Speaking at The Bitcoin Conference, SoFi senior vice president Ben Reynolds said banks hold an advantage in stablecoins because they already have users and distribution.
Ben Reynolds, identified in the source as former Silvergate president and now a senior vice president at SoFi, said stablecoins launched today without an existing user base or distribution are "almost doomed to fail." His remarks at The Bitcoin Conference point to a core market dynamic in digital payments: stablecoin adoption often depends less on the token itself than on access to customers, payment channels, and trusted financial infrastructure. Reynolds said banks have an advantage because they already control those relationships and distribution networks.