TechFlow, June 20 — Jack Zhang, co-founder and CEO of enterprise payments and financial platform Airwallex, posted on X: "It's time to short Circle."
Earlier, Jack Zhang took to X to question the practical use cases of stablecoins, stating: "Investors keep asking me about stablecoins and how they reduce foreign exchange fees. If you're sending money from USD to EUR, and the recipient still needs to receive EUR in their bank account, I don't see how stablecoins can reduce costs—the conversion cost from stablecoin to the receiving currency is far higher than interbank FX rates. Crypto remains a misunderstood space, and we've yet to see any real-world crypto application over the past 15 years."
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