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Airwallex founder challenges stablecoins; will Circle become a new payment giant?
On-chain, stablecoins are building a circulation network worth hundreds of billions of dollars.
Written by: Pzai, Foresight News
On June 7, Jack Zhang, founder of cross-border payment platform Airwallex, stated on X: "I do not see any way that stablecoins can reduce costs—the slippage from stablecoins to receiving currencies is much more expensive than the forex interbank market," further stating, "I still have not seen a use case of how cryptocurrencies have helped anything in the past 15 years," which quickly sparked heated discussions in the community.
Jack, who previously worked as an engineer at the National Australia Bank, has a strong background in traditional finance. When encountering the emerging stablecoin payments, he also believes that stablecoins do not have many advantages over traditional methods. Consequently, some crypto users engaged in careful discussions with him on this issue in his tweet. This article provides an overview of the debate on the pros and cons of stablecoins.
Written by: Pzai, Foresight News
On June 7, Jack Zhang, founder of cross-border payment platform Airwallex, stated on X: "I do not see any way that stablecoins can reduce costs—the slippage from stablecoins to receiving currencies is much more expensive than the forex interbank market," further stating, "I still have not seen a use case of how cryptocurrencies have helped anything in the past 15 years," which quickly sparked heated discussions in the community.
Jack, who previously worked as an engineer at the National Australia Bank, has a strong background in traditional finance. When encountering the emerging stablecoin payments, he also believes that stablecoins do not have many advantages over traditional methods. Consequently, some crypto users engaged in careful discussions with him on this issue in his tweet. This article provides an overview of the debate on the pros and cons of stablecoins.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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