"We think stablecoins are what inevitably gets us to sort of this next iteration of really driving down on the initial reason why the industry was so excited about blockchains," Juan Lopez said. "But, it helps us bring it down to the ground in a way that a market participant, whether it's a consumer or business, doesn't need to sacrifice their sort of local currency to get the benefits of what blockchains are delivering today."
Lonergan says it is a bullish time for FinTech startups, in part because of Lummis-Gillibrand Payment Stablecoin Act, a bill that seeks to provide a clear regulatory framework for payment stablecoins. Crypto proponents are hoping the bill will be passed during the upcoming lame-duck session in Congress, though others are skeptical.
"We think it's going to lead to this kind of Cambrian explosion of FinTech products built on blockchain over the next five to 10 years," Lonergan said. "It's hard to ignore something that's settling $24 trillion a year and yet is still growing."
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