Transferring money via stablecoins is a viable substitute for traditional payment rails, American Express CEO Steve Squeri told investors Friday during an earnings call.
While he stressed that the digital assets will likely never fully displace rails such as the Automated Clearing House and Swift, the passage of the Genius Act – which provides a federal regulatory framework for stablecoins – means that companies like Amex will take a close look at cryptocurrencies and how to use them, he said.
“Will they replace the existing payment rails? No,” Squeri said of stablecoins. “Are they a good proxy and a good alternative to ACH and Swift payments and wires and things like that? I think so.”