Yigit Taha OZTURK 
Paxos CEO Charles Cascarilla stated that stablecoins play a critical role in supporting the future of the US dollar. He emphasized the necessity for the dollar to adapt to digital transformation in order to maintain its global financial influence, highlighting the importance of stablecoins in this process.
Paxos aims to facilitate the use of the US dollar in digital environments by providing dollar-backed stablecoin solutions. The company has developed a system in collaboration with major payment platforms like Stripe to make it easier to accept payments using stablecoins. This innovative solution aims to speed up transactions, reduce costs for businesses, and expand their global reach.
In an open letter published on October 29, Cascarilla noted that blockchain and stablecoin technologies are restructuring the financial system to make it “compatible with the internet.” This technology can enhance the dollar’s power in the digital economy, supporting the US economy’s competitive edge in the global market.
Thanks to the collaboration with Stripe, users accepting payments via stablecoins through Paxos‘ infrastructure can instantly convert their stablecoins to fiat or maintain their balances in stablecoins. Supported stablecoins include the US dollar-backed USDP, PayPal USD (PYUSD), and USDC.
This new platform facilitates the exchange of stablecoins for US dollars and allows transactions to be made through blockchain networks such as Ethereum, Solana, and Polygon.
These developments are seen as necessary steps for the US dollar to maintain its significance in the digital age, and it is noted that the broader adoption of stablecoins will provide alternatives to traditional payment systems. With the low-cost, fast, and secure solutions offered by stablecoins, a digital transformation of payment infrastructures is expected to be encouraged.
Global Financial System ‘Closed, Outdated, and Inefficient’
The global financial system is currently described as “closed, outdated, and inefficient.” Paxos CEO Charles Cascarilla emphasized that this state of the financial system creates significant issues for both individuals and businesses. He stated that due to slow transaction times and high costs in the traditional banking system, financial transactions worldwide need to become more accessible and efficient.
In this context, the use of blockchain technology and stablecoins allows for the restructuring of the financial system, enabling transactions to be executed more quickly and at lower costs. Cascarilla argues that with the adoption of new technologies, the global financial system will become more transparent and democratic.
Looking ahead, this transformation in the financial system is expected to create a fairer economic environment for both individuals and businesses. Cascarilla noted that collaboration between regulators and governments is crucial for these changes to take place.
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