Giant payment Stripe has been reported to have held early discussions with banks regarding the potential integration of stablecoins, which signed a growing acceptance of global banking.
Then Debuting Stablecoin-based accounts In 100 countries in early May, Stripe noticed significant interest in stablecoins – cryptocurrencies tied to fiat currencies like the US dollar – from global banks.
“In the conversations we have with them, they are interested,” Stripe co-founder and President John Collison Says In an interview with Bloomberg News on May 30.
“It’s not something that banks are just kind of brushing or treating as a fad. Banks are interested in how they should be integrated into stablecoins in their products too,” he said.
Stablecoins will be a big part of future payments
The growing interests of banks to combine stablecoins have come from understanding that such cryptocurrencies offer significant lower transaction costs for payments, including foreign exchange fees.
“It is very expensive to do. Very slow. Some days these days,” Collison said. “Nothing enjoys that balance right now. And I think you’ll find the kinds of pools attacked.”
On the other hand, Stablecoins offer instant transactions with fees less than FXs, Collison said, making a perfect case for using the worldwide payment.
Related: Large US banks hold early communication with joint Crypto Stablecoin: WSJ
“Many of our future payments will go to Stablecoins,” Collison said. “This is, sure, a big part of our business on a forward basis,” he added.
Stablecoins have already made an impact on traditional finances, The beating of Visa and MasterCard volumes combined in 2024.
Stablecoin growth requires green lights from regulators
While showing interest in Stablecoins, some constituents such as the United Kingdom may fall into the race to attract Stablecoin operators if they do not move faster to regulations, Collison said.
“You have companies setting up to serve in this industry – if there is a good regulation framework, they will choose to base it on,” says Stripe Exec, added:
“Without that certainty they would go somewhere else. I think that’s the danger we need to know.”
Collison defined European Union’s Crypto-Assets markets (MICA) Regulation that is forced in late 2024, while financial conduct authority in the UK is still Looking for public comment on new Stablecoin policies As recently on May 28th.
Collison’s latest views aligned with reports suggests Banks in the United States are looking for even clearer guidelines from the government that clarify what they can do in crypto.
On the other hand, despite falling in terms of stablecoin regulation, the The UK saw the greatest increase in new -owned crypto Last year, the passing of Europe, according to Gemini.
Magazine: Crypto wants to overthrow banks, now they turn into the stablecoin fight
