Can someone ELI5 why Jack is wrong? I love stablecoins, but am probably more aligned with Jack than its boosters right now. Feels like the excitement around stables today smells a lot like emperor has no clothes

Investors keep asking me about stablecoin, and how that can reduce FX fees; if you send money from USD to EUR, and the receiving end still requires to receive EUR in their bank, I can’t see any ways stablecoin can reduce fees - off ramping from stablecoin to recipient currency

Jack Zhang

Can someone ELI5 why Jack is wrong? I love stablecoins, but am probably more aligned with Jack than its boosters right now. Feels like the excitement around stables today smells a lot like emperor has no clothes

https://x.com/awxjack/status/1931239220204486879

You want to transfer $1000 to someone in the Philippines.

You and the other Party both have stable coin wallets. 

You send your 1000 to the US crypto Bank. 

The crypto bank holds millions in this stable coin.

The US crypto bank sends $1000 and stable coins to that person’s wallet in the Philippines.