'Stablecoins won't replace Swift,' says FV Bank's Miles Paschini

Stablecoins have gone from crypto curiosity to the center of mainstream finance in under a year, with the first US federal framework now law and major banks racing to build on them.

Some argue that they will replace global payment rails such as Swift. Miles Paschini, CEO of FV Bank, which has settled payments on stablecoin rails since 2022, said on TheStreet Roundtable that stablecoins are a better and faster “transport layer” for money, and that they will become a core part of global payment systems without wiping out incumbents like Swift.

An early bet on stablecoins

FV integrated stablecoins all the back in 2022, before they had broken into the mainstream.

"It's in our DNA to figure out how we create the intersection between digital assets and traditional banking ... stablecoins seemed like a really obvious fit," Paschini said.

A large share of FV Bank's clients are international, and moving money by wire or Swift is reliable but slow. High-net worth individuals moving seven figure sums between different countries can take several days.

With stablecoins, these same transfers can be made in “under 20 minutes,” according to Paschini. This made them an obvious choice for FV Bank, whose founding idea was the overlap between crypto and banking.

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Will stablecoins replace Swift?

Paschini pushed back on the idea that legacy payment rails would disappear entirely.

"I don't think there's a single winner ... I think stablecoins will become a very important and prevalent part of all transactionality," he said.

Part of the reason is that Swift is not standing still. Swift is building its own blockchain-based shared ledger, which entered the construction phase in March 2026 with more than 40 global banks including JPMorgan and HSBC, and is targeting a live tokenized-deposit pilot in 2026.

"Swift will figure out what does programmatic money look like, and that is essentially the ability to transfer value in near real time globally. There'll be more than one way to achieve that," Paschini explained.