Circle CEO: Stablecoins will disrupt traditional cross-border payments, highlighting the inefficiencies of the banking system.

According to Mars Finance, Circle CEO Jeremy Allaire stated that traditional bank cross-border remittances suffer from pain points such as high costs, slow speeds, and numerous intermediaries, while stablecoins can enable instant, low-cost peer-to-peer transactions. He cited Turkey as an example, pointing out that local residents prefer to hold digital dollars to hedge against the risk of local currency devaluation. He believes that in the future, software tools based on open internet infrastructure are expected to compete with traditional banks, but banks may also transform themselves by integrating blockchain technology.