Base Founder: Crypto Assets need non-USD stablecoins to achieve true usability.

On October 2, Jesse Pollak, the head of the Layer 2 platform Base under CEX, told attendees at the Token2049 conference in Singapore that non-USD stablecoins are "missing" in the encryption ecosystem, and locally pegged stablecoins can provide meaningful local utility. Pollak stated, "In today's world, about 60% of the world's currency reserves are in USD, along with dozens of other key currencies—be it Euro, Yen, or even currencies like the Nigerian Naira—they are all important components of the global economy," Pollak added, "But currently, they are missing in the crypto economy, with 99% of the crypto economy priced in USD." He also mentioned that there are already 12 local currency stablecoins available on Base, including stablecoins backed by the Indonesian Rupiah, Turkish Lira, New Zealand Dollar, and Brazilian Real. CEX also launched two more stablecoins today, pegged to the Singapore Dollar and Australian Dollar, respectively. According to data from The Block, as of Wednesday, the total supply of USD-pegged stablecoins has increased from 272.3 billion at the beginning of September to 284.4 billion.