Old payment platforms and foreign exchange 'hate' the application of stablecoins
The famous investor stated at Consensus that stablecoins provide a cheaper and faster alternative to traditional global payment systems.
Global payment and foreign exchange platforms are strongly lobbying against stablecoins because they could significantly disrupt their business models, investor Kevin O'Leary said in a keynote speech at Consensus 2025. O'Leary mentioned at the Toronto conference that traditional payment and foreign exchange platforms often charge high fees for cross-border money transfers and risk losing revenue if regulated stablecoins are accepted as a cheaper and faster alternative. O'Leary stated, "Currency trading is a market worth trillions of dollars — and it is outdated, ugly, and inefficient," adding that "[t]he greatest threat to that monopoly or oligopoly is a regulated stablecoin." He noted, "Once approved, the trillion-dollar foreign exchange market will become efficient, transparent, and cost-effective."
Stablecoin Legislation
O'Leary further mentioned that U.S. lawmakers are drafting legislation to promote the global adoption of stablecoins. U.S. Senators are aiming to pass what is known as the Genius Act — a framework to regulate stablecoins — by the end of May.