How Stablecoins Are Rewiring Global Payments | Borderless CPO Alex Garn
Friday, 9 January 2026 · 2 min read · Listen to the episode ↗
Alex Garn discussed the transformative role of stablecoins in global payments, particularly for cross-border transactions through Borderless, which facilitates fiat conversions. He highlighted the early-stage but growing adoption of stablecoins in regions like Latin America and Southeast Asia, driven by inflation concerns. Additionally, Garn emphasized the potential for regulatory clarity to enhance stability and the need for interoperability in the fragmented stablecoin market, while comparing the efficiency of stablecoins to traditional finance methods like SWIFT.
Alex Garn, CPO at Borderless, discussed his transition from data science to DeFi, emphasizing compliance in financial transactions. He highlighted Borderless's role in facilitating cross-border payments using stablecoins, which convert crypto into local fiat currencies while navigating licensing complexities. Borderless acts as a communication and technology layer, enabling fintech companies to pay out in local currencies through stablecoins, and collaborates with over 15 providers to enhance its network and facilitate currency conversion.
The evolution of stablecoins from trading pairs to real-world payment solutions was a key topic, with businesses like Walmart exploring stablecoin corridors. While the U.S. regulatory framework is expected to boost adoption, Garn noted that enterprise-level adoption is still in its early stages but gaining momentum. He identified popular corridors for stablecoin use, particularly from the U.S. to Latin America, driven by inflation concerns and the desire for U.S. dollars.
Garn pointed out that everyday adoption of stablecoins in Latin America could encourage businesses to follow suit, while Southeast Asia is emerging as a significant area for remittance use cases. He discussed the necessity of fiat conversion for daily expenses and the role of value-added services like spending cards. The efficiency of stablecoins in mature markets was questioned, particularly in comparison to traditional methods like SWIFT, with concerns about KYC and KYB compliance processes.
The conversation also centered on the efficiency of traditional finance (TradFi) compared to stablecoins. While acknowledging past criticisms of SWIFT regarding speed and cost, improvements with SWIFT GPI and the potential for blockchain integration were noted. The varying access to liquidity for fiat-to-stablecoin conversions and the less favorable quotes enterprises may receive compared to large banks were discussed. Although most payments settle within two hours, some delays raised questions about the efficiency of stablecoin payments.
The potential for stablecoins to streamline cross-border transactions was emphasized, along with the need for clarity regarding their status in corporate treasuries. Concerns were raised about hybrid payment systems emerging from TradFi and the timing for new systems to replace established networks like SWIFT and Mastercard. Garn expressed excitement about regulatory clarity, particularly following developments like Genius, which could influence global cross-border payment solutions.
The discussion also touched on the fragmentation of liquidity in the stablecoin market, with predictions of eventual consolidation around major stablecoins with deep liquidity. The need for interoperability solutions for stablecoins was recognized, along with an acknowledgment of the current chaos in the stablecoin market.
This summary was generated from the episode transcript and can contain mistakes.