At the Blockchain Expert conference in Tel Aviv, leaders from the crypto and regulatory sectors discussed the future of digital payments, predicting that global transactions will soon happen instantly.
The Growing Role of Stablecoins
Idan Oferat, co-founder of Fireblocks, pointed out the importance of stablecoins in blockchain transactions. He mentioned that more than half of the $3 trillion processed by Fireblocks included stablecoins such as USDT and USDC. He expects that payment companies will continue to drive the growth of transactions.
The Future of Bitcoin and CBDCs
Daal Shalev, a payment industry expert, noted the decreasing role of Bitcoin in payments. While still a valuable asset, its usefulness for transactions has declined as traditional fiat systems have improved. Shalev also talked about central bank digital currencies (CBDCs) and the Bank of Israel's hesitation to launch a CBDC until other countries do so, a stance echoed by former U.S. President Donald Trump.
PYUSD and New Opportunities for Payments
Yonatan Yochpaz from PayPal introduced PYUSD, a stablecoin that makes dollar transactions faster and cheaper. PYUSD is backed by real dollars and is overseen by the New York Department of Financial Services. Shalev explained that cryptocurrency helps improve payment methods and supports competition.
The Blockchain Expert conference highlighted how digital currencies continue to impact financial markets. With the growth of stablecoins, new solutions like PYUSD, and the prospects of CBDCs, the future of payments promises to be faster and more flexible.
