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Home»Taxes & Regulation»PayPal says stablecoins need banks and regulation to scale
Taxes & Regulation

PayPal says stablecoins need banks and regulation to scale

May 19, 2025No Comments3 Mins Read
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PayPal’s senior vice president of digital currencies, Jose Fernandez da Ponte, recently discussed the key factors driving the growth of stablecoins at Consensus 2025 in Toronto. He emphasized the importance of banks and clear regulation in sustaining the stablecoin market.

As lawmakers move closer to passing stablecoin legislation that could reshape the market and allow for greater involvement from banks, the US is also seeking to update its rules around digital assets. The US Senate is gearing up for a crucial vote on the GENIUS Act, Stablecoin Bill on Monday, 19th May, signaling a significant step towards regulating stablecoins.

Fernandez da Ponte highlighted the necessity of clear regulation in the crypto industry for stablecoins to expand beyond their current audience. He stressed the role of banks in providing essential infrastructure, such as custody and fiat rails, to support the growth of stablecoins. Anthony Soohoo, chairman and CEO of MoneyGram, echoed this sentiment, noting that regulatory clarity would address concerns and facilitate trust in stablecoins.

Once clear regulations are in place, Fernandez da Ponte and Soohoo anticipate a wave of new issuers entering the market, leading to consolidation. While Tether and Circle’s stablecoins currently dominate the market, Fernandez da Ponte suggested that the industry could accommodate more than just a few stablecoins.

In terms of measuring success in the stablecoin market, Fernandez da Ponte emphasized the importance of factors like velocity, active wallets, and total transactions, rather than market capitalization alone. Customers are increasingly seeking stablecoins backed by dollars for international payments and as a store of value in regions with unstable currencies.

See also  Gary Gensler to Resign as SEC Chair Amid Key Crypto Regulation Shifts 

Developed countries have been slower to adopt stablecoins, but with clear regulation, these digital assets could streamline cross-border payments and corporate treasury activities. MoneyGram, with its extensive global network, plays a crucial role in enabling access to stablecoins for international transactions.

Meanwhile, the US Senate is poised to vote on the GENIUS Act, which aims to regulate token issuers, particularly those involved in US dollar-pegged stablecoins. The legislation includes provisions for strict licensing, asset backing, and transparency requirements for stablecoin issuers. Additionally, stablecoins must be fully backed by US dollars or Treasury securities to uphold the dollar’s strength in the global financial system.

The GENIUS Act represents a significant step towards regulating stablecoins and ensuring accountability without stifling innovation. Led by Senator Bill Hagerty, the bill seeks to establish a regulatory framework for stablecoin issuers, with a focus on maintaining the stability and integrity of the digital asset market.

banks PayPal Regulation scale Stablecoins
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