Podcast 140: Stablecoins without the volatility, with Kebbie Sebastian.

Fintech Garden was built around the evolution of financial infrastructure, it’s impossible to ignore how stablecoins have moved from experimentation to real-world deployment. In this episode of the Fintech Garden podcast, host Igor Tomych sits down with Kebbie Sebastian, CEO of Merge, to unpack how stablecoins are reshaping B2B cross-border payments.

Why stablecoins moved into the mainstream

Igor and Kebbie explore why stablecoins have rapidly shifted perception, from a niche blockchain experiment to a serious payments instrument used by fintechs, banks, and global businesses. The conversation points to three major drivers: regulatory progress in markets like Europe and the US, the technical advantages of blockchain without crypto volatility, and long-standing friction in correspondent banking.

As expectations around speed have been reset by real-time domestic payment networks such as SEPA Instant, UPI, and Pix, cross-border payments increasingly feel outdated. Stablecoins emerge as an alternative precisely because they match modern expectations of instant, transparent money movement.

Cross-border payments, redefined

The episode draws a clear distinction between consumer remittances and wholesale B2B payments, where volumes are larger, margins are thinner, and inefficiencies are more costly. While fintechs have improved consumer transfers, Kebbie explains why commercial cross-border payments remain constrained by intermediaries, delayed settlement, and limited visibility.

Stablecoins do not eliminate FX costs or liquidity challenges, but they dramatically reduce settlement time and uncertainty. The discussion frames stablecoins not as a replacement for fiat rails, but as an infrastructure upgrade that removes friction in the most complex part of the payment flow.

What makes production-grade stablecoin infrastructure

Much of the conversation focuses on what separates experimental crypto solutions from production-ready on-ramp and off-ramp platforms. Kebbie explains the “stablecoin sandwich” model: fiat in, stablecoins in the middle, fiat out. While on-chain transfers are relatively straightforward, the hardest problems sit at the edges, including compliance, liquidity orchestration, and last-mile access to local payment rails.

Operating under tier-one regulation is presented as a key differentiator, requiring bank-grade compliance, security, and operational maturity. This regulatory posture not only builds trust with customers, but also enables collaboration with banks rather than competition.

Trust, regulation, and what comes next

The episode positions stablecoins as part of a broader shift toward always-on, 24/7 financial infrastructure. For businesses, this means faster settlement, reduced pre-funded accounts, improved cash visibility, and fewer geographic constraints. For regulators and banks, it means adapting frameworks to new technology while maintaining control and oversight.

Igor and Kebbie conclude that while the industry is still in its early stages, regulatory clarity and real-world deployments signal a move out of the experimental phase. Stablecoins are no longer about ideology or disruption for its own sake, but about solving concrete problems in global money movement.