Author: Timmy Shen

Jesse Pollak, the founder of Base, a layer 2 blockchain incubated by Coinbase, stated that stablecoins pegged to currencies other than the US dollar are "missing" in the cryptocurrency space.

Pollak made this remark during a speech at the Token2049 conference held in Singapore on Thursday, saying, "What is currently missing is all non-US dollar currencies."

He added, "If you look at the world today, about 60% of global currency reserves are in US dollars, but there are dozens of other key currencies—whether it's the euro, the yen, or currencies like the Nigerian naira—that play significant roles in the global economy. However, these currencies are almost completely absent in the crypto economy right now. Currently, 99% of transactions in the crypto economy are denominated in US dollars."

Pollak explained that stablecoins anchored to local currencies can provide truly meaningful localized use cases. "If we can bring local currencies on-chain, it would allow people to use the currencies they are familiar with for everyday payments, lending, and other operations."

According to Pollak, the trading volume of stablecoins on the Base network was approximately 81 billion transactions last month, with a total transaction value of about $1.5 trillion.

He mentioned that there are currently 12 local currency stablecoins launched on Base, including stablecoins pegged to the Indonesian rupiah, Turkish lira, New Zealand dollar, and Brazilian real. Coinbase and Base also launched two new stablecoins today, pegged to the Singapore dollar and Australian dollar, respectively.

According to data from The Block's dashboard, as of Wednesday, the total supply of stablecoins pegged to the US dollar has reached $284.4 billion, up from $272.3 billion at the beginning of September.

Preview of the "Super App"

Meanwhile, Pollak stated that Base is actively testing its "super app," the Base App, which has been renamed from Coinbase Wallet. The company released this app in July, and it is still in the testing phase. The app aims to integrate social networking, mini-programs, trading, and instant payment functions into one platform.

The head of Base pointed out that the app will focus on the creator economy and support a "create-and-earn" model.

Pollak believes that the Web2 model has failed content creators: creators generate significant value for large platforms but receive almost no corresponding returns. "When creators bring content into the closed ecosystems of Web2 companies, they don't make money," he said, "the platform takes about 95% of the value, while creators get less than 5%."

In contrast, Pollak stated that blockchain-based social networks reverse this situation, ensuring that creators receive the vast majority of the value. "In an on-chain social model, 95% of the value will flow to the creators."

Pollak revealed that there are currently 1.2 million people on the waiting list for the app, which is planned to be fully opened to the public in the coming months. "It's still very early, still in the testing phase, but we are working towards a full launch in the next few months," he added.

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