Standard Chartered CEO cheers blockchain; payment firms scale stablecoins

Core Insights - The increasing interest in stablecoins is prompting payment firms to explore partnerships and technology to enhance payment solutions and settlement services across Europe [1][2][4] Group 1: Stablecoin Adoption and Partnerships - Worldline has partnered with Fipto to investigate how stablecoins can enhance payment services in Europe [1] - Zelle is also working on a stablecoin initiative following the passage of the GENIUS Act, indicating a trend among payment firms to develop stablecoin capabilities [2] - Western Union has announced plans to launch its own stablecoin, USDPY, and has partnered with Rain to facilitate payments through its Digital Asset Network [5][6] Group 2: Demand from Financial Institutions - A significant portion of banks and credit unions are reporting client interest in cryptocurrencies and stablecoins, with 47% seeking general information and 35% wanting payment capabilities [3][4] - Only 2% of financial institutions have launched their own stablecoins, indicating substantial potential for growth in this area [7] Group 3: Technological Advancements - Standard Chartered's CEO predicts that blockchain technology will soon support all transactions, emphasizing the need for banks to adapt to digital assets [7] - ACI Worldwide has acquired Payment Components to enhance its ACI Connetic platform, which integrates various payment technologies [8][9][10] Group 4: Collaborations in Traditional Finance - Ripple is collaborating with Mastercard, WebBank, and Gemini to facilitate traditional currency settlements using its RLUSD stablecoin [11][12] - Coinbase has partnered with Tink to enable account-to-account cryptocurrency payments in Germany, expanding its integration with traditional financial services [15][16] Group 5: Expansion of Services - Klarna is expanding its card services to 15 additional European markets, diversifying its product offerings in anticipation of a U.S. stock listing [20][21] - Visa and Transcard have launched a finance platform to support payments for shipping companies, utilizing Visa's virtual card technology [22][23][24]