PayPal CEO Says Stablecoin Use Still Low in US, But Future Looks Bright

Highlights:

• PayPal CEO says Americans lack reasons to use stablecoins for daily transactions.
• Cross-border payments are still the top reason users turn to stablecoins like PYUSD.
• GENIUS Act could boost stablecoin trust with clear rules and stronger user protections.

In a Thursday interview with Bloomberg TV, PayPal CEO Alex Chriss said stablecoins are still hard to adopt in the U.S. He said most people don’t see a strong reason to use them yet. That’s why PayPal is giving rewards and other offers to help more people start using stablecoins. Chriss noted that interest in digital currencies is growing and new regulations are emerging, but challenges still remain.

PayPal is still confident about the long-term future of stablecoins. Chriss said most people use stablecoins to send money abroad, not for daily spending. He added that sending money across borders is costly, and stablecoins can offer a faster and cheaper option. However, Chriss said stablecoin use is still low in the U.S. because people don’t see a clear reason to switch. They are happy using credit cards, bank transfers, and mobile apps for daily payments. He said PayPal is trying to make stablecoins easier and safer. 

PayPal made headlines by becoming the first major U.S. financial company to launch its own US dollar stablecoin, PYUSD. Since then, the company has been quietly preparing to benefit from the rising demand for blockchain payments, while most of the industry still focuses on trading.

US Senate Pushes GENIUS Act to Boost Confidence

The rules around stablecoins are also changing. Last week, the U.S. Senate passed the GENIUS Act, a new law that sets clear guidelines for payment stablecoins. If it becomes law, stablecoins would need to be backed one-to-one with real money, can’t earn interest, and must follow rules to prevent money laundering and protect users. Chriss said they played a major role in the GENIUS Act and helped shape its development.

Senator Tim Scott, who leads the Senate Banking Committee, said he wants Congress to pass this new bill by the end of September. The bill will decide whether the SEC or the CFTC should be in charge of regulating different types of digital assets like stablecoins, tokens, and cryptocurrencies. Senator Cynthia Lummis said she would be very disappointed if the GENIUS Act and the new crypto rules don’t get passed before 2026. She believes that once Congress approves these laws, more companies will feel confident to join the crypto industry, and there will be more chances for new ideas and technologies. 

Stablecoins Are Set for Big Growth: Experts

Recently, Circle CEO Jeremy Allaire said stablecoins haven’t sparked developer interest like the iPhone once did. But he believes a big shift is coming, where developers will see real value in digital dollars, just like they did when mobile apps first took off. 

The highest utility form of money ever created. And we are not quite yet at the iPhone moment when developers everywhere realize the power and opportunity of programmable digital dollars on the Internet in the same way they saw the unlock of programmable mobile devices. Soon. https://t.co/tAKgDFrAbW

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) June 14, 2025

Moreover, Treasury Secretary Scott Bessent said that dollar-backed stablecoins could grow to $2 trillion within three years. Speaking at a Senate hearing, he said the U.S. aims to keep the dollar strong globally. To support this, the government is creating laws to better integrate stablecoins into the financial system. These stablecoins must be fully backed by United States Treasury bills and short-term debt.

🇺🇸 US Treasury Secretary: "Stablecoins could reach $2 trillion by 2028"

During a hearing before the US Senate, Treasury Secretary Scott Bessent predicted that the market for dollar-backed stablecoins could surpass $2 trillion within three years.

The GENIUS Act, the stablecoin… pic.twitter.com/iLWYnYN3gU

— Atlas21 (@Atlas21_news) June 12, 2025