PANews May 16 news, according to CoinDesk, Jose Fernandez da Ponte, head of PayPal's digital currency business, stated at the Consensus 2025 conference that bank participation is crucial for the development of stablecoins. He pointed out that banks' roles in custody, fiat on-ramps, and other infrastructure will help stablecoins break through the crypto-native user circle. MoneyGram CEO simultaneously emphasized that US stablecoin legislation is key to fostering market trust and adoption.
This discussion comes as US stablecoin legislation enters a critical phase, and if the bill passes, it will allow banks to enter the field. The two executives also discussed emerging market stablecoin application scenarios and future market consolidation trends at the conference. Since the launch of the PYUSD stablecoin in 2023, PayPal has been continuously promoting compliance development.