Visa And PayPal Executives Advocate For Wider Adoption Of Stablecoins At Washington Fintech Week

According to Odaily, Visa and PayPal executives have advocated for the broader adoption of stablecoins during a panel discussion at the Washington Fintech Week forum. Visa's Head of Crypto, Cuy Sheffield, and PayPal Digital CEO, Jose Fernandez da Ponte, highlighted the transformative potential of stablecoins in simplifying cross-border transactions and reshaping global payments. The discussion emphasized that stablecoins, once primarily used for cryptocurrency trading, are now becoming crucial tools for streamlining international business-to-business (B2B) and peer-to-peer (P2P) payments. Fernandez da Ponte underscored that stablecoins are helping businesses transfer funds across borders more quickly and efficiently, enabling faster profit repatriation and better foreign exchange rates. He noted that Chief Financial Officers (CFOs) are beginning to adopt stablecoins as they recognize the benefits of instant settlement and reduced counterparty risk. Sheffield introduced the concept of a 'stablecoin sandwich,' where fiat currency is used at both ends of a transaction, with stablecoins facilitating the transfer in between. This model has proven effective for businesses transferring funds from the United States to Mexico, where stablecoins are exchanged for pesos through local exchanges. Overall, Visa and PayPal executives emphasized that stablecoins are no longer just tools for cryptocurrency traders but are rapidly becoming the cornerstone of modern global payment systems. They anticipate that this technology will be increasingly adopted by businesses and consumers alike.