Cryptocurrency mogul Mike Novogratz predicts that Stubcoin will be able to exchange the Forex (FX) market within five years.
The traditional Forex market continues to face challenges such as relatively slow trading and high costs. Stablecoins could become a game changer for this sector by making them more efficient.
Galaxy Head warns that countries that do not accept stubcoin could potentially be left behind given their global money system expect to move to digital currencies.
“If the country wants to participate, they'd better get on the bandwagon or get left behind,” Novograts said on the X Social Media Network.
The Stablecoin market has seen incredible growth over the past few years, rising from just $10 billion in 2020 to a whopping $200 billion.
Meanwhile, new players are taking part in the fight. Last month, Reuters reported that it was considering launching a cryptocurrency where the huge fidelity of mutual funds was won by the dollar.
In December, Ripple launched RLUSD Stablecoin, which now has a market capitalization of nearly $300 million.
Tether is the largest player in the Stablecoin market, with USTD's market capitalization of $147 billion.
There is a significant legislative momentum surrounding Stubcoin, and the bill is known as a stable act of genius that is currently moving forward through Congress.
However, the Stablecoin sector continues to suffer reputational issues after the collapse of Terra/Luna in 2022. Last month, Novogratz agreed to pay a $200 million penalty to New York regulators to promote failed projects.
