Senior treasury professionals gathered in London this week for a Treasury Dragons roundtable lunch at London's Savoy, sponsored by Bottomline. Their topic of conversation was the growing impact of artificial intelligence and stablecoins on corporate payments and the wider treasury function.

Artificial intelligence was already firmly on the agenda for most organisations represented around the table. The majority of treasurers reported using AI tools to some degree, typically through a single platform mandated and approved by the wider business, most commonly Microsoft Copilot.

While adoption is clearly under way, participants acknowledged that governance may lag behind. Only two treasurers present reported having formal policies governing the use of AI tools, although several organisations indicated that policies are currently being developed.

Skills at risk?

The discussion also highlighted concerns about the potential "deskilling" of treasury teams as AI takes over tasks traditionally performed by junior staff. Participants noted that while automation can significantly improve efficiency, organisations must consider how future treasury professionals will develop foundational skills and experience if entry-level responsibilities increasingly disappear.

Payment fraud emerged as a persistent and growing concern. Delegates observed that AI is creating new risks through increasingly sophisticated phishing attacks, voice cloning and deepfake technologies. At the same time, many saw AI as part of the solution, with the potential to improve verification processes, identify anomalies and provide more consistent checking of payees and payment instructions.

Stablecoins

The conversation then turned to stablecoins and their potential role in corporate payments. Although no treasury team represented at the lunch is currently using stablecoins for payments, and none reported immediate plans to do so, participants recognised the potential benefits. Faster settlement, greater transparency and enhanced security for international transactions were among the advantages discussed.

The regulatory environment was also seen as an important factor in future adoption. Participants noted growing momentum behind stablecoin legislation in both the United States and the United Kingdom. In the US, Congress passed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), creating the first comprehensive federal regulatory framework for payment stablecoins,  while in the UK he FCA and Bank of England are developing a regime for payment stablecoins.

Treasurers welcomed the direction of travel, observing that regulatory clarity will be essential before many corporates consider using stablecoins for operational payments at scale.

However, the discussion also challenged the assumption that faster payments are always better. Several treasurers noted that instant payments are not necessarily required, or even desirable, in many corporate scenarios. One senior treasurer noted that when treasury is asked to execute a payment urgently, this is often the result of process failures elsewhere in the organisation, such as delayed approvals, poor planning or breakdowns in internal communication. In these cases, faster payment rails may address the symptom rather than the underlying cause.

Despite the interest in stablecoins, attendees suggested that widespread corporate adoption may still be some distance away. One participant noted that in parts of the global economy, cash transported in vans and even paper cheques remain in occasional use, illustrating the reality that payment innovation often progresses more slowly than technology advocates expect.

The discussion concluded that while AI is already beginning to reshape treasury operations, stablecoins remain largely a future opportunity rather than a current priority. Treasury leaders will continue to monitor developments in both areas as they seek to balance innovation, risk management and operational effectiveness.
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The Treasury Dragons roundtable formed part of an ongoing series of peer-to-peer discussions for senior treasury professionals. To be invited to a future event near you, or to sponsor a similar event, register your interest here

MoneyGram has become one of the first major payments companies to launch its own stablecoin, marking another significant step towards the use of blockchain-based infrastructure in mainstream payments.

The company this week announced the launch of MGUSD, a US dollar-backed stablecoin that it intends to use as a core component of its global payments network. Initially, the stablecoin will be deployed for treasury management, settlement and foreign exchange operations in the United States before a broader international rollout.

For treasury professionals, the announcement is notable because it moves stablecoins beyond experimentation and into the operational infrastructure of a major cross-border payments provider. Rather than simply enabling customers to buy or hold digital assets, MoneyGram is positioning MGUSD as a tool to improve the movement of money across its own network.

The stablecoin has been built on the Stellar blockchain and forms part of MoneyGram's broader strategy of integrating blockchain technology into its payments operations. The company has spent several years developing stablecoin capabilities, including cash-in and cash-out services, digital wallets and partnerships with blockchain infrastructure providers.

The move comes at a time when stablecoins are gaining greater regulatory legitimacy. In the United States, new legislation has established a framework for payment stablecoins, providing greater certainty for institutions considering their use in payments and treasury operations.

For corporates, the potential attractions remain familiar: faster settlement, improved transparency, reduced reliance on correspondent banking networks and the possibility of holding and moving digital dollars around the clock. These benefits are particularly relevant for international payments, where settlement delays and visibility challenges continue to frustrate treasury teams.

However, corporate adoption remains limited. At a recent Treasury Dragons roundtable in London, no treasury team represented around the table reported using stablecoins for payments today, despite widespread interest in their long-term potential. Participants recognised the opportunities for faster and more transparent cross-border transactions but also questioned whether instant settlement is always necessary in corporate environments.
MoneyGram's decision to place stablecoins at the centre of its own treasury and settlement operations may therefore prove to be an important test case for the wider market. If a global payments company can demonstrate measurable improvements in efficiency, liquidity management and settlement speed, corporate treasury teams may begin to view stablecoins as a practical payments tool rather than a future technology.
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For now, MGUSD represents another sign that stablecoins are steadily moving from the fringes of financial innovation into the core infrastructure of global payments. Whether corporate treasurers follow remains an open question.