Author: Nancy, PANews
Stablecoins have become a hot topic in the global financial circle, with the founder of a cross-border payment unicorn company being "pestered" by investors, directly firing at stablecoins.
Recently, a tweet by the CEO of Airwallex unexpectedly ignited public opinion in the crypto community. In this statement, this traditional financial elite questioned stablecoins' value in foreign exchange costs, clearing efficiency, and practical application in mainstream markets, revealing reservations and doubts about this emerging payment tool.
Surprisingly, this statement was quickly refuted by multiple parties in the crypto circle. From on-chain settlement efficiency to payment freedom in emerging markets, and the process of stablecoin compliance, the comment section became a scene of confrontation between new and old payment systems.
This is not just a collision of viewpoints, but reveals a financial underlying logic reconstruction that is accelerating. Today, stablecoins are no longer a marginal tool in the crypto circle, but are substantially cutting into core scenarios of traditional finance, reshaping cost structures and clearing mechanisms, and shaking the vested interests of intermediary institutions.
Airwallex CEO Publicly Questions Stablecoin Value, Faces Counterattacks from Multiple Parties
On June 8, Airwallex co-founder and CEO Jack Zhang publicly expressed profound doubts about the value of stablecoins.
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From cross-border payments, we can clearly see the impact of stablecoins on the existing system. In the traditional financial system, cross-border remittances require traversing multiple national banking systems, clearing networks, and foreign exchange markets, often taking days, with high fees and lack of transparency. Stablecoins, however, achieve real-time arrival and full-chain transparency through on-chain point-to-point transfers and smart contract settlements. This is not just an improvement in efficiency, but a paradigm shift: funds no longer rely on bank networks backed by national sovereignty, but are directly custodied and transferred through on-chain addresses in open networks.
More importantly, stablecoins break through the geographical limitations and thresholds of financial services. Due to compliance costs, risk control restrictions, and commercial feasibility of traditional banks, over 1 billion people worldwide still cannot access financial services. Stablecoins, through the combination of "smartphone + digital wallet + internet", enable users to obtain the right to store value, pay, conduct cross-border transactions, and participate in global financial activities, achieving true decentralized financial inclusion. For example, in Latin America, Africa, and Southeast Asia, more and more users are beginning to use USDT and USDC for daily value storage, salary settlement, commodity payments, and small cross-border remittances. This is not the "regulatory arbitrage" Jack speaks of, but a real portrayal of a new financial order taking root in marginal areas.
It is precisely for this reason that stablecoins' impact on traditional financial technology companies is fundamental.
Taking Airwallex as an example, its business model is built on the logic of connecting existing financial networks, constructing payment paths through bank accounts, Swift networks, clearing houses, and foreign exchange markets. Stablecoins bypass this network logic, breaking from the source the business structure dependent on bank accounts, clearing houses, and exchange networks. This means stablecoins are gradually compressing the profit margins of Fintech companies, and once the global compliance system for stablecoins is perfected, this impact will become systematic and irreversible.
Meanwhile, the global compliance trend of stablecoins is gradually making them legitimate competitors in the traditional financial realm, with the United States, Hong Kong, Singapore, and the UAE accelerating the formulation of stablecoin regulatory standards. For instance, the United States is promoting the GENIUS stablecoin bill, bringing stablecoins into a regularized track; Hong Kong's Stablecoin Ordinance will take effect on August 1st, becoming a milestone in promoting the sustainable development of Hong Kong's stablecoin and digital asset ecosystem. In this process, crypto-compliant native enterprises like Circle actually have a first-mover advantage, while traditional institutions are slow to act due to their fixed internal structures and technical deficiencies.
More notably, the core user group of stablecoins is rapidly becoming younger. Generation Z and Millennials, who grew up in a digital native environment, have a natural acceptance and affinity for on-chain wallets, stablecoin payments, and smart contract operations. This native digital behavioral habit is increasingly eroding these institutions' moats.
However, more and more traditional financial and tech giants are actively embracing stablecoins. For example, Deutsche Bank is currently researching stablecoins and tokenized deposits, considering issuing tokens or joining industry initiatives; Apple, X, and Airbnb are contacting crypto enterprises to explore stablecoin payment integration solutions; Uber is considering using stablecoins to reduce cross-border payment costs and actively evaluating its application potential; payment company Stripe is considering collaborating with banks to promote stablecoin payment development; Santander Bank in Spain plans to launch stablecoins and expand crypto currency services... These market dynamics also indicate that stablecoins may become the core variable in a new round of financial structure reshaping.
Overall, this debate triggered by Airwallex's questioning of stablecoins reveals the increasingly fierce competition and ideological collision between traditional and crypto finance. What cannot be ignored is that with the advancement of compliance processes and active exploration by mainstream institutions, stablecoins are gradually evolving from marginal tools to an important force in mainstream finance.
