PayPal CEO Alex Chriss shared insights on the current state and future of stablecoin usage in the US, highlighting the need for consumer incentives to adopt these new financial tools.
Weak Consumer Interest
Chriss pointed out that despite active discussion and legislative initiatives, consumer interest in stablecoins in the US remains low. Although PayPal launched one of the first stablecoins from a major financial company in 2023, users still find it challenging to integrate these coins into everyday financial activities.
Advantages of Stablecoins
Chriss believes that stablecoins can provide practical solutions to issues such as delays, high fees, and lack of transparency in cross-border money transfers. PayPal views international payments as a gateway for stablecoins among underserved regions where people often rely on outdated financial systems.
New Laws and Their Impact
The recent GENIUS Act, which passed the Senate and is awaiting a vote in the House of Representatives, could increase business and consumer confidence in the digital economy. Lawmakers are also working on another major bill regarding the digital asset market structure, which will determine which agency should oversee different types of digital assets, including stablecoins.
Chriss emphasizes that increasing adoption of stablecoins in the US requires a combination of legislative changes and improved infrastructure. Favorable conditions and new laws could lead to wider acceptance of stablecoins in the future.
