Visa's Head of Crypto, Cuy Sheffield, has forecasted a significant increase in the demand for stablecoins based on non-USD fiat currencies in the coming years. While the US dollar is well-suited for cross-border transactions, Sheffield emphasized the importance of fast and efficient local currency conversions, which presents a substantial opportunity for other local currency stablecoins.

He predicted that every major fiat currency will eventually be represented on the blockchain. Sheffield welcomed the emergence of more stablecoins that differentiate themselves from USDT or USDC, describing this as an 'exciting' trend. He also highlighted that 2024 marks a turning point, with some non-crypto companies beginning to explore the use of stablecoins to address the challenges of paying overseas freelancers..