Executives from MoonPay, Ripple, and Paxos said during Consensus Miami 2026 that recent stablecoin regulation has significantly boosted institutional interest, though critical infrastructure and privacy challenges continue to prevent wider mainstream adoption.
Summary
MoonPay executive Richard Harrison said the GENIUS Act provided the regulatory clarity traditional financial firms needed to enter the stablecoin market more confidently.
Ripple executive Jack McDonald stated that institutional adoption relies more on regulation, custody, and real-world utility than on market capitalization.
Paxos engineer Brent Perrault warned that unresolved blockchain privacy concerns still limit enterprise-scale stablecoin payments.
Speaking at the conference on May 8, executives from the three companies said new US stablecoin regulation has reshaped the competitive environment for dollar-backed digital assets, encouraging traditional financial institutions to enter a space they previously approached cautiously. However, they noted that the industry still faces major operational hurdles.
Richard Harrison, vice president of banking and payment partnerships at MoonPay, said the GENIUS Act effectively gave financial firms a regulatory “green light” to participate in stablecoins. According to Harrison, clearer compliance standards have made it easier for traditional institutions to assess risk and enter the market more rapidly.
He compared the current stage of stablecoin adoption to the early electric vehicle industry — where the technology itself works, but large-scale adoption depends on building supporting infrastructure. Harrison questioned how consumers could realistically use stablecoins for everyday expenses such as paying rent or buying coffee without broader payment integration.
Institutions prioritize utility over hype
Jack McDonald, senior vice president for stablecoins at Ripple, said enterprise clients care less about the size of a stablecoin’s market cap and more about factors such as regulatory oversight, secure custody, and practical functionality beyond crypto trading.
McDonald explained that Ripple’s focus remains on treasury management, collateral operations, and international payment settlements, arguing that long-term growth will come from real utility rather than speculation.
Harrison added that stablecoins still account for a relatively small percentage of global remittances, but he expects that share to rise to roughly 10% over the next five years as payment systems improve and merchant adoption expands. Stablecoin-powered cross-border transactions already settle almost instantly and often cost less than one dollar, compared with traditional transfer fees that can exceed 6%.
Privacy concerns remain unresolved
Brent Perrault, senior staff software engineer at Paxos, said privacy continues to be one of the biggest unresolved issues for the sector. Since public blockchains expose transaction values and fund flows, businesses handling sensitive financial information may face confidentiality and compliance concerns.
Perrault argued that incomplete privacy tools are not enough because users frequently move assets between public and private blockchain systems. He also noted that competition among stablecoin issuers is increasingly being shaped by trust, partnerships, and user incentives rather than technical differences alone.
He pointed to the growth of PayPal USD and Charles Schwab’s use of Paxos infrastructure as signs that institutional demand is expanding beyond crypto-native firms. Still, he acknowledged that connecting stablecoin systems to the payment networks consumers already use remains difficult even for well-funded and highly regulated issuers.
The discussion came as the CLARITY Act approaches a key Senate Banking Committee markup on May 14, highlighting how important regulatory outcomes remain for companies building stablecoin payment products at scale.
The global stablecoin market is currently valued at around $317 billion. Earlier this month, Western Union launched its USDPT stablecoin on Solana through Anchorage Digital, reinforcing the growing interest from established financial institutions in digital dollar infrastructure.
