Charles Cascarilla, CEO of Paxos, explains how stablecoins are transforming the utility of the US dollar and driving Web3 adoption. At the Bitcoin MENA event in Abu Dhabi, Cascarilla unveiled Paxos’s Global Dollar (USDG) stablecoin and its Global Dollar Network, launched in collaboration with Robinhood, Galaxy Digital, and Kraken. This network aims to foster stablecoin adoption by enabling partners to earn interest on balances and benefit from off-platform funds.
Cascarilla highlighted that stablecoins operate 24/7, support instant global transfers, and allow users to hold dollars without needing a bank account, leveraging the widespread use of smartphones. He emphasized that stablecoins modernize the outdated global financial system by making it more accessible and efficient. According to Cascarilla, stablecoins solve real-world problems, making Web3 more practical and attractive to users.
He stated, “Stablecoins change the utility of a dollar by providing instant, global transactions and financial inclusion.” Cascarilla believes that stablecoins could be the most transformative application of blockchain technology, enhancing the US dollar’s functionality and accelerating the adoption of Web3.