Starting with stablecoins and remittances, Ramp Network seeks to reevaluate how money moves globally. Traditional remittance systems often fall short, being slow and costly, but stablecoins present a viable alternative allowing fast and affordable transactions.

However, successful implementation requires more than just technology; it hinges on accessibility, adherence to compliance, and user trust.

In our latest feature, we chat with Max Sandy, head of Product at Ramp Network, about their ambition to create a user-friendly global payment app.

Interview Highlights

Ramp Network is developing a global payment app focused on stablecoins and remittances. How do you envision stablecoins changing cross-border payments versus current remittance systems?
“Today’s remittance infrastructure feels like needing to change trains multiple times for a short trip. There’s a line for money rails, another for currency exchange, and a final one for settlement. Each step incurs more costs and delays. For many, transferring $100 often involves a $10 fee and several days of waiting. Stablecoins streamline this into a single fast-tracked service, ensuring near-instant, global transactions at minimal cost. This is not just about efficiency, it signifies a major transformation in how value flows. At Ramp Network, we aim to simplify sending money abroad — making it as easy as texting, especially for areas like LATAM where the existing processes are most painful.”

As you create next-gen stablecoin products, how do you align speed and cost-effectiveness with the compliance requirements set by regulators worldwide?
“Focusing solely on speed and cost without regard for compliance is unfeasible. Our design principle insists on embedding compliance into the system from the start, ensuring smooth navigation of regulations such as Europe’s MiCAR and adapting to varying demands in markets like LATAM. When executed correctly, compliance enhances the user experience rather than detracting from it. Users have a seamless and secure transaction process that is compliant behind the scenes, reinforcing scale possibilities.”

You mention that crypto-to-crypto swaps play a key role in improving access, particularly in developing nations. Could you elaborate on this?
“In emerging markets, individuals often opt not to convert their earnings into the local currency right away. Faced with high inflation, they would rather retain value in stable digital currencies like USDC or USDT until necessary. For instance, a worker earning in BTC might save in USDC to hedge against inflation, only converting to pesos when rent is due. Hence, swaps are vital; they let users seamlessly transition between cryptocurrencies, solving the liquidity problem. This transforms crypto from a mere speculative asset into a practical tool for managing everyday value, enabling personal control over finances.”

Considering that many remittance users are new to crypto and may harbor skepticism, what UX obstacles pose the greatest challenge to gaining their trust?
“The central UX hurdle lies in obscuring the intricacies of crypto while simultaneously instilling confidence in first-time users. They don’t wish to grapple with chains, transaction fees, or private keys — they simply desire safe, rapid transactions. We address this by simplifying the initial phases: onboarding, KYC, and the first transaction should mimic an intuitive online shopping experience. Utilizing biometrics, one-click transactions, and straightforward confirmation presents a user-friendly method, stripped of technical jargon, making it feel engaging and secure for newcomers.”

Stablecoins are sometimes viewed as high-risk. What steps are necessary for them to become widely accepted as regular financial tools?
“Stablecoins have already shown their value where it’s most crucial — as in Argentina, where they are utilized to shield against dollar depreciation. The challenge has been matching front-end usability with the advanced back-end technology. Significant progress stems from better integration into current transaction frameworks and achieving UX symmetry with traditional banking. We’ve witnessed an emerging wave of wallets that facilitate fiat transactions and interconnect with loyalty programs and bill payments. The gap is narrowing, with the renewed emphasis on seamless UX making these experiences natural and instinctive. A leading app resembling Revolut, but utilizing blockchain, is on the brink of reality — likely within a year. In essence, stablecoins will become mainstream once they feel less like crypto and more like everyday cash — but with added advantages.”

What is your forecast for the stablecoin-based payment ecosystem in five years, and how do you envision Ramp contributing to that future?
“In five years, I anticipate that stablecoins will underlie global payment infrastructures. The experience is anticipated to be indistinguishable from conventional transactions. Individuals in areas like Mexico or Nigeria will receive international payments seamlessly, akin to receiving a text message. The notable shift will see remittances and daily transactions utilize the same infrastructure — cost-effective, instantaneous, and dependable. Ramp Network aims to ensure this infrastructure remains accessible, compliant, and developed with the everyday user in mind, transforming stablecoins from niche entities into integral financial solutions. Our forthcoming app launch is merely the initial phase of this journey — the objective is to render stablecoin transactions as commonplace as card payments today.”

Disclaimer: This interview is for informational purposes and should not be considered financial advice. Participate in the cryptocurrency space responsibly, acknowledging the inherent risks and volatility. Conduct thorough research and consult with professionals as necessary before making financial decisions. This dialogue was supported by Ramp Network, who provided insights and understanding for publication. Minor edits were made for clarity.