companies like DoorDash and Meta suggest increasing interest in using blockchain technology to pay gig workers and content creators. Matt Hougan, CIO at Bitwise, predicts these initial tests could lead to stablecoins supporting trillions of dollars in transactions.
Bitwise CIO Points to Meta and DoorDash in Digital Dollar Adoption Push
Recent tests of new payment systems by DoorDash and Meta have increased Hougan’s confidence in the future of stablecoins. The Bitwise executive believes these projects demonstrate how digital dollars could become part of regular financial transactions, moving beyond just cryptocurrency trading.
DoorDash is now working with Stripe to test a new payment system using stablecoins in over 40 countries. Because DoorDash handles millions of payments each day to drivers, stores, and customers – including refunds – this new system could simplify things. Instead of needing local bank information, payments could be sent directly to digital wallet addresses.
Meta is now testing a way to pay creators in Colombia and the Philippines with a stablecoin – a digital currency designed to hold a stable value. These payments are being processed through networks connected to Solana Labs and Polygon Labs. With over 200 million people contributing, the creator economy is becoming increasingly significant worldwide.
As an analyst, I’ve been following the debate around payment systems, and I think a key point, as Hougan highlighted, is that ease of use is just as important as speed or cost. We’re used to traditional wire transfers taking days and costing a lot. Stablecoins, on the other hand, offer the potential to move money almost instantly, cutting out many of the usual banking steps.
Stablecoins Move Closer to Mainstream Payments as Supply Hits Record Levels
Bitwise predicts that large tech companies using freelancers globally might start using similar payment methods, potentially bringing cryptocurrency to millions of new people. According to Hougan, stablecoins could become the primary way people start using crypto. Once someone has a stablecoin wallet, it’s easy for them to then explore Bitcoin, DeFi, and other blockchain technologies.
The amount of stablecoins in circulation has increased significantly, now totaling over $323 billion, according to data from DeFiLlama. Tether makes up around $189.5 billion of this total, and USD Coin from Circle Internet Financial accounts for approximately $79 billion.
Image Source: DeFiLlama
Even established financial companies are getting involved in the digital currency space. Western Union recently introduced its USDPT stablecoin on Solana, allowing for instant payments in over 200 countries. Plus, Visa reported that its stablecoin trial program is currently processing transactions at an annual rate of $7 billion.
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2026-05-06 19:58