Banks Considering A Role in Stablecoin

Watch Banks Considering A Role in Stablecoin - Bloomberg on Dailymotion

Transcript

00:00Mike, as I mentioned, it's subject to legislation, but also demand from your view as one of the

00:05leaders of the crypto team. What is demand for these products? Well, it's interesting. I think

00:09what they're picking up on is the idea that demand for stable coins is sort of spread beyond just the

00:15crypto market. I mean, stable coins were invented to be just the dollar sort of surrogate in crypto

00:20markets because it was hard to on ramp and off ramp regular bank accounts into certain crypto

00:27exchanges. So stable coins filled that niche. But now I think what the banks are picking up on and

00:33what a lot of FinTechs are picking up on is that, you know, there is potential to use stable coins in

00:39regular business transactions, you know, especially if you go cross border payments that can sometimes

00:44take days and be very expensive to execute can be done for small fractions of the cost with stable

00:51coins and almost instantaneously. So from a traditional banking standpoint, there's an

00:56attraction there. And you can see why they, you know, as the journal reports, the biggest banks

01:00are interested in this. A lot of FinTechs, Stripe acquired Bridge, a stable coin infrastructure

01:06company. Visa is planning to offer cards that actually pay out from stable coin balances. So

01:13it's really showing this sort of, you know, the old cliche, you know, people are bullish on the

01:18blockchain technology, but not necessarily Bitcoin. People are really bullish on what stable coins and

01:24crypto can afford in financial transactions beyond just the crypto markets into traditional payments and

01:31cross border payments.