Airwallex CEO Questions the Practical Use of Stablecoins

According to BlockBeats, Airwallex co-founder and CEO Jack Zhang recently expressed skepticism about the practical applications of stablecoins. Zhang raised concerns on the X platform regarding the effectiveness of stablecoins in reducing foreign exchange costs. He questioned the process of converting money from U.S. dollars to euros, noting that the recipient still needs to receive euros in their bank account. Zhang argued that the conversion costs from stablecoins to the recipient's currency are significantly higher than those in the interbank foreign exchange market. Zhang further commented on the broader field of cryptocurrency, suggesting that it remains an area that has not been fully understood. He pointed out that over the past 15 years, there have been no significant application cases for cryptocurrency technology.