Airwallex CEO questions the practicality of stablecoins: difficult to replace traditional cross-border transfers

On June 8, Jack Zhang, co-founder and CEO of Airwallex, wrote on the X platform questioning the practical use of stablecoins. "Investors keep asking me about stablecoins and how it can reduce foreign exchange fees; if you send money from USD to EUR and the recipient still needs to receive EUR at their bank, I don't see any way stablecoins can reduce fees - the cost of switching from stablecoins to receiving currencies is much higher than in the foreign exchange interbank market. Crypto is an area that is not understood and has not seen any use cases for crypto in the past 15 years."