In a recent BeInCrypto podcast, we chatted with Pavel Matveev, co-founder of COCA, about their newly launched COCA 2.0. This app sets out to make stablecoin payments as easy as using your favorite banking app.
We explored what makes COCA tick, why stablecoins are gaining ground, and how this could bring crypto to a wider crowd.
Stablecoins Are Built for Real-World Spending
Matveev kicked off the discussion by highlighting the growing momentum around stablecoin payments.
According to him, unlike the speculative focus of much of the crypto industry, stablecoins offer grounded utility with fast, accessible, and cost-effective transactions.
While stablecoins are not new innovations in the industry, he specifically pointed out that 2025 is a turning point for this segment.
“This year we see an increase in the number of use cases, we see more focus or more hype about stablecoin payments,” he told BeInCrypto.
In the past, he noted, many companies and ecosystems attempted to build payment solutions with little adoption.
According to Matveev, what makes 2025 different is that regulatory clarity and stronger blockchain infrastructure now make it possible to deliver a Web2-like payment experience powered by stablecoins.
Having spent years in payments and banking, Matveev sees stablecoins as the key to crypto’s next chapter.
He compared it to the rise of apps like Revolut a decade ago, when people scoffed at challenger banks taking on the big names. Now, some of those startups are worth more than traditional banks.
For him, stablecoin banking represents a similar moment, only on a larger scale.
“Stablecoin at the moment for stablecoin payments and for stablecoin banking, this is a similar moment, but actually result and impact will be 10 times more because stablecoin is not just covering the banking experience, but it’s covering [a] broader range of payment use cases,” Matveev explained.
Skepticism, he added, is no deterrent. “Being in the industry for a long, long time, we will grow for this moment, and the result will be 10 times bigger,” he affirmed.
Rebuilding COCA from Scratch to Catch the Stablecoin Wave
This vision of stablecoins as the new financial infrastructure is precisely what prompted COCA to make the bold decision to rebuild its app from scratch.
While the initial version of COCA was a self-custody MPC wallet geared toward a crypto-native audience, the team realized a fundamental shift was needed to serve a broader market.
Matveev explained, “But at some point we realized… when you have a wallet or exchange and you add a card or crypto card to it, it’s not really becoming like your banking app.”
Instead of bolting on features, the team shifted direction. “We want to create a banking experience from the ground up powered by stablecoins,” he said.
That meant moving the traditional banking flows to the front of the app and pushing the crypto-native mechanics into the background.
To achieve this seamless Web2-like experience, COCA has directly addressed three historical friction points that have hindered mainstream crypto adoption.
The first is the complexity of private keys and seed phrases, a major barrier for the average user.
COCA solved this by using Multi-Party Computation (MPC) technology and biometric encryption, eliminating the need for users to manage a complex seed phrase.
The second is the pain of gas fees for on-chain transactions. With COCA, these are sponsored entirely by the platform.
Matveev explained the mechanics, stating, “For consumers, again, they don’t see it, but a transaction actually happens on the blockchain… so funds are debited from account abstraction, this transaction goes on the chain and the gas is sponsored by COCA,” he elaborated.
Lastly, the problem of liquidity fragmentation across different chains is solved by COCA’s support for multiple networks, which abstracts away the complexity of managing different stablecoin versions.
Trust Through Service and Rewards
For Matveev, building trust is as critical as building technology. “When it comes to dealing with people’s money, trust is very important,” he said. “With retail applications, it’s extremely important because you have only one chance to make a first impression.”
To deliver that dependability, COCA invested in 24/7 support for its global user base, ensuring no one is left waiting.
Trust also extends to how people choose their primary card. “You need to develop a very good loyalty or incentives program. So actually customers have some incentives to use your card and not the other card,” Matveev explained.
That is why COCA 2.0 offers cashback on purchases, hotel discounts, and up to 50% off subscriptions to selected platforms.
The approach has already shaped who uses the app. “We have high net worth individuals who spend big money on buying things like airplane tickets or travel. We have people buying cars as well,” Matveev said.
“We also have a segment of our customers who are like freelancers. They’re receiving a salary in stablecoins and then they just use it… pay for goods and services.”
Mass-market users are joining too, often drawn by cashback perks. The average COCA user is 32, and 80% are male.
Matveev highlighted that the COCA card can now be used for everyday purchases thanks to its integration with Visa.
Users can spend their stablecoins at both online and offline stores across 80 million merchants worldwide, covering everything from groceries and restaurants to travel, including everyday spots like McDonald’s.
COCA 2.0 is live on iOS and Android, ready to make crypto as easy as your bank app. Curious? Check out coca.xyz for more details.
Catch the full podcast episode for all of Pavel Matveev’s insights, and subscribe to BeInCrypto’s podcast for more talks with crypto’s leading voices.
