---
title: "Fulfilling Crypto's Original Promise"
description: "Explore how stablecoins are transforming finance: 3M daily transactions, $1B+ JPMorgan transfers, and major adoption by Visa, PayPal \u0026 global enterprises."
categories: ["web3"]
keywords: ["stablecoins","crypto finance","web3","JPMorgan","PayPal","Visa stablecoin","digital currency","blockchain technology","crypto transactions"]
ai_summary: "Discover how stablecoins are reshaping finance with major adoption and daily transactions, fulfilling crypto's original promise."
date: 2024-10-03
lastmod: 2026-07-28
canonical_url: https://www.tomtunguz.com/stablecoins/
author: "Tomasz Tunguz"
---

Visa [announced their plans to launch a stablecoin](https://fortune.com/crypto/2024/10/03/bbva-plans-to-launch-stablecoin-in-2025-with-support-from-visa/) with BBVA today. 

Throughout the quietness in crypto created by the wake of the FTX collapse & the AI boom, stablecoins have become a large & very fast growing part of web3.

Users clock [3m stablecoin transactions per day](https://visaonchainanalytics.com/) at an approximate average value of $5,000. 


But, the use of stablecoins extends far beyond crypto trading. 

Stablecoins [own more US Treasuries than South Korea & Germany](https://www.coindesk.com/markets/2024/06/20/stablecoin-issuers-now-18th-largest-holder-of-us-debt/) & have become an important buyer of US goverment debt. 




PayPal [paid their auditor Ernst & Young](https://www.bloomberg.com/news/articles/2024-10-03/paypal-completes-its-first-business-transaction-using-stablecoin?embedded-checkout=true) with stablecoins. PayPal's stablecoin PYUSD has reached $750m in size. 

JPMorgan's clients use their internal stablecoins to [move more than $1b daily](https://www.ledgerinsights.com/jp-morgan-jpm-coin-1billion-daily/). Siemens uses this system to reallocate cash across 
subsidiaries in different geographic regions. 

When Stripe launched [stablecoin support](https://www.coindesk.com/business/2024/04/25/stripe-brings-back-crypto-payments-via-usdc-stablecoin/) earlier this summer, John Collison said, "Crypto is finding real utility. With transaction speeds increasing and costs coming down, we’re seeing crypto finally making sense as a means of exchange."

At the outset, crypto promised to be a new form of money. Publicly traded companies are now using stables to pay their bills & multinationals use crypto to move money faster & less expensively. We're not far from that initial promise being fulfilled.