At Consensus Miami 2026, executives from MoonPay, Ripple, and Paxos highlighted that stablecoins have transitioned from crypto niche markets to institutional priorities. However, the next phase of their adoption hinges on enhancements in infrastructure, privacy, and practical application.
Richard Harrison, MoonPay’s vice president of banking and payment partnerships, noted that traditional financial institutions are quickly adopting stablecoins due to clearer regulatory frameworks. He likened this regulatory clarity to a ‘permission slip’ for companies venturing into stablecoin usage.
Harrison emphasized the role of stablecoins as an evolutionary step in payments technology, addressing speed and convenience issues inherent in traditional systems. While cross-border transfers can still take days with high fees, stablecoins offer near-instantaneous value transfer on a one-to-one basis. Despite this advantage, Harrison pointed out that stablecoins currently represent only a minor fraction of global remittances and might reach about 10% within the next five years. Business-to-business payments have become evident use cases, yet consumer adoption lags behind.
Jack McDonald, Ripple’s senior vice president for stablecoins, stressed that institutions need regulated products, robust counterparties, and trusted custody arrangements to handle significant volumes on blockchain networks. “To unlock full demand, high-level regulation is essential,” he remarked. Ripple prioritizes utility in areas like payments, corporate treasury movements, and collateral use in capital markets over merely increasing market cap. McDonald clarified that Ripple’s stablecoin supports XRP by serving different functions, as transactions on the XRP Ledger still utilize XRP.
Brent Perrault, senior staff software engineer at Paxos, argued that newer regulated stablecoins can stand out through trust, wide distribution, and user incentives. He highlighted PayPal USD’s growth and usage by large institutions like Charles Schwab as indicators of demand from advanced financial entities.
However, Perrault pointed out unresolved issues regarding privacy on public blockchains, which disclose transaction details. According to Harrison, stablecoins are akin to electric cars: they function well, but widespread adoption relies heavily on the development of supporting infrastructure. He questioned practical uses of stablecoins in everyday transactions, such as paying rent or buying coffee.