Luca Prosperi - What Is Next for Stablecoins - TOKEN2049 Singapore 2026

I decided to, And in my opinion and going and going backwards dollars. And people, everybody started making, paying attention. So a year ago, if you would have come here at Token or in New York, any panel about stablecoins was packed and it was packed for the wrong reasons. People would just wanted to understand how they could make money. And they had no idea what they were doing with stablecoins.

They were not even believing in stablecoins. They just wanted to make money. And that time has passed very quickly. So most of the issuers in stablecoins are actually commoditizing the app visions. So you might have seen companies like Stripe announcing and Visa and MasterCard announcing that it will launch a stablecoin where 100% of the yield is going to pass down to the distributors.

And the act of orchestration of using stablecoins in the fringe to move money around has been commoditized so much that there is no margin to be made. So stablecoins actually went back being the platform that originally were supposed to be. So what is this platform actually allowing us to do. And what platforms allow us to do is actually to build stuff that is more valuable that the platform itself and interestingly we are going back full circle. So stablecoins today are actually empowering new use cases, new financial applications that can be launched super quickly, globally to do cool stuff, to let users do cool stuff.

So credit cards are powered by stablecoins. Neobanks are powered by stablecoins. Yield products are powered by stablecoins. Insurance are powered by stablecoins. So everything that that can actually serve customers is.

Now using stablecoins as a piece of software and not like a payment payment rail necessarily or like a settlement asset. And obviously when stablecoins become software, they evolve. So software needs to be programmed, needs to be personalized, needs to be connected with other pieces of software, and this is what we're doing at M0. At M0 we decided to power any type of financial use case that exists on the blockchain by creating primitives that facilitate the launch, the bootstrapping, the distribution of the softwares. And this This gets me to the second point of my, let's say preamble.

We don't really know what is going to be next for stablecoins. What we know is that what is next for stablecoins require fully programmable, flexible infrastructure. And that's what we're building. - We're building a canvas that is allowing other entrepreneurs, other inventors, what are humans or machines. I'm a massive believer of machine to machine financial flows.

I'm not a believer that an agent is going to just buy tickets on our behalf. It feels a bit like Star Trek. I don't know if some of you guys remember the early days of the Star Trek or just dress answer product that is useful, is going to be useful for a mass market, a global market, there are a lot of pieces that you need to make it real. The first one, you need the gates. You need to allow users to come into your product, come into your application in a seamless way, i.

e. you need liquidity. And today in crypto, liquidity is very expensive and it's very expensive by construct because liquidity providers are actually making. Providing liquidity. And we want to change that.

We want to democratize that. So we're building liquidity a primitives that allow any type of financial application to embed a widget and allow users to click, come in with a version of a dollar, whether USD, USD, PY, USD, or others. And enter your financial application premises, seamlessly, atomically, super fast, permissionlessly. The other thing that you need as soon as the money of your users is inside a financial application is a form of storage. And forms.

Of storage is like few, few years ago were very rare today are very common. There are so many regulated, so-called genius compliant payment stable coins. So we're building primitives that are mashing all those forms of payment storage in wrappers that are facilitating any use case. we're building de facto tokenized bank accounts for on-chain economy. And then we're building features.

So every type of application requires different features. So if you're a yield instrument, you require certain volts or liquidity gating or yield passing features. If you're a machine, you require other features. So we're building those features. And we don't know what those features are.

Every day that we're talking to builders, they come up without requests, more requests. We build those requests for those requests, and we put them in a menu. So as things get more open, as more of the use cases are coming on chain, we're building a longer and longer menu of features that are facilitating creativity of builders. So it is actually very exciting to be back in a world where most of the tourists in crypto are not here in stable coin panels, bar are in other panels, AI panels, or you name it. Because finally we, can go back talking not about the settlement asset, but about what it empowers, what other people are building on top.

We just want to build seamless, neutral, invisible infrastructure that works. So we think the next few years' are going to be the real golden age of digital money. As digital money enters into seamless up financial applications, becomes invisible behind the front end, just make global first immediate infrastructure and products available to everyone. And actually delivers what the crypto ethos has always been since the very beginning, which was not creating a lot of like massive centers of profit, but creating open infrastructure to allow composable open financial use cases for everyone. So if you think that's what we're building can interest you.

If we think that what we're building, can power what you're building for your customers, you should come and reach out. You should go on X, on M0.org. You should talk to our product teams. You should talk to our engineering teams and we will make sure to, to make it real.

So thanks, thanks for paying attention. I'm not here to tell you what is next for Stables. I'm here to empower you to actually make it real. I'm just building the base layer. Thanks a lot.