Stablecoins are increasingly transitioning from a niche within the cryptocurrency market to a central focus for institutional investors, according to industry executives speaking at Consensus Miami 2026. At the heart of this discussion is the belief that future adoption hinges on the development of robust infrastructure, enhanced privacy measures, and practical real-world applications.
Richard Harrison, the vice president of banking and payment partnerships at MoonPay, pointed out that traditional financial institutions are now pursuing stablecoins more aggressively, thanks in part to clearer regulatory frameworks. He referred to recent regulations as a “permission slip” that facilitates entry into the stablecoin market. “What GENIUS brought us was clarity,” Harrison said, highlighting a shift that has made the landscape more navigable for financial entities.
Harrison emphasized that stablecoins represent a significant evolution in payment systems. He articulated frustrations with the legacy financial systems, stating that traditional cross-border transactions can still take days to clear, often accompanied by high fees. In contrast, stablecoins allow for swift, one-to-one value transfers, dramatically improving the efficiency of financial transactions. Nonetheless, he acknowledged that stablecoins currently account for only a small fraction of global remittances and projected that their market share could reach approximately 10% within the next five years. While there are clear business-to-business applications for stablecoins, he noted that broader consumer adoption is proving more challenging.
Jack McDonald, senior vice president of stablecoins at Ripple, underscored the need for robust regulatory oversight, particularly for institutional investors. He explained that for these entities to fully leverage stablecoin transactions, they require regulated products, reliable counterparties, and secure custody arrangements. “For institutions to really unlock the full demand … you have to be regulated at the highest level,” McDonald stated. Rather than focusing on stablecoin market capitalization, he indicated that Ripple prioritizes utility, targeting applications in payments, corporate treasury management, and collateral usage in capital markets. He also clarified that Ripple’s stablecoin is designed to complement, rather than compete with, its XRP token, which remains integral to transactions on the XRP Ledger.
Brent Perrault, a senior staff software engineer at Paxos, discussed how newer, regulated stablecoins can establish themselves in a competitive market by building trust, expanding distribution, and providing user incentives. He cited the growing adoption of PayPal USD and the involvement of major financial institutions, such as Charles Schwab utilizing Paxos infrastructure, as indicators of the demand from established financial players.
However, Perrault raised concerns regarding privacy, stating that the transparency of public blockchains, which expose transaction amounts and flows, presents challenges when users navigate between public and private transactional environments.
Harrison compared the current state of stablecoins to that of electric vehicles, suggesting that while the technology functions, widespread adoption is contingent upon the availability of supportive infrastructure. He posed critical questions regarding practical usage: “How do you use stablecoin to pay your rent? How do you use it to buy a cup of coffee?” These inquiries underscore the importance of real-world applications in determining the future success of stablecoins in the financial ecosystem.
