Opinion: Stablecoin regulation has become clearer, but infrastructure and privacy remain major obstacles

According to Odaily, at the Consensus Miami 2026 conference, executives from MoonPay, an exchange, and Paxos stated that regulatory clarity is accelerating institutional adoption of stablecoins; however, infrastructure, privacy protection, and real-world application scenarios remain the core challenges facing the industry.

Richard Harrison, Vice President of Banking and Payments Partnerships at MoonPay, said the GENIUS Act provides “permission” for enterprises to enter the stablecoin sector, making it easier for traditional financial institutions to participate in the stablecoin market. He pointed out that stablecoins can significantly improve the efficiency of cross-border payments, but their current share in global remittance remains relatively low, with projections that it could rise to about 10% in the next five years.

Jack McDonald, Senior Vice President of Stablecoins at the exchange, noted that institutional clients are more concerned with regulatory compliance, custody security, and trustworthy counterparties, rather than simply stablecoin market value. He stated that the exchange places greater emphasis on the practical utility of stablecoins in scenarios such as payments, corporate cash flow, and capital market collateral.

Brent Perrault, Senior Software Engineer at Paxos, pointed out that on-chain privacy issues remain unresolved, as public blockchains expose transaction amounts and fund flows. He believes that key to the future competition among stablecoins will be trust, distribution capability, and user incentive mechanisms.

Harrison also compared stablecoins to electric vehicles, saying “the product itself is already viable, but true large-scale adoption still depends on supporting infrastructure”—including how to use stablecoins for real-world payments such as rent or buying coffee. (CoinDesk)