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Stablecoins have been gaining traction in recent years, with many experts predicting their widespread adoption. However, despite their growing popularity, stablecoins still face significant hurdles to achieving mass adoption. According to a report by McKinsey, the daily stablecoin transaction volume is estimated to be around $30 billion, which is a significant amount, but still, there is no mass adoption.
Understanding the Bottlenecks
So, what’s holding stablecoins back from achieving mass adoption? The answer lies in the lack of clear liability and interoperability. Companies are hesitant to adopt stablecoins due to the unclear responsibility for errors, disputes, and compliance. Additionally, the lack of standardized data, ERP integration, and consistent exception handling makes it difficult for stablecoins to function as real business payments.
A study by the International Monetary Fund highlights the risks of payment system fragmentation, which is exacerbated by the lack of interoperability. The study notes that the lack of standardized data and APIs makes it difficult for companies to integrate stablecoins into their existing financial workflows.
The Importance of Liability
Liability is a critical aspect of any payment system. In traditional payment systems, the liability for errors, disputes, and compliance is clearly defined. However, in the case of stablecoins, the liability is often unclear, making it difficult for companies to adopt them. The lack of clear liability also makes it challenging for companies to defend themselves against auditors and regulators.
A report by the OCC (Office of the Comptroller of the Currency) notes that the lack of clear liability is a significant hurdle to the adoption of stablecoins. The report highlights the need for clear guidelines and regulations to address the issue of liability.
Wyoming’s Managed Stablecoin: A Way Forward
The state of Wyoming has taken a significant step forward in addressing the issue of liability and interoperability. The Wyoming managed stablecoin provides a regulated framework that companies can evaluate, reference in contracts, and defend from auditors. The framework offers a set of rules and a standard way to integrate into existing financial workflows, making it easier for companies to adopt stablecoins.
The Wyoming managed stablecoin has several benefits, including easier approval from finance and compliance departments, cleaner integration, and more realistic bank and PSP partnerships. The framework is more in line with fiduciary expectations, such as stricter supervision, more transparent provisions rules, and accountability enshrined in contracts.
Conclusion
In conclusion, stablecoins have the potential to revolutionize the way we make payments, but they still face significant hurdles to achieving mass adoption. The lack of clear liability and interoperability is a major bottleneck that needs to be addressed. The Wyoming managed stablecoin provides a way forward, offering a regulated framework that companies can use to adopt stablecoins. As the industry continues to evolve, it’s essential to address the issues of liability and interoperability to achieve widespread adoption.
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Vitaly Shtyrkin is CPO at B2BINPAY, an all-in-one enterprise crypto ecosystem. Vitaly is an experienced product manager who plays a critical role
