Airwallex and Co-founder re-evaluate stablecoins: The real purpose is to build an Internet currency ecosystem
PANews reported on June 14 that Jack Zhang, co-founder and CEO of Airwallex, a corporate payment and financial platform, once again commented on stablecoins in an article: Most people misunderstand that stablecoins are for global currency flows. The real purpose of stablecoins is to build the "currency ecosystem" of the Internet. Stablecoins are the currency of the Internet, but the biggest challenge is how to prove that it is a "clean currency". Only platforms with distribution capabilities can do this. Stripe, Revolut and Airwallex all have such distribution capabilities and the technology to build financial products on the Internet. Platforms with distribution capabilities can easily embed stablecoins into their products, convert existing "clean currencies" in the system into stablecoins, and issue new financial products to monetize them. The Genius Act prohibits issuers from paying returns, which is also the position of central banks around the world. This is bad news for many startups... Stablecoins are not a technology game, but a distribution game. Many technology platforms have both technology and distribution.
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