SOL’s Creator Says ‘Killer App’ Sparks Next Crypto Boom

Solana (SOL) co-founder Anatoly Yakovenko believes a key crypto development could boost digital asset usage.

In a new Scott Melker interview, Yakovenko argues US stablecoin regulation might open the market to new consumers.

“My big hope/dream is that this year Congress passes stablecoin legislation and we see a thousand stablecoins bloom that are competing globally and getting every human in the world access to a digital dollar.

And that means that we effectively start onboarding most of the world to the digital dollar on Solana, because it’s the best place to do it. But effectively at a fast, low-cost blockchain.

And once you have enough users with wallets and self-custody that are all doing this, I think then you really have a big enough market [and] you can start testing all the other business models. But we’ll see what happens, right? I think that’s one of the pieces that could cause a massive boom in crypto adoption.”

Yakovenko also agrees with the unpopular opinion that stablecoins are the “killer app” that will attract users worldwide, especially those in nations with falling currencies who need digital dollars.

The U.S. House Committee on Financial Services released a draft stablecoin bill last month that outlines payment stablecoin issuer qualifications and criminal penalties.

The measure would also investigate a central bank digital currency (CBDC).