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Banks must be part of the crypto for Stablecoins to succeed – it was a message from Jose Fernandeze da Ponte, senior vice president for digital currency PayPal, during the panel discussion on Consensus 2025 in Toronto.
“It might sound contrainuitive, but you want banks in this space,” Fernandez da Ponte said, adding that their infrastructure-detention after the Fiat Rail-be necessary if stablecoins have a crypto-native circles. “You want this connectivity and the substance to work.”
His notes came in the middle of the effort to bring a regulatory clarity for digital assets in the US, with legislators closer Pass through the legislation of Stablecoin, which could redefine the market and allow banks to enter space.
Read more: Stabblecoin Senate of the American Senate still alive as Bill can return to the floor: Sources
“It will be a big unlock,” said Anthony Sohoo, Chairman and CEO of Moneygram, cross -border money transfer service. “There is always a hesitation: can I believe it? [The stablecoin legislation] will answer many of these questions. ”
Both executives said they expect the waves of new issuers to enter the market as soon as regulation is introduced, followed by a period of consolidation. “It won’t be 300 Stablecoins and it won’t be just two,” Fernandez da Ponte said.
Currently Tether’s USDT USDT$1.00 and Circle’s USDC USDC$0.99988 Dominate the market and represent nearly 90% of the assets of assets $ 230 billion. PayPal’s Pyusd Pyusd$0.99955Launched in 2023, lagging far beyond the supply of $ 900 million. Fernandez da Ponte pushed back on the market ceiling as the primary metric of success. “We look at speed, active wallet, number of transactions,” he said. “This is what controls the real use.”
In countries with high inflation and volatile currencies, consumers are looking for stablecoins supported by a dollar as trades values and tools for cross -border payments. Soohoo said Moneygram, which operates in more than 200 countries with almost half a million places in cash, helps this approach easier.
“We see each other between physical financing and digital financing,” Sohoo said. “Many consumers in local economies want to hold value in dollars, but still have to access them as cash to spend on places that do not take digital currency.”
Meanwhile, the acceptance of stablecoin in developed countries was slower. With clear regulation, stablecoins can streamline company treasury operations and cross -border payments, Fernandez da Ponte noted.
“We had this mad rush on Friday to make sure the money was in the right places before the weekend,” he said. “Now we’re sending money to the Philippines and Africa in ten minutes with Stablecoins.”
Both managers noted that cases of real -world use, not hype, will determine whether stablecoins could achieve A scale of trillion dollars It is projected in the coming years.
“Consumers don’t care about stablecoins. They take care of problem solving.” Said Fernandez da Ponte. “We’ve been on a ten -year -old journey for five years and the regulation will define another half.”
