$ETH

This article, by Megan Knab, CEO of Franklin Payroll, explores the significant shift in the banking industry from rejecting cryptocurrency businesses to accepting stablecoins. Over the past three years, more than half of the complaints regarding banking service withdrawals have focused on the four largest banks in the U.S. As discriminatory policies against the crypto industry have been lifted, the acceptance of blockchain technology in the financial sector is increasing. Stablecoins not only have a clear application in international remittances but also facilitate faster payment cycles and improve payroll efficiency. Many smaller banks have begun integrating stablecoins on public networks into their workflows. Custodia Bank recently launched Avit, an Ethereum-based stablecoin, offering quick and low-cost banking services. The number of stablecoin wallets has grown significantly, alongside the push for related legislation. The infrastructure and security of stablecoins continue to be enhanced, with 91% of stablecoins backed by fiat currency. More assets are being transferred on-chain, and the financial system is undergoing a digital transformation. For banks to succeed in the competition, leveraging stablecoins to enhance products and internal operations will be key. The views expressed in this article are solely those of the author and do not constitute investment advice.