Jesse Pollak, the creator of Base, a layer-2 blockchain developed by Coinbase, emphasizes the importance of non-USD stablecoins to unlock meaningful utility in the crypto space. According to Pollak, the widespread reliance on USD-pegged stablecoins such as USDC limits the potential applications of blockchain technology globally. This is because many countries have currencies that are not pegged to the dollar, and conducting transactions in USD can be costly and inefficient for users in these regions.

Pollak suggests that local stablecoins, which are pegged to local currencies, are crucial for creating a more inclusive and practical global economy. These local stablecoins can help reduce transaction fees, improve payment systems, and make blockchain technology more accessible to a broader audience. By supporting local currencies, non-USD stablecoins can facilitate smoother transactions between individuals and businesses across different regions, thereby enhancing the real-world utility of cryptocurrencies.

Moreover, Pollak’s vision for Base includes enabling microtransactions—transactions as low as one cent—on Ethereum, further expanding the potential use cases for blockchain technology in everyday life. This approach aligns with Pollak’s broader goal of bringing a billion people onto the blockchain, which he believes will require innovative solutions like local stablecoins to succeed.

In summary, Pollak’s insights highlight the need for a more diverse range of stablecoins to unleash the full potential of blockchain technology worldwide. By developing and integrating local stablecoins into platforms like Base, the crypto industry can move beyond traditional financial products and create practical, real-world applications that benefit users globally.