Fintech giant Wise has taken a decisive strategic step into the crypto sector. Wise hires digital assets lead to direct its new global division, signaling a deeper dive into this technology. The chosen executive is Pedro Barros, an industry veteran who recently left his post at Circle. The news was confirmed by Barros himself via an update on his professional LinkedIn profile this week.
Pedro Barros joins Wise as the new Digital Assets and blockchain Lead. His appointment is high-profile, given his background. Barros was a key player at Circle, the issuing firm behind the USD Coin (USDC) stablecoin. There, he held the position of product lead for stablecoins and treasury management. Therefore, his experience is directly linked to the infrastructure of digital dollar payments.
At Wise, his mission will be to oversee the company’s global strategy in this area. This includes exploring how digital assets can be integrated into Wise’s vast payments network. The company already offers limited cryptocurrency services, such as holding and sending Bitcoin and Ether for UK customers since 2021. However, this new hire suggests a much more ambitious plan that goes beyond simple asset custody.
Barros’s recruitment is not an isolated event. It comes at a time when Wise is looking to maintain its competitive edge in the remittance market. Wise, formerly known as TransferWise, revolutionized cross-border payments by drastically cutting banking fees. It did this using a clever system of local accounts, but it is now looking toward distributed ledger technology.
Stablecoins, in particular, offer the promise of near-instant, low-cost settlements globally. Barros’s experience with USDC is crucial. It suggests a strong focus from Wise on using stablecoins to power its international settlements. This could radically optimize its money-sending operations, reducing the time and costs associated with traditional correspondent banks.
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The entry of a player of Wise’s caliber is a significant event for the sector. It could accelerate the mass adoption of stablecoins for real, everyday use cases. Investors are watching closely, as Wise handles billions in transfers every quarter. If the fintech adopts USDC or another stablecoin as a primary payment rail, the demand for that asset could soar.
Furthermore, this strategy puts direct pressure on traditional networks like SWIFT. It also challenges other crypto-based remittance solutions, such as those using XRP. Wise’s infrastructure, combined with the efficiency of stablecoins, creates a formidable competitor for both the old financial guard and crypto-native startups.
This appointment signals a clear acceleration in Wise’s crypto expansion plans. The publicly traded fintech is seriously positioning itself as a regulated bridge between traditional finance and the digital economy. It is expected that under Barros’s leadership, Wise will aggressively explore new payment services using crypto rails.
The market will be watching for Wise’s next product announcements. Although the company has not detailed its roadmap, the deep integration of stablecoins appears to be the logical and imminent next step. The move aims to solidify its dominance in 21st-century global payments.
