TASHKENT, Uzbekistan,
August 24. Stablecoins and traditional
correspondent banking are not mutually exclusive and can be used
together to improve the speed and efficiency of cross-border
payments, Sergio Mello, Global Head of Stablecoin Solutions at
Anchorage Digital, said, Trend’s special correspondent reports from
Tashkent.
He made the remark while speaking at the Silk Road Finance &
Technology Forum.
According to Mello, Anchorage Digital is developing solutions
that allow foreign correspondent banks to use stablecoins alongside
traditional correspondent accounts. “Stablecoins and correspondent
banking are not on opposite ends of the spectrum. In fact, what we
offer is a product called Stablecoin Correspondent Banking, which
enables foreign correspondent banks to fund their correspondent
accounts with stablecoins alongside traditional funds, having the
benefit of both systems,” Mello said.
He noted that this approach allows banks to use the traditional
banking system to settle dollars outside the US while benefiting
from the speed of stablecoins.
According to Mello, stablecoins can also help address liquidity
challenges and improve treasury management and payment
operations.
He cited Anchorage Digital’s cooperation with Western Union and
participating banks in its banking network as an example. According
to Mello, the solutions enable real-time payouts, which were not
possible through older infrastructure. “This doesn't mean that
Western Union no longer partners with banks all over the world. In
fact, what we're doing with Western Union and participating banks
on our banking network is helping them do real-time, 24/7 payouts,
something they couldn't do with an older system,” he said.
Mello stressed that financial technology should not be viewed as
an alternative to the traditional banking system. “What I would
recommend is not to look at the problem as mutually exclusive
technology or growth, but technology with growth,” he
concluded.
