Clay Christensen's concept of disruptive innovation highlights how some products start in overlooked markets and eventually redefine entire industries. Stablecoins are following a similar path, particularly in emerging markets. While in the US, stablecoins can be seen as inferior to traditional bank deposits, they serve as a better alternative in countries like Argentina, where people face currency issues. Despite their perceived inferiority, stablecoins are gaining traction among various demographics, including DeFi traders and remittance senders. To determine if stablecoins are truly disruptive, several criteria were evaluated: they target underserved customers, operate with a performance deficit against incumbents, are more user-friendly, and utilize blockchain technology to improve. Unlike typical disruptions, incumbents such as Visa and BlackRock are not retreating but engaging with the stablecoin market. This could indicate a new dynamic where traditional firms embrace disruption rather than avoid it. Projections suggest that stablecoin assets under management could reach $3.7 trillion by 2030 due to institutional adoption.

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