
 At Any Rate
 At Any Rate Taking stock of the evolving value proposition of stablecoins
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 Oct 23, 2025  In this insightful discussion, Teresa Ho, Jonny Goulden, Meera Chandan, and Kunj Padh from J.P. Morgan explore the evolving role of stablecoins in the financial landscape. Teresa explains their function as digital cash and the regulatory impacts shaping their use. Jonny highlights emerging market dynamics driving adoption, while Meera discusses potential increases in dollar demand from global usage. Kunj analyzes current market impacts and correlations with Bitcoin, revealing stablecoins' untapped potential and challenges for corporate payments. 
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What Fiat-Backed Stablecoins Are
- Teresa Ho defines fiat-backed stablecoins as digital cash on blockchain backed one-for-one by fiat reserves.
- She highlights USDC and Tether as ~90% of the dollar stablecoin market.
Regulation Catalyzed Stablecoin Legitimacy
- Teresa says the Genius Act provided regulatory clarity that legitimized payment stablecoins in the U.S. market.
- That law catalyzed broader participation and shifted policy and funding discussions.
Weigh Benefits Against Operational Gaps
- Teresa warns corporate treasurers that stablecoins offer 24/7 instant payments and big cost savings for cross-border flows.
- She advises caution because stablecoins lack FDIC insurance, interoperability, and mature on/off ramps today.
