Fortune Magazine: Stablecoins may trigger a reshuffle in the remittance market after the Genius Act takes effect, intensifying competition between traditional giants and crypto companies.

PANews reported on January 17th that Fortune magazine published an article pointing out that the Genius Act, which took effect last July, has begun to impact the $900 billion remittance market, and competition between cryptocurrency companies and traditional remittance companies such as Western Union and MoneyGram is expected to intensify. Nate Svensson, senior equity research analyst at Deutsche Bank, believes that traditional remittance companies still have certain advantages, especially given their well-established global regulatory framework. Jessica Wachter, a finance professor at Wharton Business School, stated that the advantage of cryptocurrency-native companies lies in their ability to flexibly utilize stablecoin technology, while traditional remittance companies, by combining stablecoins with existing fiat currency remittance systems, may find themselves "competing against themselves."