MELD Businesses Convert Stablecoins to Fiat After Payments Settle

MELD co-founder Pankaj Bengani said most businesses using the company’s stablecoin payment service convert the tokens to fiat immediately after transactions settle, mainly for cross-border commercial payments rather than to maintain crypto-asset exposure.

Bengani said stablecoins are not likely to replace SWIFT in the near term. They may reduce correspondent banking steps, while banks continue to provide custody, compliance, liquidity and local settlement services.