Jack Zhang, co-founder and CEO of Airwallex, questioned the actual use of stablecoins in a post on social media. He stated: Investors keep asking me about stablecoins and how they drop forex fees; if you transfer money from USD to EUR and the recipient still needs to receive EUR in their bank, I see no way stablecoins can reduce costs — the conversion cost from stablecoins to the receiving currency is much higher than the forex interbank market. Encryption technology is an underappreciated field, and there have been no practical applications of encryption technology in the past 15 years.
View Original
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Airwallex CEO questions the practicality of stablecoins: unable to drop forex costs and lacks application scenarios.
Jack Zhang, co-founder and CEO of Airwallex, questioned the actual use of stablecoins in a post on social media. He stated: Investors keep asking me about stablecoins and how they drop forex fees; if you transfer money from USD to EUR and the recipient still needs to receive EUR in their bank, I see no way stablecoins can reduce costs — the conversion cost from stablecoins to the receiving currency is much higher than the forex interbank market. Encryption technology is an underappreciated field, and there have been no practical applications of encryption technology in the past 15 years.