GS interviews Adam Gray, CTO of Stax Payments

Stablecoins have generated tremendous buzz as a potential bridge between traditional finance and blockchain technology, but widespread adoption has remained elusive. In this Q&A, The Green Sheet touched base with Adam Gray, Chief Transformation Officer at Stax Payments, to explore why stablecoins haven't yet broken into the mainstream, what would need to change for that to happen, and how they might reshape settlement, transparency and trust across global payment systems.

Green Sheet: What specific factors do you think are holding back stablecoin use among mainstream consumers and merchants today?

Adam Gray: The pace of stablecoin adoption remains uncertain largely because blockchain-based payment systems still haven't crossed into the comfort zone of most merchants and consumers. Historically, crypto and stablecoins have been viewed as speculative or volatile assets rather than reliable tools for commerce.

For merchants, that uncertainty makes it difficult to justify integration, especially when traditional payment rails already deliver predictable performance, settlement and compliance. Consumers, on the other hand, often lack visibility into how stablecoins actually maintain their "stability," which can make them hesitant to trust them as a store of value.

Another major barrier is the lack of consistent regulatory clarity and transparency across issuers. While some stablecoin projects are backed by audited reserves, others have limited disclosure about where funds come from or how they're managed. That lack of accountability creates hesitation among businesses that are bound by AML, KYC and consumer protection laws.

Finally, until more recognizable brands or banks begin using stablecoins in everyday transactions, and until there's clear interoperability between blockchain systems and existing banking infrastructure, mainstream users will likely remain cautious.

GS: From a payments provider's perspective, what would need to change—technologically or regulatorily—for stablecoins to become a standard settlement method?

AG: For stablecoins to achieve the same ubiquity as card payments or ACH transfers, both technology and policy need to mature in tandem. On the technology side, we need far greater interoperability between stablecoin networks and traditional banking systems, allowing merchants to move seamlessly between fiat and digital currencies. Infrastructure that supports real-time settlement and robust fraud prevention also needs to scale, particularly for high-volume transactions where traceability and risk scoring are critical.

From a governance standpoint, payments providers need stronger frameworks that define reserve standards, licensing and consumer protection. The absence of unified global standards, especially around audits and collateralization, creates too much uncertainty for financial institutions to rely on stablecoins as a settlement layer.

If regulators can bring clearer oversight and consistent guidance, and if fintechs can build better compliance and real-time monitoring tools into their systems, stablecoins could evolve from an experimental asset into a trusted payments medium.

GS: How might stablecoins impact transaction costs, settlement times, or cross-border payments if adoption does take off?

AG: As adoption grows, stablecoins could make settlements almost instantaneous compared with traditional payment rails. For cross-border payments, stablecoins could remove layers of friction by allowing value to move directly between parties without relying on correspondent banks or currency conversions.

The result is faster, cheaper and more transparent transactions—especially valuable for businesses handling large international volumes or operating in emerging markets.

Beyond speed, stablecoins can provide more transparency than conventional systems like ACH or SWIFT, making it easier to track and verify transactions.

GS: Do you think stablecoins threaten or complement the traditional card networks and bank rails that currently dominate digital payments?

AG: I see stablecoins as complementary rather than threatening. They offer a bridge between regulated payments and blockchain technology, giving businesses and consumers a modern alternative without replacing the traditional networks we rely on today.

Traditional players like Visa and Mastercard are already experimenting with stablecoin integrations, signaling that the future of payments will likely be hybrid.

The opportunity lies in interoperability: using blockchain to modernize back-end settlement and improve transparency while maintaining the security, consumer protections and dispute mechanisms of existing systems. Rather than disruption through displacement, stablecoins may accelerate modernization by pushing established institutions to innovate.

GS: What signs or metrics will tell us whether stablecoins are gaining genuine traction in payments rather than just serving as a testing ground for innovation?

True traction will come when companies with large consumer bases or significant international transactions start using stablecoins consistently. It's less about flashy launches and more about real-world adoption, seeing stablecoins being used regularly to move money, not just as part of experiments or pilot programs.

Another sign of traction will be the emergence of standardized reporting and compliance frameworks. If regulators begin requiring or accepting stablecoin-based settlement data as part of financial disclosures, it will signify a deeper level of institutional trust.

Similarly, when major banks or payment processors start using stablecoins to manage treasury flows or cross-border liquidity, it will indicate that the market has evolved beyond experimentation into real-world adoption.

GS: If stablecoins remain experimental, what lessons can the industry draw from their limited traction so far?

AG: Blockchain adoption for payments has always been gradual, and stablecoins are no different. The main takeaway is that even with faster, more transparent options, it takes time for businesses and consumers to build trust and integrate new technologies into their daily transactions.

Timing and infrastructure maturity are also crucial. Just as digital wallets took a decade to reach critical mass, stablecoins may need sustained investment in consumer awareness and merchant readiness before they can scale.

The payments industry should focus on integrating blockchain efficiencies into existing systems rather than positioning stablecoins as a wholesale replacement. Doing so will help build familiarity and trust, both essential foundations for any new payment paradigm.

As Gray noted, the path forward for stablecoins isn't about replacing existing rails; it's about earning trust, building interoperability and finding their place within the broader payments ecosystem.

Notice to readers: These are archived articles. Contact information, links and other details may be out of date. We regret any inconvenience.