10 May 2026

Evolving Money: Stablecoins in Practice and Policy (Sponsored Content)

1Frameworks

11Insights

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Insights & moments

The myth-busts, hot takes, explainers, and tools worth keeping.

Myth Buster· 1

Myth Buster10:13

The Stablecoin Software Is Easier Than Everything Around It

Checkout.com says technology is not the main obstacle to a US stablecoin rollout. Regulators, contracts, licensing differences, entity structure, and stakeholder confidence create the heavier implementation burden.

Fiat-based businesses must satisfy many internal and external stakeholders
Regulators need visibility into the proposed service
Contracts and operating entities affect launch timing
State-specific regimes add compliance complexity
Technical implementation may be the easiest workstream

“Nothing is a blocker, but there are challenges”
Moran Kilbeggi · 11:01

“The technological build is actually the easiest part, right everything around it is complexity.”
Moran Kilbeggi · 11:20

#compliance#operations#licensing#implementation

Hot Take· 3

Hot Take05:58

Checkout.com Admits Stablecoin Retail Demand Is Still an Experiment

Asked whether US consumers are demanding stablecoin payments, Checkout.com's product chief gives an unusually candid answer: he does not know. The rollout is positioned as a market experiment driven by merchant curiosity and customers who already hold stablecoins.

Current US retail demand remains uncertain
Major merchants are curious about wallet-based spending
Existing stablecoin holders provide an initial target audience
The launch will test consumer preference rather than assume it

“So it's a very good question, and the honest answer is that I don't know.”
Moran Kilbeggi · 06:04

“We want to put this out there, we want to see how people react to it.”
Moran Kilbeggi · 06:30

#consumer-demand#experimentation#retail#wallets

Hot Take17:36

Why Financial Incumbents May Resist Instant Settlement

The episode presents opposition to on-chain settlement as partly economic rather than purely prudential. Moving capital markets toward instantaneous settlement could eliminate delays that support intermediary revenue and entrenched business models.

On-chain markets could move settlement toward T+0
Some intermediaries earn revenue from existing settlement delays
Faster transfer can reduce the need for middlemen
Public policy will determine whether the transition is enabled or constrained

“We can take that down to teas plus zero do instantane settlement.”
Faryar Shirzad · 17:53

“But a lot of folks who make their money off of that lag don't want that to happen.”
Faryar Shirzad · 18:01

#instant-settlement#capital-markets#incumbents#intermediaries

Hot Take18:37

Tokenized Dollars Could Force Other Currencies to Go On-Chain

US progress on dollar stablecoins may put competitive pressure on governments elsewhere. If dollars become easier to hold and transact globally, other currencies may need tokenized forms to preserve their relevance.

Other jurisdictions moved earlier on crypto market structure
The United States moved more aggressively on stablecoins
Global demand for dollars amplifies tokenized-dollar adoption
Canada and the UK face pressure to develop local stablecoin frameworks
Multiple tokenized currencies could support healthier foreign-exchange markets

“if you want your currency to remain relevant, you have to have a tokenized version of your currency.”
Faryar Shirzad · 20:08

“the more currencies are available in tokenized form, the healthier dynamic you have”
Faryar Shirzad · 20:27

#tokenized-dollars#currency-competition#global-policy#foreign-exchange

Explainer· 4

Explainer02:52

Why Stablecoins Can Move Money Faster Than Legacy Banking

Stablecoins maintain a stable value by being tied to fiat currencies while remaining transferable over crypto rails. The episode argues that this combination can reduce settlement delays and costs compared with legacy banking systems, especially for international transactions.

Stablecoins are designed to track fiat currency values
Crypto rails can operate beyond normal banking hours
Potential benefits include faster settlement and lower transaction costs
Payroll, purchasing, and retail uses are growing beyond crypto trading

“the currency is highly liquid, and because it can be moved on crypto rails, it's faster and cheaper to transact compared to legacy banking systems.”
Angie Lao · 03:04

“stable coins were used in more than thirty trillion dollars worth of transactions last year.”
Angie Lao · 03:15

#stablecoins#payments#crypto#settlement

Explainer07:46

Where Stablecoins Solve More Than a Convenience Problem

In developing economies, stablecoins may offer access to dollar-like value, cheaper international purchasing, and an alternative where cards are not ubiquitous. These needs create a stronger functional case than the preference-driven adoption expected in developed markets.

Dollar exposure can help users facing unstable local currencies
Stablecoins may reduce cross-border and foreign-exchange fees
Wallet payments can supplement limited card access
Developing markets may have stronger utility-driven demand

“If you're living in in an economy that has a very high inflation rate and a very unstable currency, getting exposed to an equivalent of…”
Moran Kilbeggi · 07:46

“this is an alternative form of payment that has potentially a lower barrier of entry in multiple geographies.”
Moran Kilbeggi · 08:20

#developing-markets#inflation#cross-border#financial-access

Explainer12:20

Stablecoin Use Is Advancing Before the Rulebook Is Finished

Coinbase's policy chief describes legislation and practical regulatory permission moving simultaneously. Although implementation of the Genius framework continues, agencies are already allowing stablecoins in sophisticated activities such as derivatives settlement.

The Genius Law created a federal framework for stablecoin issuers
Implementing regulations are still developing
Regulators are permitting selected use cases before full implementation
CFTC permission for derivatives settlement acts like a regulatory sandbox

“you have two things happening simultaneously that are happy somewhat in parallel, but they will converge down the road.”
Faryar Shirzad · 12:23

“It's almost like a big sandbox for example”
Faryar Shirzad · 13:22

#genius-act#regulation#cftc#policy

Explainer13:57

How Fifty State Regulators Create a Crypto Compliance Maze

State regulation of spot crypto activity can expose platforms to dozens of different rule sets. The result is uncertainty for consumers and a costly implementation burden for developers operating nationally.

Spot crypto transactions remain subject to state regulation
Federal preemption is unclear in some areas
Consumers may face different protections depending on location
Developers must implement and maintain divergent state requirements

“that just creates a chaotic environment where you have fifty different regulators across fifty different states.”
Faryar Shirzad · 14:20

“developers have a hard time implementing and managing the compliance burden of having fifty different rules”
Faryar Shirzad · 14:35

#state-regulation#compliance#crypto-policy#united-states

Story· 1

Story03:56

Why Checkout.com Shelved—and Then Revived—Stablecoin Settlement

Checkout.com introduced stablecoin settlement in 2021 but withdrew it when regulation and banking partnerships were insufficient. The company is now relaunching the service with merchant-controlled settlement choices and continuous availability.

Checkout.com first offered stablecoin settlement in 2021
The original service lacked adequate regulatory and banking support
The revived product supports direct wallet settlement
Merchants can choose between fiat and stablecoins
Settlement can operate 24/7

“We offered a service that unfortunately we had to wind down because the regulatory framework was just not there”
Moran Kilbeggi · 04:12

“The settlement is immediate, you're not dependent on the bank hours”
Moran Kilbeggi · 04:47

#checkout.com#merchant-settlement#regulation#payments

Q&A· 1

Q&A20:45

Global Crypto Rules Do Not Need Total Harmonization

National stablecoin regimes can differ, but market products and shared liquidity pools benefit from compatible rules. Mutual recognition between jurisdictions could let customers access deeper cross-border liquidity without requiring a single global regulatory model.

Complete regulatory harmonization is not essential
Overly restrictive holding caps may suppress adoption
Global financial products need enough consistency to serve users across borders
Centralized liquidity can improve price discovery and market resilience
Mutual recognition can connect regulated markets

“You don't have to have harmonization”
Faryar Shirzad · 20:53

“That's actually a good thing because it creates deeper, more robust markets”
Faryar Shirzad · 22:27

#harmonization#liquidity#mutual-recognition#global-markets

Takeaway· 1

Takeaway23:59

The End State: Borderless Payments Without Banking Delays

Checkout.com's long-term vision is a digital money-movement system with borderless payments, fewer delays, and lower exchange costs. The guest acknowledges that this remains aspirational but sees it as plausible within several years.

Digital rails could make payments borderless
Legacy settlement delays could be reduced
Lower exchange costs could benefit consumers and merchants
The transformation remains a multi-year possibility rather than a certainty

“having payments that are border less, that are free across borders, that don't suffer from the slowness that the existing system currently has”
Moran Kilbeggi · 24:06

“it's maybe utopic to think about it now”
Moran Kilbeggi · 24:40

#future-of-payments#borderless-commerce#digital-money#consumer-experience