Guillaume Poncin of Alchemy predicts that passing the Genius Act will soon bring major financial institutions to the Stablecoin business.
The US Senate passed the act of genius, bringing the much-anticipated clarity of the regulations to a stable basis. This development is expected to lead major financial institutions to deploy their own stubcoins. Guillaume Poncin, CTO at Alchemy, interviewed crypto.news. Alchemy works with Visa, Coinbase, Stripe and Robinhood on Stablecoin publication.
Until now, major banks have been waiting for clear regulations and needed addresses for new bills. Ponshin believes that in the future, all banks will issue their own stubcoins and run their own blockchains.
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Crypto.News: Recently, banks have proposed to quickly issue something stupid and run blockchain. What are the main benefits of this move for them and their clients?
GP: Banks can get a reserve float with the ability to generate annual revenue of hundreds of millions from Treasury yields at current rates by issuing their own Stablecoins. They also maintain control over customer relationships and transaction flows, rather than giving it away to third-party issuers.
For clients, bank-issued stubcoin offers immediate settlements, 24/7, programmable money backed by traditional banking relationship trust and regulatory protection. With the right Web3 infrastructure, banks can launch these features without years of blockchain development.
CN: If a bank is in the Stablecoin business, what does this mean for major Stablecoin issuers like Circle and Tether?
GP: Circle and Tether have established themselves as default rails for cryptographic native use cases and international transfers. Banks can focus on a variety of segments, including the Ministry of Corporate Treasury, regulated institutional flows, and integration with existing banking services. Owning your own Stablecoin provides you with the ability to generate additional asset management and yield.
The market is huge and growing. There is space for professional players. Circle’s future IPOs actually test this paper as traditional finance shows that Stablecoins perceived as legitimate infrastructure. We are looking at a arena with ample space to power infrastructure, provide new products and grow the market, both existing issuers and banks exploring this space.
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CN: What difference does the powering Alchemy’s role to USDC (via Circle) make it different in how publishers like Tether and Circle approach their creation, compliance and infrastructure decisions?
GP: Circle employs a highly regulated and transparent approach in a way that involves regular proofs, clear banking relationships and working closely with regulators. This makes USDC attractive for institutional use cases and integration with traditional finance.
Tether acts like a global liquidity provider in that it prioritizes availability and ease of use across the market.
From an infrastructure perspective, Circle tends to be conservative due to technological changes, while Tether is more vast towards multi-chain. Both have trade-offs. While agencies may support USDC for compliance and transparency, developers or platforms may focus on access to emerging markets.
CN: It is difficult to manage and protect blockchain infrastructure. Do you think banks support Layer 1 or Layer 2 networks? What does this mean for a large tier 2 ecosystem like Ethereum?
GP: Depends on use cases. For large operations such as B2B transactions, banks may prefer to operate directly at Layer 1 for maximum security and finality. However, for retail scale applications, Layer 2 networks make most sense as they provide sub-cent transaction costs, customizable security settings, and the ability to capture transaction revenues through sequencer fees. For example, Coinbase already generates over $200 million a year from Base, which is L2.
This is actually bullish for Ethereum. The L2 still remains at Ethereum, so it benefits from security. A special Cumbrian explosion of L2 can be seen. Some are optimized for payments, while others are optimized for transactions and identity. Banks can select or build L2s that match specific compliance and performance requirements, while inheriting Ethereum’s combat-tested security. That’s where modular rollup stacks come in handy. Solutions such as Alchemy’s Rollups-as-a-Service (RAAS) allow agencies to launch tailored L2s that inherit Ethereum security, with complete control over execution, pricing, data availability and more.
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CN: Banks need constant communications to facilitate transactions between their respective clients. How do you envision interoperability between blockchains in this context?
GP: Interoperability is the most important issue, but it can be solved. Solutions have already emerged with cross-chain messaging protocols, shared sequencer networks, and atomic swap mechanisms. What’s important is that unlike traditional correspondent banks, blockchain interoperability can be an unreliable moment.
I imagine a model in which major bank chains are connected through established protocols, so that international wire transfers do not have several days of settlement time, just as they do today. Over time, you will see more sophisticated solutions, perhaps a shared rollup infrastructure that allows banks to maintain their sovereignty while enabling interoperability.
CN: What is the role of alchemy in facilitating this financial institution’s use of blockchain technology?
GP: We are the infrastructure layer that allows institutions to access blockchain without requiring them to become blockchain experts. Think of it as AWS for Web3. Handles node management, wallet and rollup infrastructure, data indexing and reliability challenges so that banks can focus on building their products.
Specifically, it provides APIs and developer tools that enhance everything from Simple Balance queries to complex Defi integrations. We work with major banks and fintechs who use infrastructure for everything from custody solutions to launching their own chains.
After the abolition of SAB 121, inquiries from the world’s largest banks immediately surged. They don’t ask “” anymore, but they ask, “How fast can you move?” Our role is to make that transition as seamless as possible.
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