Airwallex: The cost of switching from stablecoins to the recipient's currency is much higher than that of foreign exchange interbank transactions

Jack Zhang, co-founder of Airwallex, a corporate payments and finance platform, took to social media to question the usefulness of stablecoins in cross-border transactions with mainstream currencies. Zhang pointed out that in transactions between G10 currencies, the existing banking system has been able to transfer funds in real time at a cost of less than 0.01%, and stablecoins are difficult to provide a more competitive solution. He believes that the cost of off-market transactions from stablecoins to the recipient's currency is much higher than that of foreign exchange interbank transactions.
Zhang said that stablecoins may offer regulatory arbitrage opportunities in emerging markets such as Latin America or Africa, but the advantages in mainstream currency trading are not obvious. Zhang also pointed out that the cryptocurrency space has not shown a clear practical case in the past 15 years compared to technologies such as artificial intelligence, and he has reservations about the future development prospects of Web3.