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

Airwallex co-founder and CEO Jack Zhang questioned the actual use of stablecoins. He stated that even if stablecoin prices are stable, if the recipient still requires settlement in local currency (such as EUR), the off-ramp costs of stablecoins are far higher than traditional interbank foreign exchange markets, making it difficult to save costs. Additionally, Jack directly said that he has "not seen any practical use cases for cryptocurrencies in 15 years" and claimed that "issuing currency is the responsibility of central banks", believing stablecoins are merely financial speculation tools.