PayPal’s Crypto Leader Emphasizes Importance of Banks for Stablecoin Development
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PayPal’s Crypto Leader Emphasizes Importance of Banks for Stablecoin Development

Key leaders from PayPal and MoneyGram discussed critical factors such as regulation and trust vital for the evolution of stablecoins at Consensus 2025.

At Consensus 2025, prominent figures from PayPal and MoneyGram highlighted the indispensable role that banks play in the growth of stablecoins. Jose Fernandez da Ponte, PayPal’s senior vice president of digital currencies, emphasized that the involvement of banks is crucial for the stability and widespread adoption of stablecoins.

“It might sound counterintuitive, but you do want the banks in this space,” Fernandez da Ponte remarked, pointing out the necessity of their infrastructure for successful scaling beyond crypto-centric usage.

Legislative clarity surrounding U.S. stablecoin regulation is pivotal, as noted by Anthony Soohoo, MoneyGram’s CEO. The executives discussed the emerging markets for stablecoin applications as well as forthcoming regulatory measures expected to reshape the landscape.

“This is going to be a big unlock,” Soohoo mentioned, reiterating the need for trust that stablecoin legislation could bring.

The conversation underscored the potential shifts expected post-regulation, including increased market entrants and subsequent consolidation. Both leaders agreed that while current prominent stablecoins like Tether’s USDT and Circle’s USDC dominate, the future may see a reduction in the number of stablecoins.

In response to inflationary pressures in various countries, consumers are turning to dollar-pegged stablecoins for currency stability and cross-border transactions. Soohoo stated that MoneyGram is instrumental in providing access to these financial solutions, effectively acting as a bridge between traditional financial systems and the rapidly evolving digital environment.

Despite the slower adoption in developed countries, Fernandez da Ponte expressed optimism, noting the efficiency that stablecoins can bring to corporate financial operations once clear regulations are established.

Overall, the insights shared at this event signal a transformation in the stablecoin sector—expected to see significant development aided by regulatory frameworks.

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