During Stable Summit IV in Cannes (27–28 March), Redwan Meslem from the Enterprise Ethereum Alliance moderated a session with Tony McLaughlin (CEO) of Ubyx on scaling stablecoins while maintaining the principle of “singleness of money.” The discussion addressed clearing, settlement, and par value in multi-issuer systems, with a focus on practical strategies for institutional adoption.
1. Wallet Infrastructure is the Entry Point for Institutional Adoption
Wallet infrastructure is the primary entry point for banks and fintechs into on-chain systems. Drawing on his experience in traditional finance and as founder of Ubyx, Tony noted that if institutions offer wallets connected to multiple chains, on-chain financial infrastructure can scale without forcing a choice of network.
Stablecoins drive banks and fintechs to engage with on-chain environments to remain relevant. Wallets offer a straightforward, low-friction way for institutions to access multiple assets and networks without needing to anticipate which will prevail.
2. Adoption Depends on Access, Not Selecting a Winning Chain
Institutional adoption does not require selecting a single token or chain. Tony highlighted that asking banks to choose the “best chain” adds complexity and delays decisions. Wallet infrastructure enables participation in a diverse, many-to-many network of on-chain assets.
Receiving stablecoins for foreign exchange is a practical starting point for institutions. This approach offers immediate commercial benefits and facilitates participation in a wider acceptance network for on-chain financial instruments.
3. “Singleness of Money” Enables Interoperable Financial Infrastructure
For global scalability, stablecoin recipients should not need to assess the issuer of the asset. The singleness of money ensures that instruments are accepted at par value regardless of origin, similar to card networks across issuing banks.
Mutualized acceptance networks promote interoperability and scalability across markets. This structure enables on-chain assets to function as a general-purpose financial infrastructure, supporting clearing, settlement, and liquidity across jurisdictions.
Tony stressed that institutional adoption relies on confidence in public blockchain infrastructure to meet enterprise standards for reliability, operational clarity, and risk management. Education and demonstration are essential to this transition.
4. A Path to Scalable Institutional Adoption
Key takeaways from the session include:
Wallet infrastructure is foundational: it enables institutions to access multiple chains without having to choose a single network.
Mutualized acceptance networks enable scale: recipients should not need to evaluate the issuer of an asset.
Stablecoins create commercial incentives: foreign exchange and payments provide immediate institutional use cases.
Education supports adoption: institutions require operational clarity to confidently deploy on-chain infrastructure.
By applying these principles, stablecoins can move from isolated issuance to an interoperable financial infrastructure that preserves par value, supports clearing and settlement, and enables institutional participation at scale.
