The next wave of stablecoin adoption may not be led by humans. The co-founder of Paxos Labs stated that AI agents could become a "key variable," capable of instantly directing liquidity to the most efficient issuers, turning market fragmentation into an advantage.
With the United States passing clearer stablecoin regulatory frameworks, the stablecoin market has surpassed $300 billion, becoming one of the core narratives in the crypto space. However, the fragmentation among different issuers and jurisdictions remains a challenge.
As more new participants enter the stablecoin space—from dollar-backed Tether and Circle to synthetic assets like Athena, and consumer payment-focused PayPal PYUSD—there is growing concern whether market fragmentation will become an industry issue.
Bhau Kotecha, co-founder and head of Paxos Labs, told Cointelegraph in an interview: "Fragmentation is a double-edged sword." The competition between different models, along with stablecoin issuance related to their own businesses, could "create liquidity islands and user confusion, thereby hindering adoption."
However, he believes that AI agents—programs capable of making autonomous decisions and executing tasks such as trading or fund transfers—are expected to address this issue.
Kotecha pointed out that AI agents will "instantly switch" to the stablecoin that offers the best economic benefits.
"This means that fragmentation does not necessarily have to be a hindrance; it can actually become an optimizer at the market level, with AI ensuring that liquidity flows to the most efficient issuers. Over time, this could compress fees and force issuers to compete on fundamentals."
Kotecha is not the only one emphasizing the importance of AI agents for stablecoin adoption.
In an interview with Bloomberg at the Goldman Sachs Asia Leaders Conference in Hong Kong on September 2, Galaxy Digital CEO Mike Novogratz stated that AI agents will become the primary users of stablecoins, driving a surge in trading volume.
He noted that in the "not-so-distant future," AI agents may use stablecoins for everyday shopping, such as a grocery AI agent that understands your dietary habits, preferences, and budget, automatically adding items to your cart.
Novogratz added that these agents are likely to rely on stablecoins rather than payment apps like wire transfers or Venmo, leading to "explosive growth" in stablecoin trading volume in the coming years.
One of the companies already pushing this vision is global cloud infrastructure company Cloudflare. On September 25, Cloudflare announced it is developing NET dollar, a stablecoin that supports instant transactions by AI agents.
Cloudflare stated that its vision for stablecoins includes personal AI agents being able to execute actions instantly, such as booking the lowest-priced flights or completing purchases the moment products go on sale.
Before Cloudflare's announcement, several thought leaders in the crypto space had expressed their views on the importance of AI agents and their impact on the crypto industry.
On August 13, a member of the Coinbase development team stated on X that thanks to a little-used web standard, HTTP 402 "Payment Required" (first introduced 30 years ago), AI agents are expected to become "the largest core users of Ethereum."
At the end of August, Anoma co-founder Adrian Brink stated that the rise of AI agent systems is inevitable. However, these systems need to be based on intent-driven blockchain infrastructure to ensure users have control over their own data and assets.
Related: Gemini Executive: Bitcoin Cycle "Very Likely" to Continue in Some Form
Original: “Paxos Labs Co-Founder: AI Agents May Become Liquidity Drivers for Stablecoins”
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