Circle CEO: Stablecoins will be like traditional cross-border payments, highlighting the inefficiency of the banking system

ChainCatcher reported that Circle CEO Jeremy Allaire stated that traditional banks face issues such as high fees, slow speeds, and multiple intermediaries in cross-border remittances, while stablecoins can enable instant, low-cost peer-to-peer transactions.

He cited Turkey as an example, noting that local residents prefer to hold digital dollars to hedge against the risk of local currency depreciation. He believes that in the future, software tools based on open internet infrastructure may compete with traditional banks, but banks may also transform by integrating blockchain technology.