Crypto’s “Safest Asset” Just Lost 99% of Its Value

Banks and card networks are building their own stablecoin rails, and X has reportedly considered paying creators in existing stablecoins. SimpleSwap‘s Head of Analytics talks to BlockchainReporter about why the rush is real and why “stable” doesn’t mean what most people assume.

He also lays out what to actually check before trusting someone with real money. Stablecoins spent most of the last decade as crypto’s supporting cast, useful but mostly ignored. Nobody wrote headlines about them. That changed somewhere around this summer.

Visa built a platform to issue and manage them. Mastercard bought stablecoin infrastructure company BVNK for up to $1.8 billion. Nine European banks formed a joint venture, Qivalis, to issue a euro-denominated stablecoin under MiCA.

And reporting suggests X has looked at paying creators in stablecoins, using existing tokens rather than minting its own.