PANews news on January 23, according to Cointelegraph, analysts at Crypto Assets investment company CoinShares said in the latest outlook report released on January 22 that Bitcoin-based stable coins may appear in 2024, and can even "match" the speed and cost of other stable coins in the industry. The report expects 2024 to be a pivotal year for Bitcoin in the Stable Coin space, with development projects that are at least theoretically feasible expected to eventually become accessible tools.
Elaborating on the rationale for Bitcoin as a platform for Stable Coin, the report states that BitcoinBlockchain has the longest history, the greatest stability, the least technical debt, and the strongest guarantees. While Bitcoin-based Stable Coins have existed before, it is expected that users will have easy access to Bitcoin-based Stable Coin projects this year, which may further enhance Bitcoin's monetary attributes and ability to resist censorship. But technical hurdles remain, and history has shown that Stable Coin users prefer to use faster and lower-cost networks.
According to Trust Machines, several Bitcoin infrastructure companies, such as Stacks, RSK, and Liquid Network, have created Stable Coins on top of Bitcoin's base layer. USDA, Dollar on Chain (DoC), rDAI, and Liquid-based Tether (L-USDt) are all USD-denominated stable coins launched on the Bitcoin Layer2 network. While these Stable Coins exist in Bitcoin Layer 2, Trust Machines said Stable Coins could eventually make their way to Bitcoin's base layer, although it is "not possible at this time" to do so.