CandleFocus Visa and PayPal execs push for stablecoin adoption to streamline global payments
2024-10-23
Author: Content Editor
Visa and PayPal executives spoke at the DC Fintech Week forum advocating for the broader adoption of stablecoins. They highlighted the benefits of stablecoins in streamlining cross-border transactions and reshaping global payments. Stablecoins can reduce settlement times, enable 24/7 transactions, and minimize costs associated with traditional cross-border payment methods. The executives mentioned that stablecoins are being used by companies to move money faster across borders, allowing for quicker repatriation of profits and better foreign exchange rates. They also introduced the concept of the "stablecoin sandwich" where stablecoins facilitate transactions between fiat currencies. The use of fast blockchains like Solana was also discussed for near-instantaneous transfers. Both executives emphasized that stablecoins are no longer just for crypto traders but are increasingly being adopted by businesses and consumers as a foundation of modern global payment systems.
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