Alex Chriss CEO of Alex Chriss said that the first use of stable currencies will probably be in the field of international payment operations, as it is a cheaper and faster alternative than traditional methods.
Paypal CEO Alex Chriss said that stable currencies are not yet ready for large-scale adoption in the United States, highlighting the limited incentives for these currencies to users and that their uses are still in their early stages.
In an interview with Bloomberg TV Thursday, Chris admitted growing optimism surrounding digital currencies, but stressed the presence of practical obstacles and said: “There is no real incentive that goes to adoption.” He added that Paypal had started to provide rewards to encourage use.
Paypal sees that international payments are the key to the adoption of stable currencies
Despite the company’s optimism on the future of long -term stable currencies, Chris explained that most users depend on international transfers and not in daily payments, and added: “His first uses will be available in international transactions … Those that require exorbitant costs to transfer money, as stable currencies will offer a faster, safer and lower solution.
It is reported that Paypal exceeded addresses in 2023 as the first major American financial services company to launch its own stable currency. Since then, the company has discreetly established its position to take advantage of the growing demand for payment solutions based on blockchain, even with the continuous objective of the majority of the sector on commercial activities.
Paypal is impatiently awaiting a future in a new organizational framework for stable currencies with the closing of the Securities and Exchange Commission of the United States (SEC)
Developments on the organizational front continue; Last week, the American Senate adopted the law on gender law, a bill which was supported by both parties and established a legal framework for the stable currencies used in payment operations.
In the event that it is approved, currency exporters will be required to support reservations at the rate of 1: 1, and this prohibits currencies that carry interest and impose rules to combat money laundering and consumer protection. On this subject, Chris said: “We were an active party in the law of genius … and we helped to formulate it.”
It should be noted that the bill – which was adopted in the Senate by 68 votes to 30 – will create a double control system, and large companies that exported digital currencies will be subject directly to federal control, while other organizational pathways will appear at the level of the State for small businesses. Thus, it is almost certain that Paypal will undergo a federal control because of its enormous size.
The comments of Chris intervene after the decision of the American Committee on Securities and Exchanges (SEC) to delete his survey in the stable room – Pyusd – previously this year without taking any executive measure, which led to the disappearance of the uncertainty associated with the company.
With the growing interest in funding based on Bluechen, Chris believes that the increase in increased adoption is a large -scale adoption to make the experience of using digital and enriching digital currencies, as are traditional payment platforms.
The post, CEO of Paypal: Stable Carrences is not ready for a generalized distribution, and here is the reason.
