David Rosa, General Manager of FX, Wallets and Payouts, Rapyd
From the Global Stablecoins Report 2026, published by The Paypers
Originally published in the Global Stablecoins Report 2026 by The Paypers, March 2026.
In the Paypers Global Stablecoins Report 2026, David Rosa, General Manager of FX, Wallets and Payouts at Rapyd, examines what is actually driving institutional stablecoin adoption and what it means for the structure of global payments. As stablecoins move from crypto-native infrastructure into mainstream treasury and settlement operations, the conversation has shifted from speculation to execution. The question financial institutions are now asking is not whether stablecoins are viable. It is how to integrate them, and what happens to traditional payment rails when they do.
In his contribution to the report, David argues that the strongest institutional demand for stablecoins is rooted in a practical problem: moving US dollars internationally through traditional correspondent banking is slow, expensive, and operationally fragmented. Stablecoins solve this by enabling near-instant, 24/7 USD settlement without the intermediaries that make cross-border payments costly. For Rapyd, this translated directly into product evolution. International merchants began requesting stablecoin settlement as an alternative to maintaining USD bank accounts outside the US. Rapyd extended that capability first to payouts, then to pay-ins, building stablecoin functionality into its core infrastructure in response to real customer demand.
David also addresses the larger structural question of whether stablecoins will complement or disrupt traditional payment infrastructure. His view is clear: over time, the impact will be disruptive. In the US dollar ecosystem, private-sector stablecoin issuance is already functioning as a de facto CBDC, allowing the dollar to move globally in ways the traditional banking system cannot replicate. This is shifting both the mechanics and the players of cross-border payments.
Below is an excerpt from the published interview:
“Stablecoins are particularly effective at solving treasury challenges when dealing with US dollars. Outside the US, there are no widely available fiat-based real-time payment rails for USD. Stablecoins fill a critical gap by enabling near-instant, global movement of US dollars, which traditional correspondent banking struggles to deliver efficiently. For global USD liquidity, they offer a uniquely effective solution.”
“I see stablecoins as ultimately disruptive. In the US dollar ecosystem, stablecoins are changing the structure and the players of cross-border payments, making the traditional stakeholders less dominant over time.”
— David Rosa, General Manager of FX, Wallets and Payouts, Rapyd