From speed skating to stablecoins: the race to modernise payment rails

Stop choosing between rails. Mirela Ciobanu of The Paypers reveals how stablecoins and legacy systems must work together to modernise global money movement.

At the beginning of 2026, the Winter Olympic Games in Milano Cortina brought together some of the most demanding disciplines in winter sport. Among them, one event stood out for its precision and choreography: the short track speed skating relay.

In this race, teams of four skaters share the responsibility of completing the course. Only one skater is active on the track at any moment. The others wait in the centre until the precise moment to join the race. When that moment arrives, the incoming skater enters the track and receives a powerful push from the teammate finishing their lap. This slingshot exchange transfers momentum and allows the next skater to accelerate immediately rather than starting from zero.

The manoeuvre looks simple but is remarkably difficult. If the push is poorly timed or misaligned, the results can be dramatic. A weak push can cause a team to lose speed and position instantly. A push at the wrong angle can lead to a collision that brings down multiple competitors. And if the skaters fail to make physical contact during the exchange, the relay is considered invalid, and the team can be disqualified.

Watching this discipline, it becomes difficult not to think about the evolution of global payment systems.

For decades, moving money across borders has resembled a relay race built on multiple exchanges. Banks, correspondent institutions, clearing systems, and payment networks each handle a segment of the journey. The system works and has processed trillions of dollars in global transactions. Yet it also contains friction. Transfers can take days to complete. Liquidity must often be prefunded in multiple accounts. Fees accumulate as transactions move through different intermediaries.

In this environment, stablecoins have begun to enter the track.

Many of the articles and interviews in The Paypers’ Global Stablecoin Report 2026 show that the industry is approaching an important turning point. According to a recent EY-Parthenon survey, only a minority of financial institutions currently use stablecoins in production. However, more than half of those who have not yet adopted them expect to begin within the next six to twelve months. This suggests that stablecoins are moving beyond experimentation and into operational planning.

The reason is practical rather than speculative. Organisations are exploring stablecoins because they address real operational challenges in payments and treasury management. Speed and cost reduction remain the most visible advantages. Some early adopters report cost savings of more than ten percent compared with traditional cross-border transfers. For companies paying international suppliers or managing liquidity across multiple jurisdictions, faster settlement and reduced reconciliation effort translate into tangible efficiency gains.

Cross-border payments remain the leading use case. In many corridors, particularly those connecting developed markets with emerging economies, traditional rails still involve multiple intermediaries and extended settlement cycles. Stablecoins introduce an alternative model in which value can move directly between participants on blockchain networks, with settlement occurring in minutes rather than days.

At the same time, The Paypers’ Global Stablecoin Report 2026 makes it clear that stablecoins do not operate in isolation. They exist within a broader value chain that includes issuers, blockchain infrastructure, distribution channels, payment processors, and institutional service providers. Each layer must function reliably for stablecoins to deliver their full potential.

This brings us back to the relay metaphor.

In speed skating, success depends less on the individual skater and more on the quality of the exchange. The push must transfer momentum optimally from one participant to the next. In payments, the equivalent exchange occurs between different rails and infrastructures. Traditional banking networks, real-time payment systems, blockchain platforms, and digital asset services must be able to interact with one another without introducing friction.

Interoperability, therefore, becomes the critical element of the race. Projects such as the collaboration between SG-FORGE and Swift demonstrate how this exchange might work in practice. In their recent trial, tokenized bonds were issued and settled using both traditional financial infrastructure and regulated digital currencies. The initiative showed that blockchain-based assets can interact with existing banking systems without requiring institutions to replace their entire infrastructure.

Another important lesson from the report concerns distribution. Many corporates are interested in using stablecoins, but most do not want to manage wallets, custody, or blockchain infrastructure themselves. Instead, they prefer to access stablecoin services through existing banking relationships. Trust, regulatory clarity, and integration with enterprise systems such as ERP and treasury platforms remain essential.

Liquidity fragmentation represents the next challenge. Stablecoins are issued on multiple blockchains and by multiple organisations. Without sufficient interoperability and liquidity management, moving value between these systems could introduce new forms of complexity. The problem resembles a relay team where skaters operate in different lanes and struggle to coordinate the exchange.

Geography also plays a role. In regions with highly efficient domestic payment systems, the advantages of stablecoins may be limited for everyday transfers. In contrast, corridors where payments remain slow and expensive are likely to see faster adoption. Businesses operating internationally, particularly in trade, supply chains, and digital marketplaces, may benefit the most.

None of this suggests that traditional payment rails are becoming obsolete. On the contrary, they remain a central part of the financial infrastructure. However, their role is evolving. As new rails emerge, banks and payment providers must ensure that their systems can connect to these new networks and support new settlement models.

Returning to the skating relay, the worst outcome occurs when the exchange fails entirely. If the outgoing skater and incoming skater fail to touch, the relay is invalid, and the team is disqualified. In payments, a similar risk exists if traditional infrastructure fails to connect with emerging digital rails. The race will continue, but some participants may find themselves outside the track.

Innovation, therefore, becomes essential. A weak push in the relay causes the next skater to lose momentum while competitors accelerate past at full speed. In financial infrastructure, failing to adapt to new settlement technologies may produce a similar effect.

The most likely outcome is not the replacement of one rail by another, but the emergence of a multi-rail environment. Traditional bank transfers, instant payment systems, and stablecoin networks will coexist, each serving different needs depending on speed, cost, geography, and regulatory context.

In the same way that a relay team relies on multiple skaters to complete the race, the future of payments will rely on multiple infrastructures working together. The challenge for financial institutions is not to choose a single rail, but to design the exchanges that allow value to move optimally between them.

This editorial is part of the Global Stablecoins Report 2026. Explore how stablecoins are moving from hype to utility for banks, merchants, and fintechs.

About the author 

Mirela Ciobanu is Lead Editor at The Paypers, bridging the knowledge gap between TradFi and DeFi. With a keen eye for industry trends, she is constantly on the lookout for the latest developments in crypto and blockchain. Closely in contact with subject matter experts in the digital assets space, Mirela amplifies your voice through compelling interviews, webinars, reports, and articles.

To share more ideas and get inspired, connect with Mirela on LinkedIn or reach out via email at mirelac@thepaypers.com.