The Chief Technology Officer of payment company Alchemy, Guillaume Poncin, stated that stablecoins will not replace existing payment platforms, including Visa and Mastercard, until they have strong consumer protection features.

Traditional payment companies offer services such as refunds, fraud protection, dispute resolution, and credit functions, which consumers are already accustomed to. Poncin told Cointelegraph that stablecoin projects must integrate these features to attract the average person.

Poncin mentioned that consumer protection features can be directly embedded in smart contracts, and stablecoin issuers and payment platforms can fund their own insurance pools to provide compensation in cases of fraud. He said that traditional payment channels and stablecoins will merge:

"For domestic retail, we will see a hybrid model that combines instant settlement with consumer protection," he said.

Stablecoins offer 24/7 cross-border settlement at a cost that is only a fraction of traditional bank transfers, making them more practical for remittances and international business. This gives stablecoins a competitive advantage over payment card providers in these markets.

Executives in the crypto industry, commercial banks, and market analysts continue to debate the impact of stablecoins on existing financial institutions in payments and banking.

Banks and their allies in the U.S. Senate opposed stablecoin regulation during March, when the U.S. stablecoin guidance and the establishment of the National Innovation (GENIUS) Act were being debated.

At the core of the opposition is the potential for stablecoin issuers to share the earnings from U.S. government securities that back their tokens with customers, which was prohibited in the final bill.

U.S. Senator Kirsten Gillibrand believes that the opportunity for profit sharing would kill the traditional banking system and the lending that homebuyers and small businesses rely on.

Gillibrand asked the audience at the DC Blockchain Summit in March: "If there’s no reason to keep money in a local bank, who will give you a mortgage?"

However, JPMorgan Chase CEO Jamie Dimon recently stated that he is not worried about stablecoins replacing banks, adding that each will have its own consumer base and will continue to coexist.

"There will be people who want to hold dollars outside the U.S. through stablecoins, from bad actors to good people, and in certain countries, holding dollars may be better than putting them in the banking system," Dimon told CNBC.

Related: Morgan Stanley's E*Trade to launch Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) trading in 2026

Original article: “Crypto Executives: Stablecoins Need Consumer Protections to Replace Existing Payment Giants”

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