Money Code Stablecoins Are Cheaper, Merchants Don’t Care w/ José Fernández Da Ponte (Stellar)
Jan 8, 2026
José Fernández Da Ponte, President and Chief Growth Officer at the Stellar Development Foundation and former SVP at PayPal, shares insights on the evolving landscape of stablecoins. He discusses why stablecoins are initially reshaping treasury and B2B payments rather than consumer transactions. Merchants prioritize revenue and reach over transaction costs, driving adoption. José delves into the significance of open, permissionless chains for banks and forecasts a future with multiple dollar stablecoins critical for global trade.
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Stablecoins First Transform Treasury
- Early stablecoin adoption is driven by treasury and B2B flows rather than retail payments.
- José Fernández da Ponte says corporate treasury and crypto capital markets are the near-term volume drivers.
Early 26x Cheaper Cross‑Border Transfer
- José recounts moving money between Europe and Latin America 10 years ago at 26x cheaper than ACH.
- That early experience convinced him blockchain could forcefully change payments rails.
Focus On Distribution, Liquidity, Risk
- Prioritize distribution, liquidity, and risk management over debating self-issuance.
- José advises incumbents to build strong transaction monitoring, policies, and compliance before issuing stablecoins.
