The era of speculative experimentation is over; digital assets are now entering the engine room of the global economy. At a recent industry roundtable in Dubai, Mastercard gathered regulators, bankers, and fintech leaders to decode the future of stablecoins.
The consensus? We have moved past the hype cycle into a phase of pragmatic, regulated utility that is reshaping cross-border trade and settlement.
“Maybe the only stable thing in our lives is stablecoins,” opened Mete Guney, executive vice president of market development, EEMEA at Mastercard, setting the tone for a discussion focused heavily on real-world value rather than price speculation.
This sentiment was echoed by Dr Marwan Al Zarouni, CEO of the Dubai Blockchain Center, who highlighted how the UAE’s strategy has always prioritised utility over trends. “We went to the value take from the tool… rather than follow the trend,” he explained, adding a stark reminder for the financial sector: “Friction is the enemy of progress.”
The friction fix: Settlement in seconds
The most immediate impact of stablecoins is visible in the backend of payment processing, where traditional working capital models are being challenged by the speed of digital assets. Circle, the issuer of USDC, is currently piloting a solution with Mastercard to use stablecoins for acquirer settlements—effectively bypassing the days-long wait times that tie up capital for merchants.
“This isn’t on the fringes anymore,” noted Olivia Bellingham, executive vice president, customer delivery and care for Mastercard EEMEA. “My key takeaway is endless possibilities… whatever we can imagine, we can test.”
For Dr Saeeda Jaffar, managing director for Circle Middle East and Africa, the goal is clarity and efficiency. “It is to raise global economic prosperity through the frictionless exchange of value,” she said, describing the shift in the market as a “quiet generational change” that has now reached a critical mass.
Regulation as a catalyst for trade
A recurring theme was that regulation is no longer a hurdle but a prerequisite for scale. Ruben Bombardi, general counsel for VARA (Virtual Assets Regulatory Authority), urged companies not to treat regulation as an afterthought. “Think about compliance at design stage,” he advised, noting that clarity of use allows for precise risk allocation.
This proactive approach is already yielding results in emerging markets. Lasbery Oludimu, managing director of Yellow Card, described how her firm actively engages policymakers across Africa to solve acute FX shortages for importers. “We approach regulators; we don’t get them to come to us,” she said. “Stablecoins is giving them [businesses] the opportunity to repatriate funds.”
For global players like Binance, the utility is shifting from trading floors to corporate treasury. “The point of stablecoins is to create and transfer value in the most frictionless way possible,” said Tarik Erk, regional head of MENAT at Binance, confirming that they are increasingly seeing stablecoins used for payroll and B2B payments.
Moderating the discussion, Husam Habannakeh, vice president of virtual assets at Mastercard, predicted a maturing landscape. “I see stablecoin eventually will settle as a very robust, regulated rail,” he said, forecasting a future where digital assets integrate seamlessly into existing financial flows.
The Great Convergence: Banks break eggs
Perhaps the most significant shift is the entry of traditional banks into the sector. RAK Bank recently made headlines by launching digital asset services, a move Dishang Patel, the bank’s head of digital assets, described as a natural evolution. “I see digital assets as just another enabler,” Patel explained, framing the service as essential for customer retention rather than just a revenue play.
However, integrating this technology into legacy institutions requires a cultural shift. Giovanni Everduin, chief strategy and innovation officer at Commercial Bank International (CBI), admitted that innovation often requires conflict. “In order to make an envelope of innovation, we got to break a few eggs,” he said, arguing that banks must focus on solving problems rather than selling technology.
The infrastructure layer connecting these worlds is also hardening. Mo Ali Yusuf, CEO of Fuze, which provides digital asset infrastructure to banks, sees stablecoins becoming a standard banking tool. “Stablecoins [are] really just financial infrastructure,” he noted, pointing to the growing demand from traditional financial institutions for regulated, dollar-denominated settlement rails.
As the market matures, the number of active stablecoins is likely to consolidate. Oliver Silvery, vice president of blockchain and digital assets at Mastercard, concluded the session with a pragmatic outlook on market saturation. “I truly believe in the next three to five years, if you have less than 10 [stablecoins], they’re actually useful,” he said, suggesting that only those offering genuine utility and regulatory compliance will survive the coming consolidation.
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