Latest news with #JohnCollison
Crypto Insight
2 days ago
- Business
- Crypto Insight
Banks ‘very interested' in stablecoin use — Stripe exec
Payment giant Stripe has reportedly held early discussions with banks about potentially integrating stablecoins, signaling growing acceptance in global banking. After debuting stablecoin-based accounts in 100 countries in early May, Stripe has noticed significant interest in stablecoins — cryptocurrencies tied to fiat currencies like the US dollar — from global banks. 'In the conversations we have with them, they're very interested,' Stripe co-founder and president John Collison said in an interview with Bloomberg News on May 30. 'This is not something that banks are just kind of brushing away or treating as a fad. Banks are very interested in how they should be integrated with stablecoins into their product offerings as well,' he stated. Stablecoins will be a big part of future payments The growing interest by banks to integrate stablecoins comes from understanding that such cryptocurrencies offer significantly lower transaction costs for payments, including foreign exchange fees by banks. 'It's extremely expensive to do. It's very slow. It takes a matter of days,' Collison said. 'No one is happy with that equilibrium today. And so I think you will see those kind of profit pools come under attack.' On the other hand, stablecoins offer instant transactions with fees being significantly less than those of FX, Collison said, making a perfect case for payment use globally. 'A lot of our future payment volume is going to be in stablecoins,' Collison said. 'This is, for sure, a big part of our business on a go-forward basis,' he added. Stablecoins have already made an impact on traditional finance, beating volumes of Visa and Mastercard combined in 2024. Stablecoin growth requires green lights from regulators While showing interest in stablecoins, some jurisdictions like the United Kingdom might be falling behind in the race to attract stablecoin operators if they don't move faster with regulations, Collison said. 'You have companies that are being set up to serve this industry — if maybe there was a really good regulatory framework, they would choose to base here,' the Stripe exec said, adding: 'Without that certainty they go somewhere else. I think that's the risk that we need to be aware of.' Collison referred to the European Union's Markets in Crypto-Assets (MiCA) regulation taking force in late 2024, while the UK Financial Conduct Authority is still seeking public feedback on new stablecoin rules as recently as May 28. The latest insights by Collison align with reports suggesting that banks in the United States have been seeking even clearer guidelines from the government clarifying what they can do in crypto. On the other hand, despite falling behind in terms of stablecoin regulation, the UK has seen the largest increase in new crypto owners in the past year, outpacing Europe, according to Gemini. Source:
Yahoo
3 days ago
- Business
- Yahoo
Stripe Explores Bank Partnerships on Stablecoins as Payments Importance Grows, Says Company President
Payments firm Stripe held early discussions with banks about integrating stablecoins into their core service as digital tokens are gaining traction for global payments, co-founder and president John Collison said in an interview with Bloomberg. "Banks are very interested in how they should be integrated with stablecoins into their product offerings as well," said Collison. "This is not something that banks are just kind of brushing away or treating as a fad." His comments underscore the rising interest among traditional financial firms to explore stablecoins, one of the fastest-growing use cases of crypto. Stablecoins, which have become a $240 billion asset class, are blockchain-based tokens anchored to government-issued currencies, predominantly to the U.S. dollar. They offer cheaper, faster alternative with around-the clock settlements compared to traditional payments channels. PayPal (PYPL) launched its own U.S. dollar-backed stablecoin PYUSD, while French bank Societe Generale issued a euro-backed token EURCV. Visa developed a tokenization platform to help banks issue stablecoins. Stripe is also betting on the growing role of stablecoins in international payments. The firm made headlines earlier this year by acquiring stablecoin tech startup Bridge for $1.1 billion. Since then, Bridge rolled out its own stablecoin USDB while Stripe introduced stablecoin accounts in over 100 countries. "A lot of our future payment volume is going to be in stablecoins," Collison said in the interview. He pointed to costly FX fees and multi-day processing times as pain points that stablecoins could while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Bloomberg
3 days ago
- Business
- Bloomberg
Payment Firm Stripe in Early Talks With Banks About Stablecoins
Stripe Inc. has held early discussions with banks about their potential use of stablecoins, the latest sign that the digital assets are playing an increasingly central role in global money movement. The talks come as Stripe has debuted a number of products related to stablecoins in recent months, including a platform allowing fintechs to quickly start their own stablecoin-linked card programs for customers, according to John Collison, the co-founder and president of the payments giant. There are currently about $243 billion of stablecoins — digital assets designed to maintain a constant value against a currency like the dollar — in circulation.
Finextra
4 days ago
- Business
- Finextra
Stripe showcases money management tools for British businesses
Programmable financial services company Stripe showcased its latest products to accelerate the growth of British businesses, including a major expansion of its money management capabilities, tools to make it easier to trade internationally, and the world's first AI foundation model for payments. 0 UK businesses are now able to: Hold, manage, and spend from balances in multiple currencies in their existing Stripe account, and pay out to customers, contractors, and other third parties in 50 countries with just an email address. Sell cross-border more easily using 25 new payment methods (including UPI in India and Pix in Brazil), collect and file taxes in 102 countries, and present prices in local currencies in more than 150 markets. Benefit from the world's first foundation model for payments, which captures hundreds of subtle signals that previous AI models couldn't, and has already increased Stripe's detection rate for card testing attacks on large businesses from 59% to 97% practically overnight. Embed financial services into their platform or marketplace with Stripe Capital, new Charge Cards with Stripe Issuing, and the upcoming roll out of Stripe Treasury. The company also revealed that it now serves more than 1 million UK businesses and solopreneurs, including 45% of the companies in the FTSE 100. Businesses on Stripe range from AI champions like ElevenLabs and Synthesia and fintech leaders such as Revolut and Monzo, to British institutions like Tesco, Hargreaves Lansdown, and the UK Government. These updates were shared at Stripe Tour London, the company's annual internet economy conference in the UK, where 1,700 founders and business leaders gathered at the Excel. During the event, ElevenLabs cofounder Mati Staniszewski joined Stripe cofounder John Collison on stage to discuss the rapid improvements in AI voice, and how businesses are leveraging this new technology to increase efficiency and accelerate growth. 'We're on the cusp of two giant leaps for the economy: stablecoins and AI,' said Stripe cofounder John Collison. 'Stablecoins are the underdog that everyone's sleeping on, and AI is on the cusp of rewiring how commerce takes place online through agentic transactions. Our intent is to pull the future forward for all of you building on Stripe.' Stripe Tour London comes three weeks after Stripe unveiled more than 60 updates to its product suite at Sessions, its annual internet economy conference in San Francisco. These included new money management capabilities powered by stablecoins, and a partnership with Visa to launch the first-ever global card issuing product that will make stablecoin balances as easy to spend as fiat currency.
Business Post
26-05-2025
- Science
- Business Post
Stripe takes over from BT as Young Scientist title sponsor
Tech Tech Tech audio Stripe BT Young Scientists and Technology Exhibition BT John Collison Tech Education Live News
