At the Stable Summit IV in Cannes (March 27-28), Redwan Meslem of the Enterprise Ethereum Alliance led a session with Tony McLaughlin (CEO) of Ubyx on scaling stablecoins while maintaining “single currency” principles. The discussion covered clearing, settlement, and par value in multi-issuer systems, with a focus on practical strategies for institutional adoption.
1. Wallet infrastructure is the entry point for institutional adoption.
Wallet infrastructure is the main entry point for banks and fintech companies into on-chain systems. Drawing on his experience in traditional finance and as the founder of Ubyx, Tony noted that if institutions offer wallets connected to multiple chains, their on-chain financial infrastructure can scale without choosing a network.
Stablecoins encourage banks and fintechs to stay relevant by participating in the on-chain environment. Wallets provide a simple, low-friction way for institutions to access multiple assets and networks without having to guess which will take precedence.
2. Adoption depends on access, not on selecting a successful chain.
Institutional adoption does not require choosing a single token or chain. Tony emphasized that asking banks to choose the “best chain” increases complexity and delays decisions. The wallet infrastructure allows you to participate in various many-to-many networks of on-chain assets.
Receiving stablecoins for foreign exchange is a practical starting point for institutions. This approach delivers immediate commercial benefits and fosters participation in a broader network of acceptance for on-chain financial products.
3. Financial infrastructure interoperability possible through ‘unity of currency’
For global scalability, stablecoin recipients do not need to evaluate the asset issuer. The unity of currency allows financial instruments to be accepted at par regardless of their origin, similar to a card network across issuing banks.
A mutualized acceptance network promotes interoperability and scalability across markets. This structure allows on-chain assets to function as a universal financial infrastructure, supporting clearing, settlement, and liquidity across jurisdictions.
Tony emphasized that institutional adoption depends on trust in the public blockchain infrastructure to meet enterprise standards for trustworthiness, operational clarity, and risk management. Training and demonstration are essential for this transition.
4. The path to scalable institutional adoption
Highlights of the session include:
Wallet infrastructure is basic: This allows institutions to access multiple chains without having to choose a single network.
Interconnected acceptance networks enable expansion. The recipient does not need to evaluate the issuer of the asset.
Stablecoins create commercial incentives. Foreign exchange and payments offer immediate institutional use cases.
Training supports adoption. Institutions need operational clarity to confidently deploy on-chain infrastructure.
By applying these principles, stablecoins can move from siled issuance to an interoperable financial infrastructure that preserves par value, supports clearing and settlement, and enables large-scale institutional participation.