Webinar recap: how stablecoins are transforming global payments

As the financial world grapples with the evolution of payment technologies, stablecoins have emerged as a transformative force in the global money movement. Industry experts from Fireblocks, BVNK, Ubyx, and Quantoz shared insights on how these digital assets are reshaping cross-border payments, creating new revenue opportunities, and bridging the gap between traditional finance and digital infrastructure during a webinar hosted by The Paypers.

The webinar’s discussions, called Stablecoin Payments in Action: Adoption & Use Cases and moderated by Jelmer Koster - Senior Consultant at INNOPAY, revealed that stablecoins represent more than just another payment method – they're an infrastructure upgrade that's fundamentally changing how businesses and individuals move money across borders.

Jelmer opened the discussion by defining stablecoins as digital currencies on blockchain networks that are pegged to reference values, typically fiat currencies like the US dollar. However, Ran Goldie SVP of Payments from Fireblocks provided a more nuanced perspective, describing stablecoins as an infrastructure upgrade rather than a replacement for existing financial systems.

Kene Ezeji-Okoye, Co-Founder and CEO at Millicent Labs and Advisor for Ubyx, compared modern stablecoins to historical instruments like traveller’s checks – bearer instruments that are fully collateralised and denominated in stable currencies but built on global digital ledgers rather than paper.

Julia Morrongiello, Global Head of Strategy & Corporate Development from BVNK, emphasised three key advantages that make stablecoins compelling: speed, cost efficiency, and accessibility. Traditional cross-border payments, particularly to emerging markets, can take days to complete, while stablecoin transactions settle in minutes and operate 24/7. The cost advantages come from removing traditional intermediaries, though as Julia noted, effectiveness varies significantly by corridor.

Perhaps most importantly, stablecoins provide global accessibility to dollar-denominated assets without requiring traditional banking relationships.

Contrary to popular belief, the panel revealed that cost reduction isn't the primary driver of stablecoin adoption. Goldie shared findings from a survey of 300 payment companies and banks, showing that revenue generation – not cost savings – was the top motivation for exploring stablecoins. This revenue comes from serving audiences in regions where customers want to receive stablecoins and from merchant demand for these payment options.

The discussion highlighted real-world applications, such as the use of stablecoins to pay thousands of contractors monthly (e.g. Starlink services) who prefer USD-pegged stablecoins over volatile local currencies like Argentinian pesos. Julia explained that this demand stems from individuals in emerging markets seeking exposure to stable currencies as a hedge against local economic volatility. Goldie noted the velocity of money as a crucial factor, citing import-export scenarios where faster payment settlement allows businesses to optimise cash flow and serve more clients efficiently.

Henri de Jong, Chief Business Development Officer at Quantoz added another dimension by highlighting programmability as a key differentiator. He described scenarios where payments could be automatically executed when specific conditions are met, such as when goods are delivered or bills of lading are transferred, creating efficiencies impossible with traditional payment systems.

According to Kene, banks increasingly recognise the need for a stablecoin strategy. ‘If we are not off-ramping, we are creating a closed-loop system. And if we don’t have connectivity, we are fragmented’, he explained. While many current use cases focus on B2B retailers, Kene pointed out that for enterprises, stablecoins can be ‘a hot potato’ due to the need to manage significant counterparty risk. Looking ahead, he predicted a future with multiple stablecoin issuers and a different market structure—but emphasised that, ‘we need to connect them to make sense in the future’.

On the topic of connectivity, Henry highlighted the growing number of DeFi platforms and exchange pairs emerging between stablecoins. ‘We’re seeing ramp on/off options between stablecoins—but not yet between stablecoins and traditional banking’, he noted. This trend is currently more prominent within the Web 3 ecosystem.

Despite the advantages, significant challenges remain. Julia identified regulatory uncertainty as historically the biggest barrier, though recent developments like Europe's MiCA regulation and the proposed US Genius Act are providing much-needed clarity. Goldie confirmed this trend, noting that regulatory concerns among North American respondents dropped by 60% in recent surveys, while only 18% of European respondents now view regulation as a barrier.

Technical challenges persist, particularly around security and key management. Henry pointed out that users still need to manage wallets and private keys, making security breaches a continued concern. Nevertheless, as Julia stressed out, with crypto ‘you have more visibility/traceability, and you can see what happens at the level of transactions.’

All in all, as a stablecoin provider, it is crucial to offer solutions across a spectrum of engagement – from ‘crypto remote’ services where clients don't touch the assets directly, to fully integrated ‘crypto inside’ implementations, Goldi concluded.

Kenny from Ubyx addressed a critical infrastructure gap: the need for interoperability between different payment systems. He argued that without connectivity between stablecoins, tokenized deposits, and traditional banking systems, the industry risks creating fragmented closed-loop systems. His vision involves a clearing infrastructure similar to traditional check-clearing systems, where the specific issuer or backing mechanism becomes less relevant to end users.

Looking ahead, the panellists identified several key trends shaping the stablecoin landscape. Henry highlighted the potential for tokenized money market funds, enabling treasurers to generate yield on cash surpluses over weekends or short periods – something impossible with traditional instruments due to settlement delays.

Goldie outlined a clear adoption progression: payment service providers were early adopters, followed by fintech companies like Revolut and Robinhood, and now banks are beginning to embrace stablecoins. He predicts that widespread bank adoption will ultimately enable every business to use this technology. The panel also anticipates growth in non-USD stablecoins, with Kenny noting that 99% of current stablecoins are dollar-denominated, but other currencies are gaining traction.

Addressing the integration of emerging technologies, Goldie acknowledged that while combining AI and stablecoins might seem like buzzword bingo, programmable money is actually ideal for autonomous agents that need to make instant, irreversible payments. Henry drew parallels to IoT devices that require microtransactions to be economically viable.

The stablecoin revolution is not about replacing traditional finance but upgrading its infrastructure for the digital age. As regulatory frameworks solidify and interoperability solutions emerge, stablecoins are positioned to become as ubiquitous as internet-based communications replaced traditional phone calls. The key to success lies in building bridges between old and new systems, ensuring that the benefits of programmable, instant, global money movement can be realised without fragmenting the financial ecosystem. For businesses considering their digital asset strategy, the message is clear: start your stablecoin journey now, beginning with solutions that match your risk tolerance and gradually building capabilities as the technology matures and regulatory clarity continues to improve.

About Mirela Ciobanu

Mirela Ciobanu is Lead Editor at The Paypers, specialising in the Banking and Fintech domain. With a keen eye for industry trends, she is constantly on the lookout for the latest developments in digital assets, regtech, payment innovation, and fraud prevention. Mirela is particularly passionate about crypto, blockchain, DeFi, and fincrime investigations, and is a strong advocate for online data privacy and protection. As a skilled writer, Mirela strives to deliver accurate and informative insights to her readers, always in pursuit of the most compelling version of the truth. Connect with Mirela on LinkedIn or reach out via email at mirelac@thepaypers.com.