According to a recent report, 99% of stablecoins are pegged to the U.S. dollar, even though only 60% of global reserves are denominated in dollars. Major currencies such as the euro and yen are absent from the crypto financial sector, limiting their local usability and everyday adoption.

Dollar-Pegged Stablecoins Maintain Global Control

Pollak pointed out that the global crypto economy is now fully denominated in dollars, leaving a gap for assets in other currencies. While there are stablecoins pegged to gold or other fiats, their market share remains negligible.

According to CoinMarketCap, the total stablecoin market capitalization is $309 billion with a daily trading volume of $183 billion. The dominant U.S. dollar stablecoins — Tether (USDT) and USD Coin (USDC) — control the majority of the sector.

Stablecoin market capitalization $309B
Total stablecoin market capitalization stands at $309B. Source: CoinMarketCap

Pollak emphasized that this dollar concentration strengthens U.S. dominance in global payments but reduces utility for economies operating in other currencies. Some countries, including South Korea and China, are already developing won- and yuan-based stablecoins to reduce reliance on dollar-backed alternatives.

He argued that without non-dollar stablecoins, crypto cannot fully integrate into real-world economies. Tokens pegged to local currencies would allow people to make everyday payments, borrow, and lend without conversion issues.

Base Expands Non-USD Stablecoin Options

Pollak revealed that in September the Base network processed about 81 billion stablecoin transactions worth around $1.5 trillion. The platform already supports 12 stablecoins pegged to local currencies, including the Indonesian rupiah, Turkish lira, New Zealand dollar, and Brazilian real.

Coinbase exchange and Base also announced the launch of two additional stablecoins — pegged to the Singapore dollar and Australian dollar. Pollak noted that these moves highlight growing demand for local currencies on-chain, creating direct utility for regional markets. He added that access to familiar denominations makes adoption more practical and inclusive.

According to him, the introduction of local stablecoins enables countries to bring their sovereign currencies on-chain while connecting their economies to global finance. Local-currency stablecoins reduce reliance on a single asset and expand the reach of decentralized applications.

Base App Targets the Creator Economy

Alongside stablecoin expansion, Pollak spoke about the development of Base App — a product rebranded from Coinbase Wallet. Launched in beta in July, the app is positioned as a super app combining instant payments, social networking, trading, and mini-apps.

According to him, the product is already being tested by early users, with more than 1.2 million people on the waitlist. The app focuses on the creator economy, as in Web2 platforms creators receive less than 5% of generated value, while companies capture the rest. Pollak highlighted that on-chain social networks reverse this model, giving creators the majority share of economic value. This shifts power back to those producing content.

Base App supports a “create-and-earn” system, directly rewarding users for their contributions. The long-term plan is to expand access globally, particularly across Asia, which Pollak called a key hub for crypto adoption. The company is already appointing local leads to accelerate the rollout of non-dollar stablecoins and creator-focused tools.

In summary, Pollak’s remarks highlight the risks of overdependence on dollar-backed stablecoins while presenting local alternatives as the path to broader usability. The launch of 12 non-USD stablecoins, including new currency additions, confirms market demand for region-specific options, while Base App reflects the trend toward empowering users and creators through on-chain models.