MELD co-founder says most businesses convert stablecoins back to fiat right after settlement

Most businesses using stablecoins for payments are not keeping crypto exposure on their books, according to MELD co-founder Pankaj Bengani. In comments cited by Cointelegraph, Bengani said data available to the stablecoin payments company shows that the vast majority of enterprises convert stablecoins back into fiat immediately after transactions are settled. He said the main use case today is cross-border business payments rather than holding digital assets. Bengani also said stablecoins are unlikely to replace SWIFT in the near term. Still, he argued they could reduce the need for correspondent banking intermediaries in some payment flows. Even if that happens, banks would continue to play key roles in custody, compliance, liquidity provision, and local settlement. The remarks point to a model in which stablecoins are used as payment rails inside existing financial workflows, while fiat remains the endpoint for most corporate users.