On June 8, news came that Jack Zhang, co-founder and CEO of a cross-border payment platform, questioned the actual use of stablecoins on a social platform. “Investors keep asking me questions 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 don’t see any way stablecoins can lower the fees — the conversion cost from stablecoins to the receiving currency is far higher than the forex interbank market. Encryption technology is an underappreciated field, and there have been no applications of encryption technology in the past 15 years.”
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The co-founder of a cross-border payment platform questions the practicality of stablecoins in dropping forex costs.
On June 8, news came that Jack Zhang, co-founder and CEO of a cross-border payment platform, questioned the actual use of stablecoins on a social platform. “Investors keep asking me questions 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 don’t see any way stablecoins can lower the fees — the conversion cost from stablecoins to the receiving currency is far higher than the forex interbank market. Encryption technology is an underappreciated field, and there have been no applications of encryption technology in the past 15 years.”