PayPal Crypto Head Says Banks Are Needed to Unlock Full Stablecoin Potential

Banks need to be part of crypto for stablecoins to succeed—that was the message from Jose Fernandez da Ponte, PayPal’s senior vice president of digital currencies, during a panel discussion at Consensus 2025 in Toronto.
"It might sound counterintuitive, but you do want the banks in this space," Fernandez da Ponte said, adding that their infrastructure—from custody to providing fiat rails—will be essential if stablecoins are to scale beyond crypto-native circles. "You want that connectivity and that fabric to work."
His remarks came amid efforts to bring regulatory clarity for digital assets in the U.S., with lawmakers inching closer to pass stablecoin legislation that could redefine the market and allow banks to enter the space.