Fintech executives question the practicality of stablecoins: no actual application of encryption technology seen in 15 years.

On June 8, news broke that a co-founder and CEO of a fintech company questioned the actual use of stablecoins on a social platform. “Investors keep asking me about stablecoins and how they drop forex costs; if you transfer money from USD to EUR, and the recipient still needs to receive EUR at their bank, I don’t see how stablecoins can drop costs— the conversion cost from stablecoin to the receiving currency is far higher than the forex interbank market. Encryption technology is an underappreciated field, and we haven’t seen any application cases of encryption technology in the past 15 years.”

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