Summary
- The Senior Vice President of PayPal's Digital Currency Division emphasized that bank infrastructure is essential for the expansion of stablecoins.
- He stated that the connectivity of custody and fiat payment infrastructure is crucial for the successful expansion of stablecoins.
- He anticipated that the enactment of the stablecoin law in the United States will facilitate the entry and integration of new issuers into the market.
Jose Fernandez da Ponte, Senior Vice President of PayPal's Digital Currency Division, stated that "bank infrastructure is essential for stablecoins."
According to CoinDesk on the 15th (local time), Fernandez da Ponte attended 'Consensus 2025' in Toronto, Canada, and said, "It may sound counterintuitive, but banks' participation is necessary in the stablecoin sector." He mentioned, "For stablecoins to expand beyond the cryptocurrency industry, bank infrastructure, from custody to fiat payment infrastructure, is essential," adding, "This connectivity and network must function properly."
He also mentioned the stablecoin legislation being pursued in the United States. Fernandez da Ponte predicted that once the stablecoin law is enacted, there will be a period of integration after many new issuers enter the market. He said, "It won't end with 300 stablecoins, but it won't end with just 2 either."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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