At Stable Summit IV in Cannes (March 27-28), Redwan Meslem of the Enterprise Ethereum Alliance hosted a session with Tony McLaughlin (CEO) of Ubyx on scaling stablecoins while maintaining the “one money” principle. The discussion focused on clearing, settlement and par value in multi-issuer systems, with an emphasis 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 fintechs 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, on-chain financial infrastructure can scale without forcing network choice.
Stablecoins are incentivizing banks and fintechs to engage in on-chain environments to stay relevant. Wallets provide institutions with a simple, frictionless way to access multiple assets and networks without needing to anticipate which one will prevail.
2. Adoption depends on access, not selecting a winning channel
Institutional adoption does not require the selection of a single token or chain. Tony pointed out that asking banks to choose the “best channel” adds complexity and delays decisions. The wallet infrastructure enables participation in a diverse, many-to-many network of on-chain assets.
Receiving stablecoins for currencies is a convenient starting point for institutions. This approach provides immediate commercial benefits and facilitates participation in a broader acceptance network for on-chain financial instruments.
3. “Single currency” enables interoperable financial infrastructure
For global scalability, recipients of stablecoins should not need to evaluate the issuer of the asset. The single currency ensures that instruments are accepted at face value regardless of their origin, similar to the card networks of issuing banks.
Shared acceptance networks drive interoperability and scalability across markets. This structure allows on-chain assets to function as general-purpose financial infrastructure, supporting clearing, settlement, and liquidity across all jurisdictions.
Tony emphasized that institutional adoption relies on trust in public blockchain infrastructure to meet enterprise standards for reliability, operational clarity and risk management. Education and demonstration are essential to this transition.
4. A path to scalable institutional adoption
Key takeaways from the session include:
The wallet infrastructure is fundamental: it allows institutions to access multiple channels without having to choose a single network.
Shared acceptance networks allow you to evolve: recipients should not need to evaluate the issuer of an asset.
Stablecoins create commercial incentives: currencies and payments provide immediate institutional use cases.
Education Supports Adoption: Institutions need operational clarity to confidently deploy on-chain infrastructure.
By applying these principles, stablecoins can move from isolated issuance to an interoperable financial infrastructure that preserves face value, supports clearing and settlement, and enables large-scale institutional participation.
