Masters in Business Evolving Money: Stablecoins in Practice and Policy (Sponsored Content)
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May 10, 2026 
Maran Kalbeci, Chief Product Officer at Checkout.com, builds stablecoin payment rails for merchants. Faryar Sherzad, Chief Policy Officer at Coinbase, shapes crypto regulation with governments. They discuss practical stablecoin rollouts, 24/7 merchant settlement, use cases in developing and developed markets, regulatory harmonization, state vs federal tensions, and the vision of tokenized, borderless payment rails.
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Checkout.com’s Early Stablecoin Experiment
- Checkout.com first offered stablecoin settlement in 2021 but had to wind it down due to lack of regulatory framework and partners.
- Maran Kalbeci described relaunching the service so merchants can settle 24/7 immediately into fiat or wallets.
Immediate 24/7 Settlement Changes Treasury Flow
- Stablecoin settlement enables immediate, 24/7 settlement independent of bank hours and rails.
- Merchants can choose settlement into fiat or directly into wallets, changing treasury timing and liquidity flows.
Cross-Border Merchants Are First Movers
- International merchants are a natural fit because Checkout.com abstracts multi-market payments with one global API.
- Maran expects rollout to start in the US despite being UK-based, driven by cross-border customer wallets.