[Interview] Norman Wooding, CEO of SCRYPT | Stablecoins Are Building an Always-On Financial System
Stablecoins are moving beyond their origins in cryptocurrency markets to become part of the infrastructure for cross-border payments, treasury management and foreign exchange. As settlement shifts from chains of correspondent banks to always-on digital networks, financial institutions are increasing
Stablecoins have transitioned from their roots in cryptocurrency markets to become integral components of global financial systems for cross-border payments, treasury management, and foreign exchange. As payments move from correspondent bank networks to digital networks that operate continuously, financial institutions are exploring the potential of stablecoins to reduce costs, expedite transactions, and connect markets across borders.
In an interview with Korea IT Times, Norman Wooding, the founder and CEO of SCRYPT, a Swiss digital asset firm, discussed Africa's role as a testing ground for real-world stablecoin adoption and its implications for policy-makers and financial institutions in Asia. He also explored the relationship between artificial intelligence (AI) and stablecoins, emphasizing that trust, accountability, and regulatory certainty—not purely technical capability—are key factors in the development of intelligent financial networks.
Wooding outlined how stablecoins are poised to reshape the architecture of the international financial system within the next five to ten years. Rather than serving as an on-ramp to cryptocurrencies, stablecoins now facilitate cross-border payments, treasury management, and foreign exchange. This shift eliminates the need for a series of correspondent bank transactions and replaces it with a single, perpetually open layer.
As a result, issues like cut-off times, time zones, and fees associated with each intermediary are eliminated. Wooding predicts that the term "crypto" will fade within a decade as the infrastructure becomes more standardized and unremarkable.
In Africa, stablecoins have emerged as a crucial tool to address structural challenges such as dollar shortages, currency volatility, and inefficient cross-border payment systems. The adoption of stablecoins in African countries like Kenya, Tanzania, Uganda, Rwanda, and Nigeria has been driven by necessity, as these nations faced significant issues with the volatility of their local currencies and the scarcity of dollars.
Stablecoins provide a more reliable and efficient alternative, enabling real-time settlements and reducing the costs associated with traditional payment rails.
AI is also playing a transformative role in the financial sector, modernizing payment infrastructure through intelligent financial networks. However, while AI can reason and facilitate agentic payments, it lacks the ability to independently hold and manage money. Stablecoins are uniquely positioned to fill this gap, as they allow software agents to hold and move dollars autonomously.
Nonetheless, establishing trust, accountability, and regulatory certainty are paramount, as AI models currently struggle with accuracy and liability. The convergence of AI and stablecoins remains in its early stages, with genuine autonomy still years, if not decades, away. The primary challenge lies in defining limits, permissions, and revocation mechanisms, as well as ensuring a transparent audit trail that can be approved by regulatory bodies.
Written by urgent.news from Korea IT Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
