Banks must be part of Crypto for Stablcoins to succeed, that was the message of José Fernández Da Ponte, senior vice president of PayPal digital currencies, during a discussion panel in consensus 2025 in Toronto.
“It may sound contradictory, but you want banks in this space,” said Fernández Da Ponte, adding that their infrastructure, from custody to providing fiduciary rails, will be essential if the stables will be climbed beyond crypto-national circles. “You want that connectivity and that fabric to work.”
Their comments occurred in the midst of efforts to bring the regulatory clarity of digital assets in the United States, with legislators approaching to approve Stablecoin legislation that could redefine the market and allow banks to enter space.
Read more: the Stablecoin thrust of the US Senate
“This will be a great unlocking,” said Anthony Soohoo, president and CEO of Moneygram, a cross -border money transfer service. “There are always doubts: can I trust this? [The stablecoin legislation] You will answer many of those questions. “
Both executives said they expect a wave of new issuing to enter the market once the regulation is in force, followed by a consolidation period. “It will not be 300 Stablecoins, and they will not be just two,” said Fernández Da Ponte.
Currently, Tether’s USDT USDT$1.00 And the USDC of the Circle USDC$0.99989 Domain the market, which represents almost 90% of the asset class of $ 230 billion. Paypal pyusd Pyusd$0.99956released in 2023, it is delayed with a supply of $ 900 million. Fernández Da Ponte went back to market capitalization as the main metric for success. “We observe the speed, the active wallets, the number of transactions,” he said. “That’s what real use drives.”
In countries with high inflation and volatile currencies, consumers seek stable to support dollars such as value stores and tools for cross -border payments. Soohoo said Moneygram, which operates in more than 200 countries with almost half a million access to cash access, is helping to facilitate that access.
“See you between physical finances and digital finances,” Soohoo said. “Many consumers in local economies want to keep value in dollars, but they still need to access it as an effective to spend in places that do not take digital currency.”
The adoption of Stablecoin in developed countries, meanwhile, has been slower. With a clear regulation in its place, Stablcoins can rationalize corporate treasure operations and cross -border disbursement, said Fernández Da Ponte.
“We used to have this crazy race on Friday to make sure the money was in the right places before the weekend,” he said. “Now we are sending money to the Philippines and Africa in ten minutes with Stablecoins.”
Both executives pointed out that real -world use cases do not exaggerate, they will determine if Stablecoins could reach the billion scale scale in the coming years that have been projected.
“Consumers do not care about the stable. Which do they care about problem solving.” Said Fernández Da Ponte. “We are five years on a ten -year trip, and the regulation will define the next half.”
