In the cryptocurrency environment, a growing complexity in stablecoin transactions has emerged, as highlighted by onchain analyst ZachXBT.
Crypto enthusiasts are increasingly facing high fees, system limitations, and a string of service providers, making what should be simple transactions an uphill battle. ZachXBT indicates that the various tickers and token standards are robbing users of liquidity and creating a laborious experience.
Outlined are the hurdles users encounter, including cross-chain limitations, gas and transaction fees that must be paid in the respective blockchain’s native token, as well as a lack of uniform token support among exchanges.
As he stated:
“Imagine you receive USDPT to your Solana address but realize your wallet doesn’t have USDPT on the default token list. You also need gas, so you bridge ETH from Ethereum and wait several minutes, and want to swap USDPT for USD on a centralized exchange.”
(Translation: Imagine receiving USDPT on Solana, but your wallet doesn’t support it. You bridge ETH from Ethereum, wait, and want to swap it on a centralized exchange.)
This lack of user-friendly designs and seamless navigation in the crypto sphere stands as one of the prominent obstacles towards achieving widespread acceptance and a competitive edge over traditional financial platforms, as discussed by industry experts to Cointelegraph.
Future of Stablecoins
Looking ahead, exchanges will likely eliminate the display of stablecoin tickers, presenting users instead only with the fiat equivalent such as USD or GBP, according to Mert Mumtaz, CEO of Helius, an RPC node provider. This transformation will facilitate an unobtrusive user experience by managing cross-chain transfers in the background, allowing users to engage with any stablecoin effortlessly.
Furthermore, AI-driven agents are poised to alleviate the technological challenges of engaging with multiple stablecoin sources, managing wallets on behalf of users, as indicated by Reeve Collins from Tether.
Learn More: Visa to support stablecoins on four blockchains
