In this episode of Talking Tokens, Jacquelyn Melinek speaks with May Zabaneh, SVP and GM of Crypto at PayPal, about why today’s payment systems still suffer from hidden inefficiencies and how stablecoins are emerging as the next layer of financial infrastructure.

May explains that while payments today work, they remain slow, costly, and fragmented especially across borders. She breaks down how stablecoins enable faster, cheaper, and more flexible global transactions, and why their real impact may come not from user-facing products, but backend rails powering money movement.

The conversation explores what “programmable money” actually means, how agent-driven commerce could automate transactions, and why simplicity and trust are the biggest barriers to adoption. Maye also shares where stablecoins are already working at scale, from peer-to-peer payments to global payouts and how businesses benefit from faster settlement and improved capital efficiency.

They also discuss generational shifts in crypto adoption, the role of stablecoins in emerging markets, and why access to stable currency is becoming increasingly important globally. The episode closes with how PayPal is approaching the space differently: focusing on PYUSD distribution, real-world usage, and integrating stablecoins into everyday financial systems.

TIMESTAMPS

(00:00) Introduction

(02:13) PayPal’s Hidden Advantage in Crypto

(04:38) Payments Are “Easy”… But Still Messy

(07:34) The Real Stablecoin Unlock: Cross-Border Efficiency

(10:49) Paypal’s outlook on Stablecoins

(13:21) Forgd Ad

(13:46) The Inflection Point With: Programmable Money

(15:54) The First Real Use Case of Agents + Payments

(20:57) The Trust Barrier (And How It Breaks)

(24:59) The Business Case For: Margins, Speed, and Survival

(26:49) The Endgame: Invisible Financial Infrastructure

(28:02) PayPal vs The Broader Stablecoin Market

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Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.