Visa and PayPal execs push for stablecoin adoption to streamline global payments

Visa and PayPal execs push for stablecoin adoption to streamline global payments


Key Takeaways

Stablecoins reduce costs and settlement times in global transactions.
The “stablecoin sandwich” model is effectively used in US-Mexico transfers.

Share this article

Visa and PayPal executives advocated for the broader adoption of stablecoins during a panel at the DC Fintech Week forum earlier today.

okex

Visa’s Head of Crypto, Cuy Sheffield, and PayPal Digital’s CEO, Jose Fernandez da Ponte, underscored the transformative potential of stablecoins in streamlining cross-border transactions and reshaping global payments.

The conversation centered around how stablecoins, once primarily used in crypto trading, are now becoming essential tools for streamlining international business-to-business (B2B) and peer-to-peer (P2P) payments.

Stablecoins can significantly reduce settlement times, allow for 24/7 transactions, and minimize the costs associated with traditional cross-border payment methods, such as SWIFT transfers.

Fernandez da Ponte emphasized that stablecoins are helping companies move money faster and more efficiently across borders, allowing for quicker repatriation of profits and better foreign exchange rates.

He noted that CFOs are starting to adopt stablecoins as they realize the benefits of immediate settlement and reduced counterparty risks.

Sheffield, while discussing the evolving applications of stablecoins, introduced the concept of the “stablecoin sandwich,” where fiat currency is used on both ends of a transaction, with stablecoins facilitating the transfer in the middle.

This model has already proven effective for businesses moving funds from the US to Mexico, where stablecoins are converted into pesos through local exchanges.

Anna Yuan, founder of stablecoin infrastructure provider Perena, also discussed how high-performance blockchains, like Solana, are increasingly being used to support these transactions, enabling near-instantaneous transfers.

She explained that fast block times make Solana ideal for handling stablecoin transactions, while also highlighting the challenges of cross-chain interoperability between slower networks.

Both Visa and PayPal executives stressed that stablecoins are not just a tool for crypto traders anymore, but are rapidly becoming a cornerstone for modern global payment systems. They expect the technology to be increasingly adopted by businesses and consumers alike.

Share this article



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest

CryptoKorner
Changelly
CryptoKorner
Visa and PayPal execs push for stablecoin adoption to streamline global payments
okex
Follow on Google News
Binance
Banking giant PNC partners with Coinbase to provide crypto services to its customers
Adam Levine of Fireblocks: How Institutional Adoption and Interoperability Are Transforming Crypto
Peter Thiel-backed crypto exchange Bullish formally files for IPO
RICH Miner launches free BTC Mining Service Based on Ripple (XRP)
DNSBTC Debuts a New Cloud Mining Platform Focused on Making Bitcoin Mining More Accessible
Matching Engine 101: The Challenges of Matching Orders Quickly and Reliably
bitcoin
ethereum
bnb
xrp
cardano
solana
dogecoin
polkadot
shiba-inu
dai
Free book
Changelly
Amazon Researchers Reveal Mitra: Advancing Tabular Machine Learning with Synthetic Priors
Wall Street Set to Benefit as In-Kind Crypto ETF Redemptions Gain Momentum
Ether ETFs Crush Bitcoin ETFs With Record $726 Million Single-Day Haul
MARA offers up to $1B of note offering to buy Bitcoin
Bitcoin, Stocks And Altcoins Move Toward New Houses
Amazon Researchers Reveal Mitra: Advancing Tabular Machine Learning with Synthetic Priors
Wall Street Set to Benefit as In-Kind Crypto ETF Redemptions Gain Momentum
Ether ETFs Crush Bitcoin ETFs With Record $726 Million Single-Day Haul
MARA offers up to $1B of note offering to buy Bitcoin
ar
zh-CN
nl
en
fr
de
it
pt
ru
es
en
bitcoin
ethereum
xrp
tether
bnb
solana
usd-coin
dogecoin
staked-ether
tron
bitcoin
ethereum
xrp
tether
bnb
solana
usd-coin
dogecoin
staked-ether
tron