Stablecoin circulation is soaring to record levels and Nansen CEO Alex Svanevik says that's no coincidence.
In his conversation with TheStreet Roundtable 's Alp Gasimov , Svanevik was asked about a tweet he posted earlier this year, where he wrote that "after 16 years, the most successful crypto app is the dollar on blockchain."
"It's kind of funny," he said. "We have permissionless innovation, we're building the future of finance — and the one thing that has true product-market fit is a dollar on a blockchain."
Far from being cynical, Svanevik said he's "super excited" about stablecoins . "The dollar really represents real-world assets. Everyone in the world wants access to the dollar— whether you live in Argentina or Egypt," he said. "That's what stablecoins actually represent."
Related: What is tokenization? Explained
Real-world assets start with stablecoins
He added that tokenized dollars are only the beginning. "The next thing will be tokenized equities, tokenized securities — and eventually, maybe even real estate," Svanevik said. "Maybe you can fractionalize the home you live in and own a piece of it instead of mortgaging it like we do today."
Svanevik called stablecoins "the most obvious real-world asset" to move on-chain, describing them as the first bridge between traditional finance and blockchain technology.
"Everyone should have access to a stable unit of value," he said. "That's why I'm bullish — it's the foundation for the next wave of tokenization."
Recent on-chain data from Nansen shows stablecoin volumes continue to rise sharply across major blockchains including Ethereum, Solana, and BNB Chain, underscoring their role as the settlement layer for decentralized finance.
TradFi meets crypto infrastructure
Reflecting on how adoption has evolved, Svanevik said he was surprised by how traditional channels are driving crypto's mainstream growth. "ETFs and digital asset treasuries have become major distribution channels to TradFi," he said.
"If you'd asked me eight years ago, I would have expected the products to be more crypto-native somehow."
Instead, fintech firms are leading the charge. "Platforms like Revolut , Robinhood , and Stripe are the ones bringing billions of users into crypto," he said. "They're great consumer products, but they still rely on legacy financial rails. I think it's better to plug in stablecoins and blockchains on their backend."
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From irony to infrastructure
While some see irony in crypto's biggest success being the U.S. dollar, Svanevik sees validation.
"It's ironic, yes,"he said, "but the fact that a stable, dollar-denominated asset has become crypto's killer app means the technology has finally found real utility. That's a foundation you can build the next trillion dollars of innovation on."
Related: What are tokenized stocks? Explained
This story was originally reported by TheStreet on Oct 14, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
