Cryptocurrency payments are on the verge of significant growth, as infrastructure providers shift their focus toward making digital currencies usable on a larger scale. In a recent interview, Jess Houlgrave, CEO of WalletConnect Pay, articulated her belief that the long-standing challenges in adopting crypto payments stem from a fundamental misunderstanding of payment processes.
Houlgrave emphasized that while blockchains excel at settling value, they do not adequately address the complexities involved in processing payments. “People conflate what settlement is and what a payment is,” she stated during her appearance on PYMNTS TV. She described the gap between these two concepts as the “messy middle” of payments, which encompasses critical elements such as authorization, refunds, and dispute resolution. This gap has hindered the mainstream adoption of crypto payments, keeping them largely experimental.
Stablecoins and Payment Infrastructure
The emergence of stablecoins has made them the most viable cryptocurrency option for transactions, particularly as wallets increasingly integrate with traditional card networks. Houlgrave noted that several crypto wallets now connect to Visa and Mastercard, leading to a dramatic increase in transaction volumes. In December 2025, card-based stablecoin volume reached approximately $500 million, reflecting rapid growth, although still relatively modest in the wider context of global payments.
Houlgrave explained that while these transactions rely on established card infrastructures, WalletConnect Pay aims to transition more of the transaction processes onto crypto rails. Users want flexibility, allowing them to pay with the wallets and assets they trust without navigating complex chains or swaps.
Despite this progress, challenges persist due to the fragmentation within the crypto space. Houlgrave remarked, “Crypto is super fragmented,” referring to the existence of various blockchains, wallets, and assets. With numerous stablecoins being launched regularly, merchants face both operational and regulatory hurdles. WalletConnect Pay strives to maintain consumer choice while standardizing the aspects that are most relevant to regulators, particularly regarding data privacy and information sharing.
Simplifying Crypto for Merchants
A primary goal of WalletConnect is to simplify the experience for merchants and payment companies, allowing them to operate without needing to understand the complexities of cryptocurrencies. “The payments company and the merchant shouldn’t even need to know about any of this stuff,” Houlgrave stated. The company positions itself as an orchestration layer, managing compliance, sanctions screening, and conversion processes.
This philosophy is evident in WalletConnect’s recent partnership with Ingenico. The collaboration enables merchants to accept stablecoin payments directly at physical checkout locations using Ingenico’s Android payment terminals. This integration allows for stablecoin transactions without requiring merchants to invest in new hardware or hold digital currencies on their balance sheets. “What we’re doing with WalletConnect is trying to be that messaging layer that sits alongside the settlement,” Houlgrave explained.
The partnership leverages WalletConnect’s existing network, which connects over 700 wallets and serves more than half a billion crypto users. In 2025, the network facilitated transactions exceeding $400 billion, including substantial volumes of stablecoin transactions. Ingenico’s extensive global reach provides WalletConnect access to millions of payment terminals across various sectors, including retail, hospitality, and transportation, paving the way for crypto payments to penetrate everyday commerce.
Looking ahead, WalletConnect plans to address the reluctance of merchants to hold stablecoins. Houlgrave highlighted that the company will manage conversions between crypto and fiat currencies, ensuring that refunds align with the timing of traditional card-based transactions. “You can expect that to be very much in line with how a card refund timing works today,” she noted, adding that near-instant refunds are part of the company’s roadmap.
Houlgrave anticipates that adoption will accelerate as both traditional banks and neobanks begin to allow customers to hold stablecoins directly. “Even some very established old banks are really getting their heads around this,” she remarked. The overarching goal remains clear: to provide consumers with the ability to use stablecoins both in-store and online, thereby fostering a more integrated crypto payment ecosystem.
