Executives from major stablecoin companies, including MoonPay, Ripple, and Paxos, convened at Consensus Miami 2026 on May 8 to discuss the evolving landscape of stablecoin regulation and its impact on institutional adoption. They emphasized that while new U.S. regulations have made it easier for traditional financial institutions to enter the stablecoin market, significant gaps in infrastructure and privacy remain barriers to mainstream utilization.
Richard Harrison, Vice President of Banking and Payment Partnerships at MoonPay, highlighted the transformative effects of the recently passed $GENIUS Act. This legislation provides a regulatory framework that has accelerated the entry of traditional finance firms into the stablecoin space. “What $GENIUS brought us was clarity,” Harrison stated, explaining that the clearer compliance requirements have encouraged these firms to engage with stablecoins more actively.
Harrison analogized the current stage of stablecoin adoption to the early days of electric vehicles. He pointed out that while the technology exists, widespread adoption hinges on developing adequate infrastructure. He raised practical questions, such as how to utilize stablecoins for everyday transactions like paying rent or purchasing coffee.
Jack McDonald, Senior Vice President for Stablecoins at Ripple, shared insights into the priorities of institutional clients. He noted that their focus has shifted from market capitalization to practical applications, emphasizing regulatory compliance, custody security, and the utility of stablecoins for purposes beyond mere trading. McDonald argued that the primary use cases should revolve around treasury operations, collateral management, and cross-border payment settlements to foster greater adoption.
Harrison added that stablecoins currently account for a modest portion of global remittance flows, but this could rise to about 10% in the next five years as improvements in payment infrastructure facilitate broader merchant integration with digital dollar services. He highlighted the efficiency of stablecoin-based cross-border transfers, which generally settle almost instantly at costs below one dollar, in stark contrast to traditional banking fees that can exceed 6%.
Brent Perrault, a Senior Staff Software Engineer at Paxos, raised concerns about the persistent issue of privacy within the sector. He noted that public blockchains expose transaction amounts and fund flows, which can raise compliance and confidentiality issues for entities managing sensitive financial data. Perrault emphasized that piecemeal privacy solutions fall short as users often operate between public and private blockchain environments. As such, trust, distribution partnerships, and user incentives are becoming essential competitive differentiators among stablecoin issuers.
Perrault also pointed to the success of PayPal USD and Charles Schwab’s use of Paxos infrastructure as signs of growing demand from established financial institutions beyond those native to the cryptocurrency space. However, he warned that even well-capitalized, compliant issuers encounter significant hurdles when attempting to integrate stablecoin solutions into existing payment systems familiar to consumers and businesses.
The panel’s discussion coincided with developments regarding the CLARITY Act, which is approaching a Senate Banking Committee markup on May 14. Although the executives did not delve into the specifics of the legislation, their comments highlighted the importance of regulatory clarity for companies committed to building scalable stablecoin payment products.
Currently, the stablecoin market is valued at approximately $317 billion. Recently, Western Union announced the introduction of its USDPT stablecoin on the Solana blockchain, issued via Anchorage Digital. This move underscores the narrative of regulatory advancements lowering barriers while the necessary infrastructure for stablecoin integration into everyday consumer transactions is still in development.
