The Rise of Stablecoins and the Risks to the Payment Industry
Kevin O’Leary, in a speech at Consensus 2025, emphasized the potential impact of Stablecoins on foreign exchange and global payment platforms. These platforms are under pressure as Stablecoins could replace the current business model by providing faster and cheaper remittance services. The forex industry, valued at trillions of USD, is described by O’Leary as outdated and inefficient. A regulated stablecoin could make this market more transparent and cost-effective.
Legal Reform for Stablecoins
U.S. lawmakers are discussing the Genius Bill, aimed at promoting global acceptance of Stablecoins. Once approved by the SEC, other leading financial institutions such as Abu Dhabi, Switzerland, and the UK may quickly adapt, although the financial services industry is trying to prevent this.
The Future of Cryptocurrency and Investment
O’Leary noted that legal clarity for Stablecoins could pave the way for broader cryptocurrency reform, unlocking trillions of USD in institutional investment. On May 15, the market capitalization of Stablecoins reached nearly 250 billion USD, with Tether's USDT leading the way. This development is expected to bring numerous innovations in consumer protection, bankruptcy, and ethics.
Source: https://tintucbitcoin.com/nen-tang-forex-lo-ngai-stablecoin-mo-rong/
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