Hack Seasons Cannes: Stablecoins Battle for Financial Rail Role

On April 1, the Hack Seasons Conference held its latest edition in Cannes, bringing together senior voices from crypto, payments, and institutional finance to examine how digital assets are moving into mainstream financial infrastructure. A standout session, “Stablecoins as the New Financial Rail,” moderated by Aleksandra Fetisova (Head of BD at 1inch), featured Patrick Hansen of Circle, Konstantins Vasilenko of Paybis, David Durouchoux of SG-Forge, and Martin Bruncko of Schuman Financial discussing how stablecoins are evolving from a niche crypto instrument into a core layer of financial infrastructure.

Regulation: Progress, But Friction Remains

The panel opened with regulation as a central theme, particularly the European framework under MiCA. Patrick Hansen explained that regulatory clarity has helped create a real market for euro-denominated stablecoins in Europe, but noted that the rules still create friction. According to Hansen, the need for multiple licenses for the same economic activity remains a barrier that slows innovation.

Hansen also stressed that the debate between CBDCs and stablecoins is often confused: the two serve different purposes. Stablecoins operate as permissionless blockchain-based money, while the digital euro represents a centralized banking feature rather than a replacement for stablecoin rails.

Adoption: Retail, Emerging Markets, and Cross-Border Settlement

Konstantins Vasilenko described the consumer side of the market, noting that retail users often come through brokers, wallets, and on-ramp platforms rather than directly to issuers. He pointed to trading, DeFi participation, and yield generation as common retail use cases.

Vasilenko also highlighted a growing role for stablecoins in emerging markets, where they offer access to dollar liquidity and a hedge against local currency volatility. On the business side, he noted that stablecoins are becoming attractive for cross-border settlement, especially as more companies gain confidence in regulated rails.

Banking as Bridge Between Traditional Finance and Web3

David Durouchoux brought the banking perspective, emphasizing that banks are not standing outside this shift. Instead, they are increasingly acting as bridges between traditional finance and web3. According to Durouchoux, the challenge is not whether stablecoins belong in finance, but how to connect them to existing systems in a safe, compliant, and scalable way. He argued that banks must help build trust by linking innovation with regulation, allowing both CBDC initiatives and stablecoin ecosystems to coexist.

The Next Era: Tokenized Finance and Instant Settlement

Martin Bruncko widened the lens further, arguing that the industry is entering a second era of stablecoins. In his view, the first era was dominated by crypto trading and dollar liquidity, but the next phase will be driven by tokenized financial services, settlement, and 24/7 cross-border payments. Bruncko stressed that stablecoins only deliver their full value when users can move between fiat and digital money instantly, without being blocked by banking cutoffs or settlement delays.

Five-to-Ten-Year Outlook

Looking ahead, the panel shared a broadly optimistic view. Within five to ten years, they expect stablecoins to underpin much of the financial system, even if most users will not realize it. The most important shift, they agreed, will be one in which stablecoins quietly become part of the everyday machinery of money.