Banks must be part of the crypto for Stablecoins to succeed – it was the message of Jose Fernandez Da Ponte, main vice -president of the digital currencies of Paypal, during a round table with 2025 consensus in Toronto.
“It may seem counter -intuitive, but you want the banks to this space,” said Fernandez Da Ponte, adding that their infrastructure – from the FIAT rail supply – will be essential if the stablescoins must evolve beyond the cryptographic circles. “You want this connectivity and this fabric to work.”
Its remarks took place in the midst of efforts to bring digital assets closer to the United States, legislators approaching the legislation on stables which could redefine the market and allow banks to enter space.
Read more: the push of the stablecoin of the American Senate is still alive because Bill can return to the ground: Sources
“It will be a big release,” said Anthony Soohoo, Chairman and CEO of Moneygram, a cross-border money for money. “There is always a hesitation: can I trust this? (Stablescoin legislation) will answer many of these questions.”
The two leaders said they expect that a wave of new issuers are entered on the market once the settlement in place, followed by a period of consolidation. “It will not be 300 Stablecoins, and it will not only be two,” said Fernandez Da Ponte.
Currently, the USDT of Tether USDT$1.00 And USDC of Circle USDC$0.99992 Dominate the market, representing almost 90% of the 230 billion dollar asset class. Pyusd de Paypal Pyusd$0.99957Launched in 2023, is far behind with an offer of $ 900 million. Fernandez Da Ponte postponed market capitalization as the main metric of success. “We look at speed, active wallets, the number of transactions,” he said. “This is what leads to real use.”
In countries with high inflation and volatile currencies, consumers are looking for dollars -supported stables as a reserves of value and tools for cross -border payments. Soohoo said Moneygram, which operates in more than 200 countries with almost half a million cash sites, helps facilitate this access.
“We see ourselves between physical finance and digital finance,” said Soohoo. “Many consumers in local economies want to have value in dollars but must always access them in cash to spend in places that do not take digital currency.”
The adoption of stablescoin in developed countries has been slower. With a clear regulation in place, stablecoins can rationalize business treasury operations and cross -border disbursement, noted Fernandez Da Ponte.
“We used to have this crazy rush on Friday to make sure that the money was in good places before the weekend,” he said. “Now we are sending money to the Philippines and Africa in ten minutes with stablescoins.”
The two leaders noted that the real world use cases, and not the media threshing, will determine whether the stablecoins could reach the billion dollars in the coming years that have been projected.
“Consumers do not care about stablecoins. They care to solve problems.” Fernandez Da Ponte said. “We are five years after a ten -year trip and the regulations will define the next half.”
