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Banks need to be part of crypto for stablecoins to succeed—that was the message from Jose Fernandez da Ponte, PayPal’s senior vice president of digital currencies, during a panel discussion at Consensus 2025 in Toronto. "It might sound counterintuitive, but you do want the banks in this space," Fernandez da Ponte said, adding that their infrastructure—from custody to providing fiat rails—will be essential if stablecoins are to scale beyond crypto-native circles. "You want that connectivity and that fabric to work." His remarks came amid efforts to bring regulatory clarity for digital assets in the U.S., with lawmakers inching closer to pass stablecoin legislation that could redefine the market and allow banks to enter the space. Read more: U.S. Senate's Stablecoin Push Still Alive as Bill May Return to Floor: Sources "This is going to be a big unlock," said Anthony Soohoo, chairman and CEO of MoneyGram, a cross-border money transfer service. "There’s always hesitation: Can I trust this? [The stablecoin legislation] is going to answer a lot of those questions." Both executives said they expect a wave of new issuers to enter the market once regulation is in place, followed by a period of consolidation. “It’s not going to be 300 stablecoins, and it’s not going to be just two,” Fernandez da Ponte said. Currently, Tether's USDT USDT and Circle's USDC USDC dominate the market, representing nearly 90% of the $230 billion asset class. PayPal’s PYUSD PYUSD, launched in 2023, lags far behind with $900 million supply. Fernandez da Ponte pushed back on market cap as the primary metric for success. "We look at velocity, active wallets, number of transactions,” he said. “Those are what drive real usage." In countries with high inflation and volatile currencies, consumers are seeking out dollar-backed stablecoins as stores of value and tools for cross-border payments. Soohoo said MoneyGram, which operates in over 200 countries with nearly half a million cash-access locations, is helping facilitate that access. "We see ourselves between physical finance and digital finance," Soohoo said. "A lot of consumers in local economies want to hold value in dollars but still need to access it as cash to spend in places that don’t take digital currency." Stablecoin adoption in developed countries, meanwhile, has been slower. With clear regulation in place, stablecoins can streamline corporate treasury operations and cross-border disbursement, Fernandez da Ponte noted. "We used to have this mad rush on Friday to make sure money was in the right places before the weekend," he said. "Now we’re sending money to the Philippines and Africa in ten minutes with stablecoins." Both executives noted that real-world use cases, not hype, will determine if stablecoins could reach the trillion-dollar scale in the next years that's been projected. "Consumers don’t care about stablecoins. They care about solving problems." Fernandez da Ponte said. "We’re five years into a ten-year journey, and regulation will define the next half."

Today’s Crypto for Advisor newsletter is coming to you from Consensus Toronto. The energy is high as digital asset policy makers, leaders and influencers gather to talk about bitcoin, blockchain, regulation, AI and so much more! Attending Consensus? Visit the CoinDesk booth, #2513. If you are interested in contributing to this newsletter, Kim Klemballa will be at the booth today, May 15, from 3-5 pm EST. You can also reply to this email directly. In today’s Crypto for Advisors, Harvey Li from Tokenization Insights explains stablecoins, where they came from and their growth. Then, Trevor Koverko from Sapien answers questions about the status of stablecoin regulations and adoption with regulations in Europe in Ask an Expert. Thank you to our sponsor of this week's newsletter, Grayscale. For financial advisors near Chicago, Grayscale is hosting an exclusive event, Crypto Connect, on Thursday, May 22. Learn more. – Sarah Morton Unknown block type "divider", specify a component for it in the `components.types` option Stablecoins - Past, Present and Future When major financial institutions — from Citi and Standard Chartered to Brevan Howard, McKinsey and BCG — rally around a once-niche innovation, it’s a good idea to take note, especially when the innovation is stablecoins, a tokenized representation of money on-chain. What email was to the internet, stablecoin is to blockchain — instant and cost-effective value transfer at a global scale running 24/7. Stablecoin is blockchain’s first killer use case. A Brief History First introduced by Tether in 2015 and hailed as the first stablecoin, USDT offered early crypto users a way to hold and transfer a stable, dollar-denominated value on-chain. Until then, their only alternative was bitcoin. Tether’s dollar-backed stablecoin made its debut on Bitfinex before rapidly spreading to major exchanges like Binance and OKX. It quickly became the default trading pair across the digital asset ecosystem. As adoption grew, so did its utility. No longer just a trading tool, stablecoin emerged as the primary cash-equivalent for trading, cash management, and payments. Below is the trajectory of stablecoin’s market size since inception, a reflection of its evolution from a crypto niche to a core pillar of digital finance. Usage at Scale The reason stablecoins have been a hot topic in finance is their rapid adoption and growth. According to Visa, stablecoin on-chain transaction volume exceeded $5.5 trillion in 2024. By comparison, Visa’s volume was $13.2 trillion while Mastercard transacted $9.7 trillion during the same period. Why such proliferation? Because stable dollar-denominated cash is the lifeblood for the entire digital assets ecosystem. Here are 3 major use cases for stablecoin. Major Use Cases 1. Digital Assets Trading Given its origins, it's no surprise that trading was stablecoin’s first major use case. What began as a niche tool for value preservation in 2015 is now the beating heart of digital asset trading. Today, stablecoins underpin over $30 trillion in annual trading volume across centralized exchanges, powering the vast majority of spot and derivatives activity. But stablecoin’s impact doesn’t end with centralized exchanges — It is also the liquidity backbone of decentralized finance (DeFi). Onchain traders need the same reliable cash equivalent for moving in and out of positions. A glance at leading decentralized platforms, such as Uniswap, PancakeSwap, and Hyperliquid, shows that top trading pairs are consistently denominated by stablecoins. Monthly decentralized exchange volumes routinely hit $100-200 billion, according to The Block, further cementing stablecoin’s role as the foundational layer of the modern digital assets market. 2. Real World Assets Real-world assets (RWAs) are tokenized versions of traditional instruments such as bonds and equities. Once a fringe idea, RWAs are now among the fastest-growing asset classes in crypto. Leading this wave is the tokenized U.S. Treasury market, now boasting over $6 billion AUM. Launched in early 2023, these on-chain Treasuries opened the door for crypto-native capital to access the low-risk, short-duration US T-Bills yield. The adoption saw a staggering 6,000% growth according to RWA.xyz: from just $100 million in early 2023 to over $6 billion AUM today. Asset management heavyweights such as BlackRock, Franklin Templeton, and Fidelity (pending SEC approval) are all creating on-chain treasury products for digital capital markets. Unlike traditional Treasuries, these digital versions offer 24/7 instant mint/redemptions, and seamless composability with other DeFi yield opportunities. Investors can subscribe and redeem around the clock, with stablecoin liquidity delivered in real time. Circle’s facility with BlackRock’s BUIDL and PayPal’s integration with Ondo’s OUSG are just two prominent examples. 3. Payment A major emerging use case for stablecoins is cross-border payment, especially in corridors underserved by traditional financial infrastructure. In much of the world, international payments remain slow, expensive, and error-prone due to dependency on correspondent banking. By contrast, stablecoins offer merchants and consumers an alternative with its instant, low-cost, always-on transfers. According to research from a16z, stablecoin payments are 99.99% cheaper and 99.99% faster than traditional wire transfers and they settle 24/7. The shift is gaining momentum in the West, too. Stripe’s $1 billion acquisition of Bridge and subsequent introduction of Stablecoin Financial Account signal the start of mainstream global adoption. Meanwhile, PayPal’s rollout of yield on PYUSD balances highlights stablecoin’s rise as a legitimate retail payment vertical. What was once a crypto-native solution is fast becoming a global financial utility. - Harvey Li, founder, Tokenization Insight Unknown block type "divider", specify a component for it in the `components.types` option Ask an Expert Q. In light of the recent news from Europe regarding stablecoins and Tether, can you explain how stablecoin investment is valuable to an individual? A. In the inherently volatile and highly risky world of cryptocurrencies, stablecoins provide individuals with a capital-efficient way to gain exposure to digital assets. Pegged to fiat currencies like the euro or commodities like gold, these digital assets provide stability and a hedge against crypto’s volatility. Crypto individuals can park their funds safely in stablecoins during times of uncertainty without having to exit the market and deal with TradFi. This is why stablecoins dominate crypto. Their combined market cap has surpassed $245bln, a massive 15x growth over the last five years. Q. Given current market trends in Europe, are stablecoins more or less susceptible to market fluctuations? A. While stablecoins are inherently less volatile than typical crypto assets, they remain sensitive to regulatory developments and issuer credibility. When it comes to Europe, specifically, stablecoins have become less susceptible to market fluctuations due to stringent regulatory measures. This includes the implementation of the Markets in Crypto-Assets (MiCA) regulation, which provides a clear legal framework that requires stablecoin issuers to maintain adequate reserves and comply with strict governance standards. Such rules reduce the risk of de-pegging and enhance overall stability. However, this leads to market consolidation, a lack of competition, and reduced innovation at the same time. Q. Is Europe becoming a new stablecoin hub as it becomes more receptive to crypto? A. Europe has been signalling a friendly approach to crypto through MiCA, the first comprehensive crypto framework globally that introduces licensing requirements for digital asset service providers and AML protocols. The aim is to create a structured and harmonized regulatory environment for the crypto market, protect customers, and ensure financial stability. Through its evolving MiCA regulations, Europe could certainly enhance institutional confidence and attract more stablecoin issuers. However, that would require overcoming licensing (a lengthy and costly process) issues, effective implementation at national levels, and adapting to the fast-progressing crypto space. Europe is currently not a global leader in stablecoin adoption, but with clearer rules coming into place and its openness to compliant entities, it is well-positioned to emerge as a key hub for compliant stablecoin innovation. - Trevor Koverko, co-founder, Sapien Unknown block type "divider", specify a component for it in the `components.types` option Keep Reading New Hampshire became the first U.S. State to pass a Strategic Bitcoin Reserve Bill into law. SEC Chair Paul Atkins says his priority is to "develop rational regulatory framework for crypto." Will Missouri become the first state to exempt capital gains on bitcoin profits among other investments?

Authors: Scof, ChainCatcher Editors: TB, ChainCatcher There was no warm-up, no major upside, but the crypto concept stock Bakkt soared by more than 50% overnight. Not long ago, Bakkt was marginalized by the market due to customer churn and declining revenue, but now it has suddenly rushed to the hot search and has become the brightest presence in crypto stocks. Behind the seemingly accidental surge, what rhythm has been stepped on? Is it a short-term speculative game, or is it a signal that the industry trend is quietly turning? Bakkt skyrocketing, is it an opportunity or an emotion? On May 13, Bakkt's stock price skyrocketed by more than 50% in a short period of time. The company, which was once seen as a "bridge for traditional finance to enter the crypto world", has suffered from customer churn and shrinking revenue in the past few years, and this sudden reversal has attracted market attention. The apparent reason was that it achieved a net profit of $7.7 million in the first quarter, the first profit in recent years. However, a closer look at the earnings report shows that this is mainly due to cost cuts and one-time adjustments, and the core business has not improved significantly. What really ignited the mood was the new strategy released by the company. Bakkt announced a partnership with DTR, founded by former SoftBank executives, to launch an AI plug-in and stablecoin payment service to tap into the popular "PayFi" track, a global payment infrastructure that combines AI agents and on-chain settlement. This "new narrative" of superimposed AI and encryption quickly sparked market speculation. In addition, Bakkt's "M&A concept" has been reactivated. Negotiations with Trump's TMTG have been unsuccessful, but ICE still holds more than half of its shares, and there are rumors that Apex Fintech may take over. Driven by a very small float and a whopping 23% short position, the short squeeze was quickly staged and the stock price was quickly pulled up. From a fundamental point of view, the platform is still under tremendous pressure. On the one hand, Bakkt's major customer, NASDAQ-listed brokerage Webull, will terminate its cooperation with it in June. Bakkt used to provide cryptocurrency trading and custody services to Webull, which used to account for more than 70% of Bakkt's total revenue. On the other hand, Bank of America will also end its partnership with Bakgt, which will affect Bakkt's loyalty services segment, which focuses on points redemption, digital rewards and other solutions for corporate customers. With the loss of two major customers, Bakkt's revenue structure has become more fragile. This round of surge is more like a concentrated release of short-term market sentiment rather than a substantial turning point in fundamentals. Crypto stocks are collectively restless, what is the market betting on? Bakkt's anomaly is not an isolated phenomenon. During the same time period, the crypto concept stock sector generally strengthened, and many individual stocks rose significantly. Coinbase rose 23.97%, TeraWulf rose 10.06%, Amber Group and DMG Blockchain gained nearly 10%, and MicroStrategy also recovered more than 4%. Overall, the crypto stock sector rose nearly 10% for the week, showing the intensive deployment of funds in this track. More important, however, is that the market is starting to re-examine the value of crypto "infrastructure". In the past few cycles of the crypto market, most of the money went to exchanges, platform coins or mining companies, but now investors are gradually turning their attention to those "pipeline" companies - companies that provide custody, settlement, clearing, compliance, risk control and other services. They are more like the hydropower and coal of this ecosystem, with a stable income model, and it is easier to adapt to the valuation system of traditional finance. Bakkt's skyrocketing has hit this structural preference, and it's not the only one. Traditional finance is in full swing The real turning point of the crypto industry is not the short-term rise in the stock price of a certain platform, but the fact that more and more traditional financial institutions are choosing to join the game. Online brokerages in Hong Kong have taken the lead. Futu Securities launched a cryptocurrency trading service, allowing users to directly deposit and trade mainstream currencies such as Bitcoin, Ethereum, and USDT through their Hong Kong and U.S. stock accounts. Tiger Brokers has launched the deposit, trading and withdrawal functions of crypto assets, and connected them with traditional stock trading. Victory Securities is also licensed to support crypto-asset-related businesses, leading the market. Standard Chartered's Hong Kong subsidiary announced that it will participate in the Hong Kong Monetary Authority's stablecoin sandbox with its partners, trying to explore on-chain payment solutions under the compliance framework. At the same time, the global payment giants are moving more aggressively. Stripe launches stablecoin accounts and programmable stablecoin USDB in 101 countries; Visa and Mastercard have expanded their integration with partners such as Circle to connect stablecoins such as USDC to their payment networks, allowing users to spend on-chain assets through traditional cards. PayPal uses a yield of 3.7% to attract users to hold PYUSD, trying to build a closed loop of settlement based on stablecoins. Even established cross-border remittance companies like MoneyGram connect traditional cash and on-chain assets through stablecoins called Ramps, covering more than 170 countries. The common point of these trends is that traditional finance no longer regards crypto as a flood beast, but has begun to actively "on-chain" itself. This is both a response to changes in user needs and a pursuit of cost efficiency. Stablecoins and blockchain technology provide a faster, cheaper, and more transparent infrastructure than traditional networks with high fees and slow settlements. And whoever can take the first place in this new system is more likely to have a say on the future financial map. Bakkt's new strategy is the result of this trend. Although it is not as large and technical as Stripe and Visa, as an institution that holds a national license and has custody and liquidation capabilities, it may still become a target for mergers and acquisitions or an entry point for cooperation. That's exactly why the market is revaluing it – not by how much money it makes today, but by whether it has the potential to be the next ticket. epilogue The Bakkt surge is a microcosm of this wave, but it's not the whole story. We are witnessing the beginning of an era shift as capital markets begin to re-examine the value of crypto infrastructure, more and more traditional financial institutions no longer shy away from crypto technology, and "on-chain finance" becomes an executable strategy rather than a distant fantasy. In this round, it is not by shouting slogans to make money, but by those who really build bridges, pave roads, and connect to mainstream systems to leave value.

Authors: Scof, ChainCatcher Editors: TB, ChainCatcher There was no warm-up, no major positives, but the crypto concept stock Bakkt soared by more than 50% overnight. Not long ago, Bakkt was marginalized by the market due to customer churn and declining revenue, but now it has suddenly rushed to the hot search and has become the brightest presence in crypto stocks. Behind the seemingly accidental surge, what rhythm has been stepped on? Is it a short-term speculative game, or is it a signal that the industry trend is quietly turning? Bakkt skyrocketing, is it an opportunity or an emotion? On May 13, Bakkt's stock price soared by more than 50% in a short period of time. The company, once seen as a "bridge between traditional finance and the crypto world", has been mired in customer churn and shrinking revenue in the past few years, and this sudden reversal has attracted market attention. The apparent reason was that it achieved a net profit of $7.7 million in the first quarter, the first profit in recent years. However, a closer look at the earnings report shows that this is mainly due to cost cuts and one-time adjustments, and the core business has not improved significantly. What really ignited the mood was the new strategy released by the company. Bakkt announced a partnership with DTR, founded by former SoftBank executives, to launch an AI plug-in and stablecoin payment service to tap into the popular "PayFi" track, a global payment infrastructure that combines AI agents and on-chain settlement. This "new narrative" of superimposed AI and encryption quickly sparked market hype. In addition, Bakkt's "M&A concept" has been reactivated. Negotiations with Trump's TMTG have been unsuccessful, but ICE still holds more than half of its shares, and there are rumors that Apex Fintech may take over. Driven by a very small float and a whopping 23% short position, the short squeeze was quickly staged and the stock price was quickly pulled up. From a fundamental point of view, the platform is still under tremendous pressure. On the one hand, Bakkt's major customer, NASDAQ-listed brokerage Webull, will terminate its cooperation with it in June. Bakkt used to provide cryptocurrency trading and custody services to Webull, which used to account for more than 70% of Bakkt's total revenue. On the other hand, Bank of America will also end its partnership with Bakgt, which will affect Bakkt's loyalty services segment, which focuses on points redemption, digital rewards and other solutions for corporate customers. With the loss of two major customers, Bakkt's revenue structure has become more fragile. This round of surge is more like a concentrated release of short-term market sentiment rather than a substantial turning point in fundamentals. Crypto stocks are collectively restless, what is the market betting on? Bakkt's anomaly is not an isolated phenomenon. During the same time period, the crypto concept stock sector generally strengthened, and many individual stocks rose significantly. Coinbase rose 23.97%, TeraWulf added 10.06%, Amber Group and DMG Blockchain rose nearly 10%, and MicroStrategy also recovered more than 4%. Overall, the crypto sector rose nearly 10% for the week, showing the intensive distribution of funds in the track. More important, though, is the market starting to re-examine the value of crypto "infrastructure". In the past few cycles of the crypto market, most of the funds went to exchanges, platform coins or mining companies, but now investors are gradually turning their attention to those "pipeline" companies - companies that provide custody, settlement, clearing, compliance, risk control and other services. They are more like the hydropower and coal of this ecosystem, with a stable income model, and it is easier to adapt to the valuation system of traditional finance. Bakkt's skyrocketing has hit this structural preference, and it's not the only one. Traditional finance is in full swing The real turning point of the crypto industry is not the short-term rise in the stock price of a certain platform, but the fact that more and more traditional financial institutions are choosing to join the game. Online brokerages in Hong Kong have taken the lead. Futu Securities launched a cryptocurrency trading service, allowing users to directly deposit and trade mainstream currencies such as Bitcoin, Ethereum, and USDT through their Hong Kong and U.S. stock accounts. Tiger Brokers has launched the deposit, trading and withdrawal functions of crypto assets, and connected them with traditional stock trading. Victory Securities is also licensed to support crypto-asset-related businesses, leading the market. Standard Chartered's Hong Kong subsidiary announced that it will participate in the Hong Kong Monetary Authority's stablecoin sandbox with its partners, trying to explore on-chain payment solutions under the compliance framework. At the same time, the global payment giants are moving more aggressively. Stripe launches stablecoin accounts and programmable stablecoin USDB in 101 countries; Visa and Mastercard have expanded their integration with partners such as Circle to connect stablecoins such as USDC to their payment networks, allowing users to spend on-chain assets through traditional cards. PayPal uses a yield of 3.7% to attract users to hold PYUSD, trying to build a closed loop of settlement based on stablecoins. Even established cross-border remittance companies like MoneyGram connect traditional cash and on-chain assets through stablecoins called Ramps, covering more than 170 countries. The common point of these trends is that traditional finance no longer regards crypto as a flood beast, but has begun to actively "on-chain" itself. This is both a response to changes in user needs and a pursuit of cost efficiency. Stablecoins and blockchain technology provide a faster, cheaper, and more transparent infrastructure than traditional networks with high fees and slow settlements. And whoever can take the first place in this new system is more likely to have a say on the future financial map. Bakkt's new strategy is the result of this trend. Although it is not as large and technical as Stripe and Visa, as an institution that holds a national license and has custody and liquidation capabilities, it may still become a target for mergers and acquisitions or an entry point for cooperation. That's exactly why the market is revaluing it – not by how much money it makes today, but by whether it has the potential to be the next ticket. epilogue The Bakkt surge is a microcosm of this wave, but it's not the whole story. As the capital market begins to re-examine the value of crypto infrastructure, more and more traditional financial institutions no longer shy away from crypto technology, and "on-chain finance" becomes an executable strategy rather than a distant fantasy, we are witnessing the beginning of an era turn. In this round, it is not by shouting slogans to make money, but by those who really build bridges, pave roads, and connect to mainstream systems to leave value. Link to original article