Paradigm co-founder Matt Huang has highlighted the emergence of a stablecoin supercycle following the end of the Zero Interest Rate Policy (ZIRP) era. Huang noted that while cryptocurrencies were often seen as products of the ZIRP era, it is ironically the conclusion of this period that has catalyzed a new phase for stablecoins. This phase is characterized by cloud dollar banking, significant interest rate differentials with traditional finance, and substantial earnings for stablecoin issuers through global distribution.