A major change occurs in payments, while businesses are starting to integrate the blockchain and Stablecoin rails. During our pioneering payment event in San Francisco, we brought together leaders of Haun ventures,, Jamming,, Soilier And Bvnk To discuss what motivates the adoption of stablecoins – and what still holds us.
The third wave of payment innovation
With $ 230 billion in stables in circulation and 6 billions of dollars in payment volume in 2024, Stablecoins are gaining momentum. As a new world payment rail, they represent a fundamental innovation, said Diogo Mónica, general partner at Haun Ventures and co-founder of Digital Anchorage:
“We have already had these innovations – the first payment cards, then the rise of fintechs creating all these different products. We now have a third wave. The excitement of entrepreneurs building in addition to the stablecoins is palpable. We really have the impression that there was a starting pistol, and everyone rushes to see what they can do with these rails. ”
Reach the exhaust speed
The stablecoins were designed to combat volatility from other cryptocurrencies such as Bitcoin, by fixing their value to assets like the US dollar.
They were first used by crypto traders who wanted to enter and get out of commercial positions without having to take off and leave the cryptographic ecosystem. In recent years, however, cases have been using cases, said Jesse Hemson Struthers, co-founder and CEO of BVNK:
“We see this evolution towards cases of use of payments … from the Haut-le-Basse-Basse, which is motivated by clearer rules and greater regulatory acceptance for stablescoins, allowing corporate companies, banks and financial institutions to get involved. case to reach the exhaust speed. »»
Growing utility
Coinbase is one of the largest exchanges of global crypto and sees a significant use of the floors linked to trading. But, the usefulness of stablecoins increases alec jobst agreed, responsible for stablecoins in Coinbase:
“At Coinbase, we see stablecoins used as a very effective value shop – essentially a USD savings account to which you can access anywhere. Our platform stablecoin balance has very considerably developed on the consumer side. ”
Coinbase offers its users the possibility of sending and receiving stablecoins via the Coinbase portfolio or its retail application. This is an increasing use case, “said Alec:” There are still a number of missing parts when we think of the scale of merchant payments. BVNK does a lot of work to fill the gap between what merchants need and what consumers need more business. But we are already seeing a large volume on our shipping / reception networks today, which, I think, is an early indicator of the place where it goes. ”
Business use cases
Coinbase financial institutions customers already use stablecoins as a settlement mechanism, Alec said – and interest is increasing among other companies:
“All the liquidity of the stablescoins that has developed on the market for the use of exchanges and savings has discovered a new product market.
A case of use for stablecoins which attracts the attention of banks and financial institutions is’stable sandwich‘said Jesse Hemson Struthers of Bvnk:
“There is now this opportunity to make a real cross -border payment with Stablecoin between the two in what we call a sandwich to the stablecoin … We note important interests of some of the largest banks and institutions in the world to launch this case of use which is essentially cross -border payments powered by stablecoin.”
Obstacles to adoption
The value of the stablecoins is clear, said our panelists, but questions and challenges remain.
The interoperability between the blockchain and Fiat Rails is still a barrier today, “said Jesse Hemson Struthers:” This is the key that we work these two worlds in all transparency – is the main release in terms of reaching the critical scale with the stabbed. This is where Bvnk also concentrates, for example with our Integrated multiculture portfolioTo solve this problem for fintechs who wish to enter the world of Stablescoin. »»
An evolving ecosystem
Despite the excitement around stablecoins today, the future may be different, said Christian Catalini, co-founder and head of the strategy, Lightskar:
“There are a few things that work today for stablecoins that will not work on a large scale.
As the ecosystem of the Stablecoin ecosystem, he ripened, added Christian: “Think of these USD * accounts like the first days of YouTube, where you had hacked content.
So what will this evolved ecosystem look like? “There will be local floors that are interoperable with the USD stabbed,” said Christian “and when we will succeed with all this, people will consider stabblecoins as programmable or driving auto. Tokens, but the future will look much more like the current system.
We will also see new players and holders entering the market, added Christian: “Many of them will realize that Stablecoins are really an interesting new way.”
The next fintech of the billions of dollars
Our panel has agreed that today, the pyramid of value capture for ecunines promotes problems, but this is likely to change.
Diogo Monica commented: “The issuers will be compressed, because this service is commodity. The “routers” that have created additional value services as well as the applications will earn more money. “
We already see signs of this with the Global Dollar Network, which pays 97% of the value to the application layer. There is a huge opportunity for fintech to capture volume and value, “if they can integrate the stablecoin into their payment flows,” added Jesse Hemson Struthers: “We could see the first dollars billions in Fintech.”
Christian Catalini of Lightspark added: “The winners will be those who will create a new operating system for money … I do not think we know the contours of this or how traditional players will play it again, but there is clearly a great opportunity to scale on a global dimension which is quite new.”