Airwallex Co-Founder: The Cost of Converting from Stablecoins to Payee Currency is Much Higher than Interbank Forex Transactions

According to a report by Jinse Finance, Jack Zhang, co-founder of the enterprise payment and financial platform Airwallex, expressed skepticism on social media about the practicality of stablecoins in mainstream currency cross-border transactions. Zhang pointed out that in transactions between G10 currencies, the existing banking system can transfer funds in real-time at a cost of less than 0.01%, making it difficult for stablecoins to offer a more competitive solution. He believes that the off-ramp transaction costs from stablecoins to the recipient's currency are much higher than interbank forex transactions. Zhang stated that stablecoins might provide regulatory arbitrage opportunities in emerging markets such as Latin America or Africa, but their advantages in mainstream currency transactions are not apparent. Zhang also noted that compared to technologies like artificial intelligence, the cryptocurrency field has not demonstrated clear practical use cases over the past 15 years, and he remains cautious about the future development prospects of Web3.