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Matthew Driver, head of services for Asia-Pacific at global payments company Mastercard, said faster stablecoin payments require infrastructure to support conversions between fiat currencies and stablecoins.
In an interview with CNBC, Driver said stablecoins could be useful for some cross-border remittance corridors and thinly traded currency pairs, but if conversions between fiat and stablecoins are slow, faster blockchain transfers in the middle of the process may not improve overall payment speeds. Driver added that in markets where retail payment systems are already efficient, such as Singapore, stablecoins may have greater potential in business payments than in consumer payments.