The stablecoin industry has experienced significant growth, largely attributed to the integration of stablecoins by major payment providers such as Stripe and PayPal. According to Polygon Labs CEO Marc Boiron, these companies have played a crucial role in making it easier for businesses to transact using fiat-equivalent tokens. PayPal began its digital asset journey in 2022, allowing users to transfer cryptocurrencies and launching its own stablecoin, PayPal USD, which currently has a market cap of approximately $705 million, down from its peak. Stripe has also enabled stablecoin transactions through its Pay with Crypto feature, supporting payments in USD Coin on various blockchain networks. Boiron notes that institutions and non-crypto businesses are increasingly recognizing the potential revenue benefits of stablecoins, which now represent a $230 billion industry. The rise of yield-bearing stablecoins, such as those recently approved by the SEC, is also gaining traction, reflecting evolving interest in combining traditional stability with decentralized finance yields.

Source 🔗