MELD co-founder: Most businesses convert back to fiat immediately after stablecoin settlement

PANews reported on October 1, citing an interview with Cointelegraph, that Pankaj Bengani, co-founder of stablecoin payments company MELD, said the vast majority of businesses in its data convert to fiat immediately after stablecoin transactions settle, primarily using them for cross-border commercial payments rather than holding crypto asset exposure. He believes stablecoins will not replace SWIFT in the short term, but may reduce correspondent banking intermediaries, with banks still playing a role in custody, compliance, liquidity and local settlement.