TechFlow reports on October 24 that, according to Crypto Briefing, executives from Visa and PayPal called for broader adoption of stablecoins to optimize the global payment system during the Washington Fintech Week forum. Cuy Sheffield, head of crypto at Visa, and Jose Fernandez da Ponte, CEO of PayPal Digital, emphasized that stablecoins are evolving from tools for crypto trading into foundational elements of modern global payment systems.
The two executives noted that stablecoins can significantly reduce cross-border transaction costs, shorten settlement times, and support 24/7 transactions. Fernandez da Ponte said stablecoins are enabling businesses to transfer funds across borders more quickly and efficiently, accelerating profit repatriation and securing better foreign exchange rates. He added that CFOs are beginning to adopt stablecoins as they recognize the benefits of instant settlement and reduced counterparty risk.
Sheffield introduced the "stablecoin sandwich" model, where fiat currency is used at both ends of a transaction, with stablecoins facilitating the transfer in between. This model has proven effective in money transfers from the U.S. to Mexico, where stablecoins are converted into pesos via local exchanges.
Anna Yuan, founder of stablecoin infrastructure provider Perena, said high-performance blockchains are increasingly being used to support these transactions, enabling near-instant transfers. She explained that Solana’s fast block production time makes it an ideal choice for processing stablecoin transactions, while also highlighting challenges in cross-chain interoperability between slower networks.
