Airwallex CEO questions the practicality of stablecoins: it is difficult to replace traditional cross-border payments

Odaily News Jack Zhang, co-founder and CEO of Airwallex, posted on the X platform questioning the actual use of stablecoins. He said: Investors keep asking me about stablecoins and how they can reduce foreign exchange fees; if you transfer money from US dollars to euros, and the recipient still needs to receive the euros at their bank, I don’t see any way for stablecoins to reduce fees - the conversion cost from stablecoins to the receiving currency is much higher than the foreign exchange interbank market. Cryptography is an area that has not been understood, and no application cases of cryptography have been seen in the past 15 years.