Stablecoins threaten legacy payments, forex platforms: Kevin O'Leary - adtechsolutions

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Stablecoins threaten legacy payments, forex platforms: Kevin O’Leary


Global foreign exchange and platforms for payments hardly lobby against stablecoins that significantly disrupt their business models, said investor Kevin O’Leary during the main address of consensus 2025.

Legacy Forex and Payment Platforms often receive large fees for the operator of cross -border cash transfers and are lost from income if regulated stablecoins become accepted as a cheaper, faster alternative, O’Leary said at the Toronto conference.

“Currency trading is a market for more trillion dollars-a is old and ugly and inefficient,” O’Leary said, adding that “[ t]The biggest threat to this monopoly or oligopol is regulated stablecoin. ”

“Once approved, the market with more trillion dollars FX will become effective, transparent and cheap,” he said.

Kevin O’Leary speaks on consensus. Source: Cointlelegraph

Stablecoin legislation

US lawmakers are working on legal regulations that accelerate global adoption of Stablecoin, O’Leary added.

American senators strive to approval the so-called brilliant law-Rama for the regulation of the stablecoins- by the end of May. “As soon as SEC passes the Stablecoin law, every regulator in the US circle – Abu Dhabi, Switzerland, England,” said O’Leary.

“Who is worried about it? The financial service industry. They hate this idea and work very hard to make the account right now,” he added.

O’Leary said that regulatory clarity for stablecoins may be the predecessor of a wider cryptocurrency reform that could potentially unlock trillion dollars in institutional capital.

“When this language comes out, people will see really good improvement, a lot of progress, things like consumer protection, bankruptcy and ethics,” said US Senator Kirsten Gillibrand during an event organized by the Lobbing Arm of Coinbase, a crypt stand.

From May 15, Stablecoins have a summary of the market capitalization of almost $ 250 billion, according to data from Coingecko. The data showed that the data was introduced to the US dollar in the US. Followed by Circle’s USDC, another Stablecoin with a bound US dollar with a market ceiling of more than $ 60 billion.

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