Payment giant Stripe has reportedly had preliminary discussions with banks regarding the potential integration of stablecoins, indicating an increasing acceptance of stablecoins within the global banking sector.
After launching stablecoin-based accounts in 100 countries in early May, Stripe noted significant interest from global banks in stablecoins—cryptocurrencies pegged to fiat currencies like the US dollar.
"In our conversations with them, they are very interested," said Stripe co-founder and president John Collison in an interview with Bloomberg News on May 30.
"This is not just banks going through the motions or viewing it as a passing trend. Banks are very focused on how to integrate stablecoins into their products," he stated.
The growing interest from banks in integrating stablecoins stems from their recognition that such cryptocurrencies offer significantly lower transaction costs for payments, including banks' foreign exchange fees.
"Doing this is extremely costly, very slow, and takes days," Collison said. "No one is satisfied with the current balance. Therefore, I think you will see these profit pools being disrupted."
On the other hand, Collison noted that stablecoins provide instant transactions with fees far lower than foreign exchange transaction costs, making them a perfect case for global payments.
"In the future, a significant portion of our payment volume will come from stablecoins," Collison said. "This will definitely be an important part of our business going forward," he added.
Stablecoins have already impacted traditional finance, with their transaction volume surpassing the combined total of Visa and Mastercard in 2024.
Despite showing interest in stablecoins, Collison indicated that jurisdictions like the UK may fall behind in attracting stablecoin operators if they do not accelerate their regulatory pace.
"Some companies are setting up businesses for this industry—if there is a very good regulatory framework, they might choose to base themselves here," the Stripe executive said, adding:
"Without that certainty, they will go elsewhere. I think this is a risk we need to be aware of."
Collison mentioned that the EU's Markets in Crypto-Assets Regulation (MiCA) will take effect by the end of 2024, while the UK's Financial Conduct Authority (FCA) was still seeking public feedback on new stablecoin rules as of May 28.
Collison's latest insights align with reports indicating that US banks have been seeking clearer government guidelines to clarify what they can do in the cryptocurrency space.
On the other hand, despite lagging in stablecoin regulation, the UK has seen the largest growth in new cryptocurrency holders over the past year, surpassing Europe, according to data from Gemini.
Related: Australia introduces new cryptocurrency ATM rules, federal government warns of rising scam cases
Original article: “Stripe Executive: Banks ‘Very Interested’ in Stablecoin Use”
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