Coinbase’s Base Pushes Beyond Dollar Stablecoins With Local Currency Tokens

At Token2049 in Singapore, Jesse Pollak, the architect behind Coinbase’s Base network, argued that the cryptocurrency industry remains overly dependent on the U.S. dollar — a dynamic he sees as both a challenge and an opportunity.

Pollak highlighted that while the global economy runs on dozens of important currencies, crypto finance is still “99% dollarized.” According to him, the greenback represents about 60% of global reserves, but in the crypto world, its dominance is even greater.

That leaves a vast gap for stablecoins tied to other major and emerging currencies. “If people had access to tokens denominated in their own money, they could borrow, lend, and make payments without first converting into dollars,” Pollak said. This shift, he added, could accelerate mainstream adoption in markets far beyond the United States.

Expanding Non-USD Stablecoins

Base has already begun building toward this vision. In September, the network processed 81 billion stablecoin transactions worth $1.5 trillion. Alongside that activity, Base has expanded its roster of non-dollar stablecoins.

The network now supports tokens linked to the Turkish lira, Indonesian rupiah, New Zealand dollar, and Brazilian real. On Thursday, it added two more: the Singapore dollar and the Australian dollar.

Still, the scale of the dollar-backed ecosystem dwarfs everything else. According to The Block’s dashboard, U.S. dollar stablecoins in circulation rose to $284.4 billion this week, up from $272.3 billion a month ago. The supply of other stablecoins remains a fraction of that figure, showing how deeply entrenched dollar liquidity is across the industry.

Read More:

Thailand Eyes Expansion of Crypto ETFs Beyond Bitcoin

Base Super App: Beyond Stablecoins

Stablecoins are only part of the roadmap. Pollak revealed that Base is also developing an all-in-one consumer platformknown as the Base App, which rebrands Coinbase Wallet into something closer to a Web3 super app.

Currently in beta with 1.2 million users on its waitlist, the Base App will combine payments, trading, social features, and mini-apps. A central focus is on the creator economy. Pollak criticized Web2 platforms for capturing the vast majority of creator value, leaving creators with less than 5%.

By contrast, he envisions onchain networks where creators could keep up to 95% of the value their content generates, reshaping how online communities form and monetize.

Outlook

With its dual focus on local-currency stablecoins and an experimental super app, Base is positioning itself as more than a fast Layer 2 scaling solution. It is evolving into a testing ground for how crypto could reshape money, culture, and digital ownership — in ways that go far beyond the U.S. dollar.