Bitwise CIO: A stablecoin killer application has emerged; DoorDash and Meta have already launched pilots

According to CoinTelegraph on May 7, Bitwise Chief Investment Officer (CIO) Matt Hougan said on Tuesday that the stablecoin payment pilots recently launched by DoorDash and Meta are likely to be the “killer use case for stablecoins,” and that if large tech companies continue adopting them, the global stablecoin market could reach as much as $4 trillion in 2030.

Hougan’s core argument: Large tech adoption is the prerequisite for scaling

According to CoinTelegraph, in his statement Hougan said: “Compared to that, these projects aren’t a big deal—they’re pilot programs, and the amounts are small. But they answer a question I’ve had about stablecoins for a long time, and they also strengthen my confidence that stablecoins’ future scale can reach trillions of dollars, with hundreds of millions of users.”

Hougan also pointed further, citing a prediction from Citigroup, that stablecoins’ core competitiveness is not cost savings, but replacing complex banking infrastructure with a single wallet address—managing large-scale cross-border micro-payments without needing currency exchange. He said: “For a global company managing millions of small payments, this convenience is invaluable.” Hougan also noted that to reach the scale of hundreds of millions of users, stablecoins need support from large institutions and must cross beyond application scenarios that are currently dominated by crypto exchanges.

Details of stablecoin payment pilots by DoorDash, Meta, and Visa

Based on companies’ public statements, Meta this week on Thursday launched stablecoin payment services for content creators in the Philippines and Colombia, using the Solana and Polygon blockchains, aiming to reach globally an estimated more than 200 million content creators.

On April 21, 2026, DoorDash announced a partnership with Stripe to provide stablecoin payment capabilities to more than 10 million delivery couriers (Dashers), users, and merchants, covering more than 40 countries.

This week on Thursday, Visa also expanded its stablecoin settlement pilot by adding five more blockchains: Arc, Base, Canton, Polygon, and Tempo, bringing the total number of supported networks to nine. According to a Visa announcement, its stablecoin settlement volume increased by 50% quarter over quarter, reaching an annualized scale of $7 billion.

Legislative progress: The GENIUS Act is now in effect; the CLARITY Act is under review

According to public legislative records, the “GENIUS Act” (Guiding and Establishing National Innovation for US Stablecoins Act) officially became federal law on July 18, 2025. It requires stablecoin issuers to maintain 1:1 reserves with high-quality liquid assets, publish reserve disclosures monthly, and comply with the Bank Secrecy Act.

Currently, the U.S. Senate is reviewing the “CLARITY Act.” Republican Senator Thom Tillis and Democratic Senator Angela Alsobrooks have reached a compromise on stablecoin yield provisions. The compromise would prohibit crypto exchanges from paying “economic or functionally equivalent to interest-bearing bank deposits” incentives to holders of idle stablecoins, but allows other forms of incentives. U.S. banking industry groups said on Tuesday that the compromise’s provisions are not strong enough.

FAQ

Why did Hougan label the DoorDash and Meta pilots as a “killer use case”?

According to CoinTelegraph, Hougan believes the above pilots validated the global payment feasibility of stablecoins in real commercial environments—using a single wallet address to manage large-scale cross-border micro-payments by replacing banking infrastructure, breaking through previous limitations where applications were mainly centered on crypto trading.

What are the main differences between the GENIUS Act and the CLARITY Act?

According to public legislative records, the “GENIUS Act” was formally enacted on July 18, 2025, setting reserve, disclosure, and anti-money-laundering compliance requirements for stablecoin issuers. The “CLARITY Act” is still under consideration in the Senate, primarily addressing regulatory classification rules for stablecoin yields and the broader market structure for digital assets.

What is the current scale of Visa’s stablecoin settlement network?

According to a Visa announcement, its stablecoin settlement network currently supports nine blockchains, with five newly added this week. Settlement volume grew by 50% quarter over quarter, reaching an annualized scale of $7 billion. In 2025, Visa’s total payment volume was $14.2 trillion, and stablecoin settlements account for about $1 out of every $2,000 in payments.