Unlock the Potential of Crypto and Stablecoins in Digital Payments

The Consumer Case for Crypto

Currently, Bitcoin's price stands at around $104,000. However, on Monday (Dec. 16), it topped $106,000 due to Donald Trump's apparent plans for a bitcoin reserve. This marked yet another milestone in the wake of the pro-crypto president-elect's victory last month. The price even broke $108,000. But with this surge in value comes the crucial need for enhanced security measures.

Revolut is set to offer new anti-fraud security measures to its cryptocurrency customers starting next year. It's astonishing to note that crypto-related convictions jumped a remarkable 267% last year, prompting law enforcement to take creative steps to catch scammers. The United Kingdom's Financial Conduct Authority (FCA) is seeking public comment to improve the transparency of the country's cryptocurrency markets. Currently, 12% of U.K. adults own crypto, up from 10% in past findings. The FCA emphasizes the need for a fair, balanced, and proportionate crypto regime and welcomes input from all stakeholders.

Stablecoins Start Setting Up Camp Across U.S. Financial Ecosystem

While consumers relish the speculative and flexible nature of cryptocurrencies, businesses focus on stablecoins for their practical advantages. Stablecoin payments infrastructure firm BVNK is expanding to the U.S. after raising $50 million. As part of this funding round, the company is opening an office in San Francisco and establishing a presence in New York City. Jesse Hemson-Struthers, CEO of BVNK, states that stablecoins are redefining how money moves globally - faster, more cost-efficient, and with fewer barriers. At BVNK, they are building the infrastructure to make these new payment rails accessible to businesses worldwide, empowering them to operate at the speed of the modern economy. This funding is a significant step in their mission to transform payments.

PYMNTS explored on Tuesday how artificial intelligence (AI) drives automation and analytics, while blockchain brings a critical layer of trust and transparency to finance operations. Digital assets like stablecoins can offer treasury teams the ability to optimize cross-border payments and provide alternative payment solutions, such as for complex commercial transactions or in regions with less stable fiat currencies. Blockchain firm Ripple announced on Monday (Dec. 16) that RLUSD, its USD-pegged stablecoin, received approval from the New York State Department of Financial Services (NYDFS). On Tuesday, this stablecoin became available for use across global exchanges, highlighting the growing enthusiasm in the digital asset sector. Also on Tuesday, the payroll/HR platform Remote announced that its clients can now pay contract workers using stablecoins. The new offering, initially for U.S. businesses, allows companies to pay contractors in 69 countries using the USDC stablecoin through Stripe.