🗞️ The CEO of Airwallex Questions the Viability of Stablecoins
In a recent statement on platform X, Jack Zhang, co-founder and CEO of Airwallex, expressed his concerns about the practical effectiveness of stablecoins in the remittance sector.
🔹 Zhang questioned the viability of using stablecoins, pointing out that converting US dollars to euros via a stablecoin does not relieve the recipient from the need to receive actual euros in their bank account.
🔻 He emphasized that:
> "The costs of converting stablecoins to the recipient's local currency are still much higher than the exchange rates offered by traditional banks."
He also noted that the cryptocurrency sector is still "not fully matured", adding that the technology has not delivered large-scale applications over the past 15 years, increasing skepticism about its effectiveness in the real economy.
📌 In summary:
Despite the momentum around stablecoins as a new financial tool, questions remain about their practical viability, especially in remittance environments and economies based on traditional banking infrastructure.
