Banks ‘very interested’ in stablecoin use —Stripe exec
Payment giant Stripe has held early discussions with banks about their potential integrations of stablecoins, signaling growing interest from the banking industry.
Payment giant Stripe has reportedly held early discussions with banks about potentially integrating stablecoins, signaling growing acceptance in global banking.
After debuting stablecoin-based accounts in 100 countries in early May, Stripe has noticed significant interest in stablecoins — cryptocurrencies tied to fiat currencies like the US dollar — from global banks.
“In the conversations we have with them, they’re very interested,” Stripe co-founder and president John Collison said in an interview with Bloomberg News on May 30.
“This is not something that banks are just kind of brushing away or treating as a fad. Banks are very interested in how they should be integrated with stablecoins into their product offerings as well,” he stated.
Stablecoins will be a big part of future payments
The growing interest by banks to integrate stablecoins comes from understanding that such cryptocurrencies offer significantly lower transaction costs for payments, including foreign exchange fees by banks.
“It’s extremely expensive to do. It’s very slow. It takes a matter of days,” Collison said. “No one is happy with that equilibrium today. And so I think you will see those kind of profit pools come under attack.”