As stablecoins move from trading tools to real payment infrastructure, the question is no longer if crypto will be used for payments, but how it scales.
In this episode of Payments Pulse, Dayana Aleksandrova sits down with Nikola Plecas, VP of Payments at TON Foundation, to explore how payments are evolving, where stablecoins fit in the global financial system, and why TON’s connection to Telegram could unlock a new wave of adoption.
From early days at Visa and Coinbase to building payment infrastructure on TON, Nikola shares a grounded view of where the industry actually is today, and what still needs to be solved before crypto payments reach the mainstream.
From Traditional Finance to Crypto Payments
Nikola’s path into crypto started long before stablecoins became a major narrative. After beginning his career in finance and consulting, he joined Visa during a period of major transformation.
He worked across corporate strategy, fintech, and eventually crypto, at a time when companies like Coinbase were just getting started. That early exposure led him to become Visa’s first regional crypto lead in Europe, where much of the early activity in crypto card issuing and acceptance was happening.
During this time, he also worked on early digital currency settlement initiatives, including pilots with Worldpay and Nuvei, as well as tokenized asset platforms with banking partners.
Eventually, he moved into the TON ecosystem, drawn by a different kind of challenge: not just building infrastructure, but activating a distribution layer that already exists at massive scale.
Where Stablecoin Payments Actually Are Today
Despite the hype, stablecoin payments are still in the early stages of adoption.
Today, most real-world usage is concentrated in specific areas:
- Cross-border B2B payments
- Remittances in emerging market corridors
- Crypto-native financial flows
In these cases, stablecoins can already outperform traditional banking rails, especially where correspondent banking is slow or expensive.
However, only a small portion of total stablecoin volume is actually tied to payments. The majority still sits in trading and DeFi activity.
What’s clear is that early product-market fit exists, but only in narrow use cases. Broader adoption will depend on better user experience, clearer regulation, and stronger distribution.
TON’s Role in the Payments Landscape
TON positions itself as a low-cost, high-throughput Layer 1 designed primarily for consumer use cases, while also expanding into B2B payments.
What makes TON unique is its connection to Telegram, giving it access to hundreds of millions of users globally. That distribution changes how payment adoption can happen.
Rather than starting from zero, TON focuses on:
- Connecting to existing infrastructure through partnerships
- Supporting companies building real payment use cases
- Creating tools that make it easier to build directly inside Telegram
This includes enabling developers to launch Telegram mini apps that can immediately tap into a large user base, particularly in emerging markets where both Telegram usage and demand for alternative payment rails are high.
Why Merchants Would Accept Stablecoin Payments
For merchants, the decision to accept crypto payments comes down to practical considerations.
The first question is demand, whether customers actually want to pay this way. Without that, there’s little incentive to integrate new systems.
Beyond that, stablecoins offer potential advantages in treasury management and capital efficiency. Traditional financial systems often leave funds sitting idle during settlement processes, whereas blockchain-based systems can enable faster movement and better utilisation of capital.
There’s also progress being made in making crypto payments easier to integrate. What used to require significant operational and regulatory effort is gradually becoming more accessible through improved infrastructure.
Still, merchants need a clear answer to a simple question: what’s the upside?
What’s Missing for Consumers
On the consumer side, the value proposition is less developed.
Right now, the main benefit of paying with stablecoins is convenience, being able to spend assets you already hold. But compared to traditional payment methods, there are still gaps.
Key areas that need improvement include:
- Rewards and loyalty systems comparable to card programs
- Simplified UX, reducing multiple steps into a single confirmation
- Abstraction of complexity, such as gas fees and multi-currency friction
Without these, crypto payments risk remaining a niche behaviour used primarily by crypto-native users.
Cards vs Wallet-Based Payments
There are two main models emerging for crypto payments:
- Card-based models, where crypto is abstracted behind traditional payment rails
- Wallet-native payments, where users pay directly from their wallets
Wallet-based payments offer a more seamless and native experience, while card systems benefit from established reward structures and user familiarity.
The long-term outcome will likely vary by region. In markets where costs are high and infrastructure is fragmented, direct wallet payments may gain traction faster. In more developed markets, multiple models will likely coexist.
The Future of Stablecoins: Fragmentation, Not Consolidation
Rather than a single dominant stablecoin, the future is likely to be more complex.
Stablecoin ecosystems will likely mirror traditional financial systems, with:
- Multiple currencies
- Localised regulatory requirements
- Different instruments, including tokenised deposits and CBDCs
This could result in dozens of different solutions tailored to specific markets and use cases, rather than a small number of global players.
What TON Is Building Next
Looking ahead, TON is focused on scaling real payment usage across its ecosystem.
Key priorities include:
- Expanding direct crypto payments within Telegram mini apps
- Strengthening partnerships in emerging markets across LatAm, Africa, and Asia
- Building infrastructure and standards through industry collaboration
TON is also working closely with other blockchain networks through initiatives like the Blockchain Payments Consortium, aiming to define shared standards that can move onchain payments forward.
Final Thoughts
The shift toward stablecoin payments is underway, but it’s still early. The infrastructure is improving, real use cases are emerging, and distribution is becoming a key differentiator.
TON’s approach, combining blockchain infrastructure with built-in global distribution, offers a glimpse into what the next phase of adoption could look like.
The remaining challenge is clear: making crypto payments not just possible, but preferable.