{"id":73870,"date":"2026-06-11T08:09:03","date_gmt":"2026-06-11T08:09:03","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/dragonflys-rob-hadick-says-stablecoins-could-grow-10x-as-payments-adoption-expands\/"},"modified":"2026-06-11T08:09:03","modified_gmt":"2026-06-11T08:09:03","slug":"dragonflys-rob-hadick-says-stablecoins-could-grow-10x-as-payments-adoption-expands","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/dragonflys-rob-hadick-says-stablecoins-could-grow-10x-as-payments-adoption-expands\/","title":{"rendered":"Dragonfly\u2019s Rob Hadick Says Stablecoins Could Grow 10x as Payments Adoption Expands"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Dragonfly\u2019s Rob Hadick says stablecoins could grow 10x as payments adoption accelerates.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Tether and Circle are shifting from reserve yield toward payments and financial rails.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Hadick expects USDT and USDC to face rising competition from banks and fintechs.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2><span style=\"font-weight:400\"> <span>Stablecoins<\/span> and the Fall of Legacy Payments<\/span><\/h2>\n<p><span style=\"font-weight:400\">For years, the <span>stablecoin<\/span> market has been viewed through the lens of issuance. The most visible winners have been the companies minting the assets, holding reserves, and benefiting from interest income. But <a href=\"https:\/\/x.com\/HadickM\" target=\"_blank\" rel=\"noopener noreferrer\">Rob Hadick<\/a>, General Partner at Dragonfly, believes that view is too narrow for where the market is heading.<\/span><\/p>\n<p><span style=\"font-weight:400\">In Hadick\u2019s view, <span>stablecoins<\/span> do not simply improve the existing payment system. They compress much of it.<\/span><\/p>\n<p><span style=\"font-weight:400\">\u201c <span>Stablecoins<\/span> collapse the legacy payment infrastructure and reduce the dependency on intermediaries,\u201d Hadick said. \u201cWhen you\u2019re a <span>stablecoin<\/span> native, everything is just a <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/b\/book-transfer.asp\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight:400\">book transfer<\/span><\/a><span style=\"font-weight:400\">.\u201d<\/span><\/p>\n<p><span style=\"font-weight:400\">That shift changes where value accrues. In the traditional payments system, value was spread across banks, card networks, processors, settlement layers, compliance vendors, and middleware providers. <span>Stablecoins<\/span> make many of those roles less necessary, or at least less defensible.<\/span><\/p>\n<p><span style=\"font-weight:400\">The result, Hadick argues, is an inversion of the 2010s fintech playbook. During that era, major companies were built by creating connections between software startups and legacy banking payment rails. In the <span>stablecoin<\/span> era, the opportunity is not simply connecting to those legacy banking payment rails. It is replacing them.<\/span><\/p>\n<p><span style=\"font-weight:400\">That means in the future, the most valuable businesses may sit at the edges of the system: the companies that own customer distribution, merchant relationships, compliance workflows, banking access, and regulatory infrastructure.<\/span><\/p>\n<h2><span style=\"font-weight:400\">From Reserve Yield to Payments<\/span><\/h2>\n<p><span style=\"font-weight:400\">Within the <span>stablecoin<\/span> vertical of <span>crypto<\/span>, <span>stablecoin<\/span> issuers have been the clearest winners so far. Tether and Circle built large networks, accumulated <span>liquidity<\/span>, and benefited from high interest rates on reserves, which they haven\u2019t had to pass on to users. That model has proven powerful, especially while rates remain elevated.<\/span><\/p>\n<p><span style=\"font-weight:400\">But Hadick does not expect reserve yield alone to define the next stage of the market. \u201cGoing forward, both have started investing heavily in moving from asset management models to payment models,\u201d he said.<\/span><\/p>\n<p><span style=\"font-weight:400\">That transition is already visible. Hadick pointed to Tether\u2019s investments in companies and ecosystems such as Whop, Transfi, Rumble, and Plasma, while Circle has launched the Circle Payments Network and Arc. These moves suggest that the largest issuers understand the limits of being purely reserve-backed asset managers. In other words, issuance was the first business model, but it will not be the final one.<\/span><\/p>\n<h2><span style=\"font-weight:400\">The Full Stack Starts to Collapse<\/span><\/h2>\n<p><span style=\"font-weight:400\">One of the largest open questions is what the winning <span>stablecoin<\/span> companies will actually look like. Will they resemble banks, software platforms, payment networks, protocols, or something else entirely?<\/span><\/p>\n<p><span style=\"font-weight:400\">Hadick answers that today\u2019s market contains all of the above. But he believes <span>stablecoins<\/span> create room for a new kind of company that blends several financial functions into one.<\/span><\/p>\n<p><span style=\"font-weight:400\">Imagine a company issuing its own <span>stablecoin<\/span>, serving users directly, handling merchant settlement, and performing identity, fraud, and compliance checks on an open ledger. In that world, the need for separate issuing banks, merchant banks, card networks, clearing systems, and settlement intermediaries begins to shrink.<\/span><\/p>\n<p><span style=\"font-weight:400\">\u201cYou don\u2019t need both an issuing and merchant bank,\u201d Hadick said. \u201cYou don\u2019t need the card network if the merchant and consumer are already known to the provider. You don\u2019t need the network to facilitate clearing and settlement.\u201d<\/span><\/p>\n<p><span style=\"font-weight:400\">For Hadick, the winners will not be simple network aggregators sitting in the middle. They will be companies that control the last mile, solve compliance problems, face customers directly, and take real operational responsibility.<\/span><\/p>\n<h2><span style=\"font-weight:400\">Where Retail Investors Can Partake<\/span><\/h2>\n<p><span style=\"font-weight:400\">Hadick remains strongly <span>bullish<\/span> on <span>stablecoin<\/span> growth. \u201c <span>Stablecoins<\/span> are here to stay,\u201d he said. \u201cI think they\u2019re going to grow tenfold.\u201d<\/span><\/p>\n<p><span style=\"font-weight:400\">He pointed to an estimate from <\/span><a href=\"https:\/\/www.mckinsey.com\/industries\/financial-services\/our-insights\/the-stable-door-opens-how-tokenized-cash-enables-next-gen-payments\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight:400\">McKinsey<\/span><\/a><span style=\"font-weight:400\"> that <span>stablecoins<\/span> account for roughly 3% of cross-border payments, up from almost nothing a year earlier. Hadick expects that share to continue rising sharply.<\/span><\/p>\n<p><span style=\"font-weight:400\">As for retail investors, Hadick believes the investment map is not just about who issues the token; it is about who owns the flow.<\/span><\/p>\n<h2><span style=\"font-weight:400\">Overfunded Middleware and Crowded Consumer Fintech<\/span><\/h2>\n<p><span style=\"font-weight:400\">Not every part of the <span>stablecoin<\/span> market looks equally attractive. Hadick is particularly skeptical of aggregated API (application programming interface) platforms that simply wrap or connect third-party services without taking on compliance or operational risk themselves. <\/span><span style=\"font-weight:400\">These companies may be able to charge high fees today, but Hadick believes their margins are vulnerable.<\/span><\/p>\n<p><span style=\"font-weight:400\">\u201cThey call themselves \u2018Plaid for <span>stablecoins<\/span>,\u2019 forgetting that <span>blockchains<\/span> already solve many of the original pain points Plaid solved for traditional banking,\u201d he said.<\/span><\/p>\n<p><span style=\"font-weight:400\">The critique is straightforward. If a company is only aggregating APIs and not owning the customer, compliance layer, <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-liquidity\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">liquidity<\/a>, or operational burden, it may be squeezed as the market matures. To remain valuable, these platforms may need to move closer to the end customer or take on more of the stack.<\/span><\/p>\n<p><span style=\"font-weight:400\">Hadick also sees risk in consumer fintech. <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-stablecoins\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">Stablecoin<\/a> infrastructure makes it easier than ever to launch a neobank or payment app. But that accessibility creates a crowded field.<\/span><\/p>\n<p><span style=\"font-weight:400\">Established brands such as Nubank, Robinhood, and Revolut can add <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-stablecoins\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">stablecoin<\/a> features to existing user bases. That makes it difficult for new consumer startups to stand out unless they offer a clear wedge, strong distribution, or a differentiated regional use case.<\/span><\/p>\n<p><span style=\"font-weight:400\">Hadick expects failure rates in this category to be high. Still, he does not dismiss the sector entirely. A small number of consumer fintech winners could become large global businesses if they solve real customer problems and use <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-stablecoins\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">stablecoins<\/a> as infrastructure rather than branding.<\/span><\/p>\n<p><span style=\"font-weight:400\">The biggest winners so far may not be the final winners. As the stack collapses, the real value will move toward the companies that own users, flows, compliance, and trust.<\/span><\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/dragonflys-rob-hadick-says-stablecoins-could-grow-10x-as-payments-adoption-expands\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Dragonfly\u2019s Rob Hadick says stablecoins could grow 10x as payments adoption accelerates. Tether and Circle are shifting from reserve yield toward payments and financial rails. Hadick expects USDT and USDC to face rising competition from banks and fintechs. Stablecoins and the Fall of Legacy Payments For [&hellip;]<\/p>\n","protected":false},"author":3947362377,"featured_media":73871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/73870"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362377"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=73870"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/73870\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/73871"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=73870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=73870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=73870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}