Base Creator Jesse Pollak Advocates for Non-USD Stablecoins, Launches SGD and AUD Options

Executive Summary

Jesse Pollak, head of Base, recently articulated the strategic importance of non-USD stablecoins for enabling meaningful utility within the broader crypto ecosystem. This declaration was accompanied by the introduction of Singapore Dollar (SGD) and Australian Dollar (AUD)-pegged stablecoins on the Base network. Concurrently, significant progress was highlighted for the Base App, a comprehensive "super app" designed to integrate various Web3 functionalities.

The Event in Detail

Jesse Pollak outlined a vision for 2025 focused on global currency representation on-chain, emphasizing that US dollars alone are insufficient for widespread crypto adoption. He stated the necessity for local currency-pegged stablecoins to facilitate everyday transactions, borrowing, and lending in currencies familiar to users. Base currently supports 12 local currency stablecoins, with the newly launched SGD and AUD options expanding its reach. The platform aims to cover all global currencies by the end of 2025. The XSGD, issued by StraitsX, operates under the Monetary Authority of Singapore (MAS) Single Currency Stablecoin regulatory framework, and AUDD is fully backed by fiat reserves. Both are redeemable 1:1 with their respective national currencies.

The Base App, a rebranding of the Coinbase Wallet, is positioned as an "everything app" for crypto users. It integrates social media, trading, payments, and mini-applications. A key feature is its focus on the creator economy, enabling tokenized posts via Zora technology and offering creators a 95% revenue share without traditional follower requirements. The app currently has a waitlist of 1.2 million users, with general availability planned in the coming months. It also includes NFC tap-to-pay functionality with USDC and a unified Web3 identity system, "Sign in with Base." The underlying Basechain has received a "Flashblocks" upgrade, reducing block times to 200 milliseconds for enhanced user experience.

Market Implications

This strategic pivot by Base deconstructs traditional financial mechanics by offering stable digital assets pegged to local fiat currencies. This directly addresses the currency risk inherent in using USD-pegged stablecoins in non-USD economies. For example, obtaining a loan denominated in USD-pegged stablecoins when a business generates revenue in local currency exposes borrowers to significant foreign exchange fluctuations. Local digital currencies can substantially alleviate this entrepreneurial risk. The implementation of robust regulatory frameworks such as the EU's Markets in Crypto-Assets (MiCA), the Abu Dhabi Global Market (ADGM), and MAS in Singapore, which generally require 1:1 fiat backing and ban algorithmic stablecoins, lends credibility and facilitates institutional adoption of these non-USD assets. The establishment of decentralized FX trading and liquidity pools, such as the incentivized XSGD/USDC pool on Aerodrome, is crucial for seamless swaps and market depth.

Base's business strategy seeks to broaden the appeal and utility of its platform beyond speculative trading. By focusing on local currency stablecoins and a "super app" model, it aims to compete with established platforms like WeChat and Alipay, shifting its revenue model to encompass real-world use cases and attracting a wider user base not traditionally involved in crypto trading. This aligns with a global trend toward digital versions of local fiat currencies, aiming to enhance financial inclusion, particularly for the unbanked, and to provide more efficient remittance corridors at a fraction of traditional costs.

The broader market implications include a potential reshaping of the global stablecoin landscape. While USD-backed stablecoins like Tether (USDT) and USDC currently dominate over 97% of the market volume, the increasing availability and regulatory clarity for non-USD stablecoins are driving diversification. Latin America, for instance, has seen consistent growth in non-USD stablecoin adoption, with over 20,000 weekly transactions across 23 assets in H1 2025, led by Brazil. The total market capitalization of stablecoins surpassed $250 billion in 2024, with projections reaching $400 billion by year-end, signaling a significant expansion of the sector. This shift empowers local crypto economies, potentially fostering mass adoption of Web3 technologies for practical applications beyond just investment.

Expert Commentary

Jesse Pollak reiterated that enabling countries and communities to maintain sovereignty through on-chain local currencies is crucial, providing builders with the tools to create solutions tailored for local needs. John Granata, head of product for the Base App, stated the app was built to "expand economic freedom, creativity, and innovation," indicating a strategic focus on empowering users and creators through accessible digital tools.

Broader Context

The emergence and growth of non-USD stablecoins are part of a wider global movement towards localized digital finance. These assets offer a vital alternative in emerging markets where high inflation can erode savings and traditional financial services are limited, providing options for cross-border payments, micro-loans, and wealth preservation. Regulatory developments across various jurisdictions are providing clear guidelines for stablecoin issuers, encouraging financial institutions to enter the market. The expansion signifies a pivotal shift toward a more diversified and inclusive digital currency landscape, poised to play a crucial role in the global financial ecosystem by catering to regional economic needs and preferences, despite ongoing challenges related to consistent regulatory compliance, liquidity, and widespread adoption across diverse markets.