Fireblocks Surpasses $3 Trillion in Transfers, with Stablecoins Accounting for Over 50%
To talk about the future of digital payments, senior executives from the crypto and regulatory sectors convened at the Blockchain Expert conference in Tel Aviv. Experts at the event said that all payments worldwide will be instantaneous in just a few years.
Stablecoins Lead Blockchain Transfers
Most transactions processed by Fireblocks, and blockchain in general, are predominantly in USDT and USDC, revealed Idan Oferat, co-founder of Fireblocks, during the Stablecoin Panel at Blockchain Expert. He added that Fireblocks has processed more than $3 trillion in client transfers, of which more than 50% are stablecoins, up from 45% earlier this year.
Oferat added:
Approximately 10% of all stablecoin transactions originate from payment companies, and this use case is expected to grow significantly in the coming years.
Bitcoin Loses Its Edge in Payments
Payment industry expert Daal Shalev stated:
Bitcoin started as a revolutionary tool for cross-border payments, but it has lost its edge in this domain as fiat systems have advanced. Bitcoin remains a store of value, but when it comes to payments, no one wants to use it anymore.
In addition, Shalev shared information on central bank digital currencies, or CBDCs:
The Bank of Israel has stated that it wont launch a CBDC until other nations do so first. Former U.S. President Donald Trump famously declared, Not over my dead body, regarding CBDCs, which has significantly set back Israels progress in this space.
PayPals PYUSD A Supercharged Dollar
PayPals Head of Blockchain and Digital Currencies, Yonatan Yochpaz, introduced PYUSD, the stablecoin that the corporation introduced in 2023.
Yochpaz explained:
When you convert dollars to PYUSD, youre giving them superpowersit becomes instant, with no days-long settlement waiting, and cheaper to transfer because its on the blockchain.
He underlined that PYUSD is one of the few stablecoins guaranteed by the New York Department of Financial Services (NYDFS), is backed 1:1 by dollars kept in a trust account, and is immune to bankruptcy.
Banks Facing Challenges in the Digital Era
Shalev said:
Banks are increasingly aware of the significant challenges posed by regulations requiring them to modernize. Most bank software systems still rely on outdated XML frameworks and legacy infrastructure. But customers now expect to send money through fast, cheap, and near-zero fee transactions.
Shalev went into additional detail about the revolutionary potential of CBDCs, saying:
We now have a ruler to measure the quality of moneyhow quickly it devalues or loses utility. CBDCs change the game entirely. Imagine money with an expiration date, limited to specific geographic regions, or restricted for use by certain individuals. These are significant monetary implications. Governments are drawn to CBDCs because they offer greater power and control.
Crypto as a Catalyst for Payment Innovations
Shalev concluded:
Cryptocurrency is one of the most significant drivers of payment innovation. SWIFT recently introduced a new messaging standard, and we now have laws governing payment service providersall of these developments are thanks to crypto. As citizens, this competition is good news; it means well ultimately benefit.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
