Raj Parekh: Open source payment systems will revolutionize finance, stablecoin integration addresses critical infrastructure gaps, and startups have unique opportunities in B2B payments.

Important takeaways

• Open source payment systems offer an opportunity to revolutionize the financial landscape.
• The integration of blockchain technology can greatly improve payment systems.
• There is a notable lack of stablecoin integration infrastructure within fintech.
• Future payment systems are expected to shift to open source models.
• Blockchain is expected to play an important role in the development of payments.
• Startups have significant opportunities in B2B payments and payroll with stablecoins.
• Stablecoins facilitate global expansion by reducing compliance burdens.
• Payment systems often start out as neutral entities, which is the key to longevity.
• Blockchain governance structures are similar to historical models of extended governance.
• Organizations will choose blockchain networks based on specific use cases.
• Stablecoin issuers need political partners and distribution partners to succeed.
• Central banks have never felt the impact of stablecoins on their markets.
• Major economies are encouraged to use stablecoins to compete globally.
• Card payments still have the potential to grow in the global market.
• Governments may use permissionless blockchain for payment systems in the future.

Guest introduction

Raj Parekh is Head of Stablecoins and Payments at Monad Foundation, where he leads the blockchain payment ecosystem strategy. Previously, he served as Visa’s Global Crypto Product Director, where he launched a stablecoin settlement infrastructure that now processes hundreds of millions in volume and pioneered Visa’s strategy to accept stablecoins from crypto-native issuers. He founded Portal, a developer platform for stablecoin payments across blockchains, which was acquired by the Monad Foundation in July 2025 and continues to operate as a fully owned company.

The power of open source payment systems

• “I’m a big believer in open source payment systems. I think that’s a huge opportunity and something we haven’t seen before.” – Raj Parekh
• Open source technology can transform traditional payment systems by enabling flexible and innovative solutions.
• The integration of blockchains provides a way to achieve significant improvements in payment systems.
• “I think with the integration of blockchains we have something to actually gain.” – Raj Parekh
• Understanding the potential impact of open source technology is important for financial institutions seeking to innovate.
• Open source systems may replace traditional banking methods in the future.
• “It made a lot of sense for everything to move to open source systems at some point.” – Raj Parekh
• The strategic shift to open source models reflects a broader trend in the development of payment systems.

Infrastructure gaps in fintech for stablecoin integration

• “There’s a lot of infrastructure that’s not in the space if I’m a fintech or an FI or someone who wants to build on this infrastructure there wasn’t much to choose from.” – Raj Parekh
• The lack of infrastructure presents a critical gap affecting the development of fintech solutions using stablecoins.
• Fintech companies face challenges in integrating stablecoins due to limited infrastructure options.
• The absence of a strong infrastructure limits the ability to innovate in the stablecoin environment.
• Addressing these infrastructure gaps is critical to the growth of stablecoin-based financial solutions.
• The current state of fintech infrastructure poses challenges for stablecoin integration.
• Organizations need to navigate these limitations to successfully implement stablecoin solutions.
• Comprehensive infrastructure development is required for the widespread adoption of stablecoins.

Startup opportunities in stablecoin payment solutions

• “I still think there’s a lot of opportunity around B2B payments… I think you’re starting to see an increase in companies thinking about getting paid differently.” – Raj Parekh
• Startups have significant opportunities in direct payments that larger companies may overlook.
• The stablecoin space shows the potential for innovation and growth in B2B payments and payroll.
• Stablecoins simplify the world’s operations by reducing compliance and regulatory burdens.
• “Stablecoins have successfully made becoming a global company easier and faster when many traditional companies have all these regulatory and legal requirements.” – Raj Parekh
• Understanding the current state of payment solutions is essential when first entering the stablecoin space.
• The startup’s strength in stablecoin payment solutions is driven by the limitations of large organizations.
• Startups can use stablecoins to address niche markets and develop payment solutions.

Blockchain’s role in revolutionizing payments

• “I think blockchains are going to play a big role in changing that.” – Raj Parekh
• Blockchain technology is expected to have a transformative impact on the future of payments.
• Blockchain integration can improve the efficiency and security of payment systems.
• Blockchain offers a new paradigm for financial transactions, moving away from traditional methods.
• Blockchain’s strength in payments is driven by its ability to provide decentralized and transparent solutions.
• Organizations need to understand what blockchain technology means for the payment industry.
• The evolution of payment systems will likely be influenced by the continued development of blockchain technology.
• Blockchain’s role in payments highlights the transition to new and more efficient financial solutions.

The importance of neutrality in payment systems

• “Payments have always been a neutral system that grows over time.” – Raj Parekh
• Neutrality is essential to the stability and success of payment systems.
• Successful payment systems often start as neutral organizations, which contributes to their longevity.
• The historical context of payment systems such as Visa and SWIFT provides insight into the importance of neutrality.
• Blockchain governance structures reflect historical models of decentralized governance in payment systems.
• “These things are not new from an organizational perspective but the payment system has a wider impact.” – Raj Parekh
• Understanding the role of neutrality in payment systems is important in analyzing future blockchain implementations.
• Governance structures in the blockchain reflect established processes in traditional payment systems.

Strategic considerations for stablecoin issuers

• “We tend to look for issuers who are politically active or who work directly with their governments.” – Raj Parekh
• Stablecoin issuers need political and distribution partners to thrive in uncertain regulatory environments.
• Not all stablecoin issuers think strategically about their market position and growth potential.
• “It’s clear that you can tell those who are thinking about this strategically compared to those who see the opportunity for what it is today.” – Raj Parekh
• Strategic considerations are important for stablecoin issuers navigating a competitive landscape.
• Understanding the challenges that stablecoin producers face is essential to a successful market positioning.
• The success of stablecoin issuers depends on their ability to navigate regulatory contexts and maximize interoperability.
• Stablecoin issuers must consider their approach to market penetration and growth.

Central banks and the impact of stablecoins

• “I think we’re still in the early days when central banks can really feel the impact of stablecoins on their market.” – Raj Parekh
• Central banks have not fully realized the impact of stablecoins on their markets.
• The rise of stablecoins indicates a possible change in the monetary policy of central banks.
• Big banks will innovate with private companies or ignore the rising dollar.
• Once they do [feel the impact]they will try to innovate and work with private companies.” – Raj Parekh
• Connecting with policymakers who are willing to innovate is essential in the stablecoin space.
• The relationship between stablecoins and central banking indicates a possible future change in monetary policy.
• Cooperation between the stablecoin industry and responsive policy makers is essential for effective regulation.

The future of global payment systems

• “If you are a central banker or policy maker in another country, call it a major economy, it seems to be in your interest to want to move forward or participate here.” – Raj Parekh
• Major economies have a strategic interest in acquiring stablecoins to compete globally.
• Countries can achieve the integration of the global payment system by using blockchain technology.
• “Using open source systems like blockchains that are connected to their home systems can actually be a big speed-up.” – Raj Parekh
• Blockchain technology’s potential for rapid integration is revolutionizing global payment systems.
• Understanding the competitive landscape of stablecoins is important for economies considering adoption.
• The integration of blockchain technology could have a major impact on global payment systems.
• The future of global payment systems will likely be influenced by technological advances and strategic interests.

Continuous compatibility of card payments

• “Card payments still have a lot of time to work, there are still many markets and infrastructure companies that need to be addressed.” – Raj Parekh
• Card payments continue to have growth potential in the global market.
• The competitive landscape of payment systems includes continuous opportunities for card payments.
• Blockchains offer a simple payment system with low startup costs compared to traditional card issuance.
• “Blockchains as they are open source and available anywhere is a simple payment system for the user to inherit with very little startup costs.” – Raj Parekh
• Understanding the role of card payments in the payment system is critical to strategic planning.
• The performance and potential growth of card payments shows their continued relevance in the market.
• The operational advantages of blockchain technology highlight its accessibility and cost-effectiveness.

Governments and the transition to digital currencies

• “All you can do is rely on technology that makes money more difficult.” – Raj Parekh
• Governments will increasingly rely on technology to make money easier, which benefits tax compliance.
• The strategic perspective shows how governments can use technology to improve tax compliance.
• Governments will likely use permissionless blockchains in their payment systems in the long term.
• “Obviously I’m a big believer in permissionless public blockchains … they’re going to go really fast.” – Raj Parekh
• The potential shift in government payment systems towards blockchain solutions highlights the trend towards digital currency adoption.
• Understanding the relationship between spending, tax compliance, and government technology programs is important.
• The adoption of blockchain technology by governments represents a major change in financial systems.