Stripe’s CEO Patrick Collison believes the major benefits of stablecoins and central bank digital currencies (CBDCs) will be seen in international payments. He gave the example of the ability to standardize KYC and anti-money laundering procedures (AML) during a discussion with Mark Carney at an Institute of International Finance event.
Real-time payments have been available in the UK for years, SEPA Instant payments are now rolling out in Europe, and Fed Now is expected to launch in the United States next year. Collison observed that making clearing houses faster may not be sexy compared to blockchain and CBDCs, but it reduces costs. Combined with open banking this enables innovation.
Hence in looking to a future where payments are already real-time, CBDCs and stablecoins might not have such an impact on the speed front. He believes the benefits will be seen further afield.
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