Mastercard executive: 90% of stablecoin transactions are trapped in the crypto space, and daily payments have a long way to go

PANews reported on July 15 that according to Zhitong Finance, Mastercard (MA.US) Chief Product Officer Yohan Lambert said that although stablecoins are highly sought after, they still have a long way to go to become a viable daily payment tool. Lambert said that in addition to technical attributes, seamless and predictable user experience, wide coverage, and wide distribution among consumers are also crucial for stablecoins to become payment tools. Lambert said that Mastercard positions itself as a bridge between digital assets and the traditional financial system and can provide infrastructure to enable stablecoins to be used on a large scale. Lambert pointed out that today, about 90% of stablecoin trading volume is related to cryptocurrency transactions, and investors use these dollar-pegged tokens to buy and sell digital assets. Although companies such as Shopify (SHOP.US) and Coinbase (COIN.US) have taken steps to promote the application of stablecoins in daily consumer payments, Lambert believes that obstacles such as low consumer acceptance and additional operational friction in the online checkout process are difficult to overcome in the short term.