Stablecoins Alone Won't Solve Global Payments Problem, Sling CEO Says
Mike Hudack, CEO of Sling, argued on the Money Code podcast that stablecoins address only half the challenge of building a global payments network—and that the harder work lies in the regulatory and operational perimeter.
While stablecoins simplify the shared ledger infrastructure for money movement, Hudack said the real friction points remain: on-ramps and off-ramps for converting between fiat and digital currencies, identity verification, localization for different markets, and fraud and AML controls that can withstand actual abuse.
The core problem, Hudack explained, is that traditional payments are slow because ledgers remain fragmented across separate banking databases relying on compatibility layers like ACH, SWIFT, and Faster Payments. Stablecoins bypass that fragmentation but don't eliminate the messy perimeter where most products fail.
Building a "global Venmo" experience across 120+ countries requires staying within legal definitions—particularly around self-custody rules—while maintaining fast UX without inadvertently creating a tool for criminal activity, Hudack said.
The episode aired on Money Code, presented by Stablecon and powered by BVNK.
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