PayPal CEO – Alex Chriss confirmed that the widespread adoption of stablecoins in the United States will take a long time.
Current consumer demand is still weak despite increasing public discussions and legislative actions; incentives are still being refined.
Although PayPal launched one of the first stablecoins from a major financial group in 2023, the application of stablecoins in everyday financial activities still faces many challenges, according to Chriss. He also stated that the GENIUS Act could help ease restrictions on cryptocurrencies, increasing access for users.
PayPal uses stablecoins mainly for international money transfers.
Chriss believes that stablecoins are extremely effective in addressing issues of delays, high transaction costs, and lack of transparency in traditional cross-border money transfers.
PayPal views international payments as an entry point for mainstream users in underserved areas where the financial system is outdated. They want everyone to directly enjoy the benefits of stablecoins.
However, the acceptance rate in the United States is currently low because consumers do not see enough compelling reasons to change their habits. They are still comfortable using credit cards, bank transfers, and mobile apps.
Chriss stated that PayPal is developing tools and programs to make stablecoins more accessible and secure. The company is also preparing to launch its own stablecoin, as well as investing in infrastructure, education, and partnerships to make stablecoins practical in real life.
The new law in the United States will encourage users to switch to stablecoins.
The GENIUS Act has just been passed by the Senate and is awaiting a vote in the House of Representatives. This act could bring greater trust for businesses and consumers when participating in the digital economy.
At the same time, U.S. lawmakers are building a second important bill focused on the broader cryptocurrency market.
Senate Banking Committee Chairman Senator Tim Scott expects Congress to pass the digital asset market structure bill before the end of September. The bill will determine whether the SEC or CFTC is responsible for overseeing digital assets such as stablecoins, tokens, and cryptocurrencies.
Senator Cynthia Lummis expressed that she would be "very disappointed" if the GENIUS Act and the digital asset market structure bill are not approved before 2026.
Once the bill is passed, many companies will confidently enter the field, opening up opportunities for an explosion of innovation.
New regulations on how stablecoins and digital assets operate will create a safer feeling for users and encourage businesses to invest in advanced technology and provide cryptocurrency services to a large number of customers.
Despite strong support for the bill from most lawmakers and industry leaders, the timing for the official passage by Congress remains unclear.
Currently, the legislative process is on the right track; it has passed the Senate and garnered attention in public debate, but it still needs approval from the House of Representatives. Even after that, there may still be amendments or additional debates before the bill becomes the final legal text.
Source: https://tintucbitcoin.com/ceo-paypal-stablecoin-my-gap-kho-khan/
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