Airwallex CEO: Stablecoins Struggle to Replace Traditional Cross-Border Payments

ChainCatcher news: Jack Zhang, Co-founder and CEO of Airwallex, posted on the X platform questioning the actual use cases of stablecoins. He stated: Investors keep asking me about stablecoins and how they reduce foreign exchange costs; if you transfer money from USD to EUR, and the recipient still needs to receive euros in their bank, there seems to be no way for stablecoins to reduce fees—the conversion cost from stablecoins to the recipient's currency is much higher than the FX interbank market. Crypto technology remains an area that is poorly understood, and in the past 15 years, no practical application cases of crypto technology have been seen.