Airwallex CEO: Stablecoins are difficult to replace traditional cross-border payments

ChainCatcher news, Airwallex co-founder and CEO Jack Zhang questioned the practical use of stablecoins in a post on the X platform.

He stated: Investors constantly ask me questions about stablecoins and how they reduce foreign exchange costs; 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 reduce costs— the conversion cost from stablecoins to the receiving currency is far higher than the foreign exchange interbank market. Cryptocurrency technology is an underappreciated field, and we have not seen any use cases for cryptocurrency technology in the past 15 years.