Jesse Pollak, who helped create the Base network, recently spoke at the Token2049 conference in Singapore. He raised an interesting point: the next big leap for crypto adoption hinges on stablecoins linked to everyday local money, not just the US dollar. He stressed that Base is ready to support these efforts fully.
It’s a curious situation, really. The US dollar makes up about 60% of the world’s currency reserves. Yet, when you look at stablecoins, a staggering 99% are tied to the dollar. Other important global currencies, like the Euro, Japanese Yen, or Nigerian Naira, barely get a look-in. This imbalance creates a hurdle for most people globally who don’t transact in dollars every day.
Local stablecoins could change this. Imagine using digital money that feels just like your local cash for daily shopping, borrowing, or investing. It would be far more practical for most folks. Pollak pointed out that the Base network saw a huge amount of stablecoin activity last month. We’re talking 81 billion transactions, adding up to a hefty $1.5 trillion in volume.
Currently, Base already supports 12 stablecoins tied to different local currencies. This includes the Indonesian Rupee, Turkish Lira, New Zealand Dollar, and Brazilian Real. During the Token2049 event, Coinbase and its Base blockchain network even announced two new additions: stablecoins pegged to the Australian Dollar and the Singapore Dollar.
The Dollar’s Tight Grip
While this shift towards local currencies is gaining steam, the dollar’s dominance in the stablecoin world remains strong. Data from The Block shows the total supply of dollar-pegged stablecoins hit $284.4 billion recently. That’s up from $272.3 billion just weeks earlier in early September. It highlights how much growth still happens with traditional stablecoins. Still, branching out into non-US dollar options is only just starting.
Building a “Super App” for Everyone
Pollak also revealed Base‘s plans for a "super app," now called the Base App. It started as the Coinbase Wallet but has new ambitions. Launched in July and still in testing, this app aims to be a one-stop shop. It will combine social media, small applications, shopping, and instant payments all in one place.
The big goal, Pollak explained, is to empower creators. He called it a "create and earn" model. Think about most online platforms today. Creators make cool stuff, but the big companies usually grab about 95% of the value. Creators are left with crumbs. The onchain model flips this on its head. It promises to give 95% of the value created back to the creators themselves.
Looking Ahead
This ambitious app already has 1.2 million users on its waitlist. Pollak mentioned that while it’s still very early and in beta, the company plans for a full public launch in the next few months. This development from Coinbase and Base could really shake things up. They’re combining payments, social interactions, and token-based economies. It’s a fresh way to think about how we use digital tools.