Stablecoins: Building the Internet's Monetary Ecosystem

According to Odaily, Airwallex co-founder and CEO Jack Zhang recently commented on stablecoins, emphasizing that their primary purpose is to construct a 'monetary ecosystem' for the internet rather than facilitating global currency flow. Zhang highlighted that stablecoins represent the currency of the internet, with the main challenge being to prove they are 'clean money.' Platforms with distribution capabilities, such as Stripe, Revolut, and Airwallex, possess the necessary technology to integrate stablecoins into their products. These platforms can convert existing 'clean money' within the system into stablecoins and issue new financial products for monetization. Zhang noted that the Genius Act prohibits issuers from paying yields, aligning with the stance of central banks worldwide. This presents a challenge for many startups. He further stated that stablecoins are not merely a technological endeavor but a distribution game, with many tech platforms equipped with both the technology and distribution capabilities needed to succeed.