Key Takeaways
- PayPal’s José Fernandez da Ponte emphasized that traditional banks are essential to scaling stablecoins.
- Industry leaders say upcoming U.S. legislation like the GENIUS Act and STABLE Act will boost trust and unlock growth for stablecoins.
- Both PayPal and MoneyGram executives stressed that consumers care more about solving financial problems than the technology itself.
For stablecoins to achieve broad adoption and scalability, banks need to play a key role, according to José Fernandez da Ponte, PayPal’s Senior Vice President of Digital Currencies.
His remarks came during a panel at Consensus 2025 in Toronto on Thursday, where he emphasized the importance of integrating traditional financial infrastructure into the digital asset space.
As global interest in crypto grows, U.S. lawmakers are getting closer to passing landmark stablecoin regulations.
Banks Are Essential
Ponte argued that while it may seem “counterintuitive,” banks are necessary for stablecoins to expand beyond niche crypto communities.
“You want that connectivity and that financial fabric to function smoothly,” he said.
PayPal has continued to build its crypto offerings, including launching its own U.S. dollar-backed stablecoin, PYUSD.
However, it still trails the dominant players in the space: Tether’s USDT and Circle’s USDC, which account for nearly 90% of the stablecoin market.
Regulatory Clarity Needed
Momentum is building in the U.S. for regulatory clarity around stablecoins.
In April, the U.S. Securities and Exchange Commission (SEC) clarified that certain stablecoins, referred to as “Covered Stablecoins,” would not be considered securities under federal law.
But regulatory ambiguity still surrounds yield-bearing and algorithmic stablecoins.
Two legislative proposals, the GENIUS Act and the STABLE Act, aim to create comprehensive federal frameworks for the licensing and oversight of stablecoin issuers.
Anthony Soohoo, Chairman and CEO of MoneyGram, called the pending legislation a potential “big unlock” for the industry.
“There’s always hesitation: Can I trust this? [The stablecoin legislation] is going to answer a lot of those questions,” he said.
Real-World Use Cases
Both Ponte and Soohoo agreed that the real driver of stablecoin growth will be practical, real-world use cases, not hype.
“Consumers don’t care about stablecoins. They care about solving problems,” Ponte said.
He pointed to improvements in cross-border payments as a prime example of stablecoins’ utility.
“We used to scramble on Fridays to ensure funds were in the right place before the weekend,” he noted. “Now, we’re sending money to the Philippines and Africa in ten minutes using stablecoins,” he added.
On Thursday, Mastercard announced it was partnering with MoonPay to offer stablecoin payment cards for individuals and businesses.
The collaboration is expected to enable stablecoin payments for approximately 150 million merchants globally.
According to Dune’s State of Stablecoins 2025 report, the total supply of stablecoins has reached $214 billion, with monthly transaction volumes surging from $1.9 trillion to $4.1 trillion.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
