On Aon Podcast: Stablecoin Explained - What Business Leaders Need to Know

On Aon Podcast: Stablecoin Explained - What Business Leaders Need to Know
March 10, 2026 11 mins

On Aon Podcast: Stablecoin Explained - What Business Leaders Need to Know

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Tim Fletcher, national practice leader for the Financial Services Group for Aon, sits down with John King, senior vice president, global treasurer and head of portfolio strategy for Aon, to unpack the rapidly evolving world of stablecoins.

Key Takeaways
  1. Pressure on traditional payment options, demand for faster and cheaper cross-border transactions and the maturation of the digital asset ecosystem have all driven the adoption of stablecoin.
  2. Regulatory frameworks for stablecoin are becoming more defined.
  3. Even for those organizations that don’t see themselves as “crypto players,” stablecoin still matters.

Intro
Hello and welcome to this, the latest episode of On Aon.  

On Aon is Aon’s global podcast that explores the top issues affecting businesses around the world with each week dedicated to either a Risk Capital, Human Capital, Industry or Global topic. 

This week it’s our Global Insight, which looks at the latest global political, regulatory, financial and economic trends and how they impact organizations.  

And today we’re going to focus on Stablecoin, the digital currency designed to keep a steady value which enables fast reliable payments and the movement of money around the world. 

Discussing stablecoin’s increasing influence and the strategies organizations should be considering are:  

  • Tim Fletcher, Aon’s National Practice Leader for the Financial Services Group 
  • And John King, who’s Senior Vice President, Global Treasurer and Head of Portfolio Strategy, at Aon 

Tim Fletcher  
Hello and welcome to On Aon. I am Tim Fletcher and I am the leader of the financial services group here at Aon in the United States. Today we are continuing our Global Insights series where we step back from the headlines to look at issues that are moving quickly and reshaping how organizations think about risk, capital and decision making. There's been a lot of attention lately on stablecoin, not just in crypto circles, but across financial markets broadly, payments and certainly regulatory conversations in real time. 

In today's episode, we will be looking into stablecoins to understand what they actually are, why they're showing up prominently right now, and why it matters.  

Even if digital assets aren't something that you deal with every day, I'm thrilled to have my colleague, John King, join us to talk through this evolving topic and what business leaders actually need to understand right now.  

John, why don't you take some time to introduce yourself? 
 
John King 
Hi, everybody. My name is John King, Senior Vice President and the Global Treasurer and Head of Portfolio Strategy at Aon. 
 
Tim Fletcher 
Great. Let's start at the foundation. Stablecoin is a term that is used a lot, often interchangeably with crypto, blockchain, and more broadly. At a practical level, how should business leaders understand what stablecoin is, and just as importantly, what it is not? 
 
John King 
It's designed to maintain a stable value, typically linked to fiat currency. It's distinct from volatile crypto assets and speculative tokens. It functions more like a payment or a settlement instrument than an investment asset. 
 
Tim Fletcher 
Thanks, John. And how is that different from other digital tokens or from other traditional electronic money that many leaders are already familiar with? 
 
John King 
Great question. The simple answer is digital tokens are blockchain based assets created and managed using smart contracts. They have a broad set of use cases, but the value fluctuates based on market demands. Stablecoin is a special type of digital token designed to maintain stable value, usually pegged to a real-world asset like flat currency or gold. 
 
Tim Fletcher  
Great. Certainly, stablecoin is just a topic we're hearing more about every day. It's scaling up and institutions are experimenting.  

John, stablecoin isn't new, but this moment feels different than the last couple of years. We're seeing transaction volumes now measured in tens of trillions of dollars. Growing annually, growing institutional participation is something we're seeing. And certainly, clear regulatory frameworks are emerging in key markets. From your perspective, what is driving the renewed attention and momentum that we are seeing in this moment? 
 
John King 
Yeah, I think a few things are coming together at the same time, which is why it feels like a different phase rather than just another wave of interest.  

We're seeing much more serious institutional experimentation. Stablecoins are increasingly being looked at less as a crypto product and more as a payments and settlement infrastructure, particularly in areas like cross-border transactions, treasury operations, liquidity management. That shift is framing matters. 

There's been meaningful progress on the regulatory front, even if it's uneven, by region. Stablecoins are no longer operating in regulatory grey area. Governments are actively defining the rules of the road around reserves, governance and oversight. That changed the conversation for many organizations from, is this viable to what does this mean for our business? The use cases are becoming more concrete.  

Like, instead of abstract promises, we're seeing real world examples where stable coins can improve speed, transparency, or cost efficiency in payments and settlement, even if they're not the universal solution.  

I'd add the broader payments landscape was under pressure. Businesses are already rethinking how money moves globally because of cost, complexity, and risk. And stablecoin is showing up as those conversations as one of the potential tools, not a replacement for existing systems, but something that could sit alongside them. 
 
Tim Fletcher  
Thanks, John. So payments, cross border payments, global payments, something Aon does pretty often.  

And as we were talking offline, we certainly have been participants working with our digital asset crypto clients such as Coinbase and Paxos over the years.  

Can you talk about how are we engaging with the payment system at Aon as well? Not from a technology-first perspective, but how are we thinking about it from a risk governance and operating lens, particularly given your responsibilities as a global treasurer? 
 
John King  
Yeah, as part of that work, we collaborated  with Coinbase and Paxos to better understand how regulated US dollar-backed stablecoins could function within established insurance and payments frameworks.  

The focus has been on testing how stablecoin settlement might work in practice while maintaining strong governance, controls, and a disciplined approach to risk. It's less about near-term scale and more about building real-world understanding to prepare for adoption as use cases continue to evolve across global markets. 
 
Tim Fletcher 
So really it's less about a sudden breakthrough and more about maturity, clear rules, clearer use cases and clear understanding of where stablecoin fits.  
For organizations, John, just switching gears a little bit, for organizations that aren't crypto-native, why does this matter? Why do stablecoins matter to them? And where do they intersect with the real concerns business leaders are already focused on, such as payments, liquidity and overall risk? 
 
John King  
Yeah, I think the key point is that this isn't really a crypto conversation. It's a payments and operating model conversation.  

For some organizations, stablecoins are showing up as a way to potentially move money faster or more efficiently in specific contexts, particularly around cross-border payments and settlement that naturally pulls in treasury, liquidity management, and cash flow considerations.  

At the same time, it introduces new layers of risk that sit alongside existing financial and operating frameworks. Things like governance, controls, custody, regulatory alignment. Those aren't unfamiliar concepts for most organizations, but they do look a bit different in a digital asset context.  

So, the relevance isn't about adoption for adoption's sake. It's about making sure leaders understand where exposure could exist, what questions their teams should be asking, and how stablecoin fits — or doesn't — within their broader risk and financial strategy. 
 
Tim Fletcher  
Yeah, I mean that point about the importance of understanding exposure, controls and governance rather than chasing adoption. Certainly something, you know, as we think about risk and governance for our clients, it's top of mind.  

So, John, even if an organization never touches a stablecoin directly, understanding the implications is really becoming a part of staying informed about how money moves. Well, great. Listen, John, just thinking about use cases versus limitations, not every technology is a fit, honestly, for every organization. And as we think about this time with evolving technologies, whether it's blockchain or AI, how do you think about this and where do stable coins appear to add real value today?  

And honestly, where are the limitations leaders should be aware of as they think about this for their organizations? 
 
John King 
This is a great question, Tim, and it's one I had when I first embarked on this journey. So the value tends to show up in very specific use cases, not as a universal solution. In certain payment and settlement scenarios, particularly across border or time-sensitive transactions, stable coins can help streamline processes or reduce friction.  

But there are also plenty of situations where the benefits today are limited or unclear, especially when existing systems already work well or where added complexity outweighs the immediate upside.  

Stablecoins don't automatically improve outcomes just because they're new or digital. At the same time, there's a clear direction of travel. Even if the efficiencies aren't fully realized today, many organizations are paying attention because the underlying technology, infrastructure, and policy environment are evolving.  

The question isn't just, does it work right now? But how might this change? And are we prepared when it does? 

That's why evaluation matters more than enthusiasm. The organizations approaching this thoughtfully are asking, what problems are we actually trying to solve? And does this meaningfully improve speed, costs, or risk either today or as the landscape matures — compared to what we already use? 
 
Tim Fletcher 
Yeah, so it's really about fit, understanding where and if stablecoins may help and being just as clear about where they don't. Really make sense, John.

Great. As organizations explore this space, even just from an understanding standpoint —  testing, as you mentioned —  what are the core questions risk, treasury and finance teams should be asking themselves? You talked about your journey. Can you elaborate on that? 
 
John King 
Tim, at this stage, it's really about readiness and awareness, not execution. The first set of questions is around risk management and controls. That's always a priority for most firms, for good firms.  

Understanding what types of exposure could exist and whether existing frameworks are fit for purpose in a digital asset context. Then there are custody and governance considerations. Who holds responsibility? How assets are safeguarded and how decisions are overseen — all become important very quickly. You also have practical questions around liquidity, accounting, regulatory alignment, how these instruments would be treated within existing financial and reporting structures.  

And finally, none of this sits neatly in one function. The organizations approaching this thoughtfully are looking at it as a cross-functional issue, making sure risk, treasury, finance, legal, compliance, all aligned rather than operating in silos. 
 
Tim Fletcher 
Yeah, it just sounds like it's really more about having a framework, less about having answers — or all the answers—  and more about making sure we're asking the right questions, being thoughtful and thinking early and often about these issues as we think about risk governance and controls.  

If there's one takeaway for business leaders listening today, it's that stablecoin is not about becoming a crypto expert. That can be daunting. It's actually about understanding how changes in payments and digital assets may intersect with your organization's risks and operating model as the future evolves.  

At Aon, we are approaching this through a lens that we've always used, helping clients better understand risk, making informed decisions and navigating emerging issues with clarity rather than hype.  

We're also continuing this conversation through a two-part webinar series in March focused on stablecoins and tokenized assets. We'll be covering fundamentals, real-world use cases and operating considerations for risk, treasury and finance leaders.  

As part of our broader work in the space, we're exploring new ways to engage with digital assets. We will be sharing a lot more information soon. 

John, thanks again for joining us. It's been a real value-add. And thanks to everybody for listening. We'll see you next time on On Aon. 
 
Outro
Thanks for tuning into the latest episode of On Aon. If you enjoyed this episode, don’t forget to subscribe wherever you get your podcasts and be sure to visit Aon.com to learn more about Aon.  

We’ll be back next week with another episode — our Risk Capital Insight — where we’ll be looking at how the risk capital market is changing and what steps organizations need to take. 

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