Opinion: Stablecoin Regulation Has Become Clear, but Infrastructure and Privacy Remain Key Obstacles

Odaily Odaily News: At the Consensus Miami 2026 conference, executives from MoonPay, Ripple, and Paxos stated that regulatory clarity is driving accelerated institutional adoption of stablecoins. However, infrastructure, privacy protection, and real-world use cases remain the core challenges facing the industry.

Richard Harrison, Vice President of Banking and Payment Partnerships at MoonPay, noted that the GENIUS Act provides a "license" for enterprises to enter the stablecoin space, making it easier for traditional financial institutions to participate in the stablecoin market. He pointed out that stablecoins can significantly improve the efficiency of cross-border payments, but their share in global remittances remains low, predicting it could rise to approximately 10% in the next five years.

Jack McDonald, Senior Vice President of Stablecoins at Ripple, stated that institutional clients are more focused on regulatory compliance, custody security, and trusted counterparties, rather than simply the market capitalization of stablecoins. He mentioned that Ripple places greater emphasis on the practical utility of stablecoins in scenarios such as payments, enterprise cash flow management, and capital market collateral.

Brent Perrault, Senior Software Engineer at Paxos, pointed out that on-chain privacy issues have not yet been effectively addressed, as public blockchains can expose transaction amounts and fund flows. He believes that the key to future competition among stablecoins will be trust, distribution capabilities, and user incentive mechanisms.

Harrison also compared stablecoins to electric vehicles, stating that "the product itself is already viable, but true mass adoption still depends on supporting infrastructure." This includes real-world consumer use cases such as paying rent or buying coffee with stablecoins. (CoinDesk)