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

i think routing around the correspondent banking networks is significantly cheaper and has much faster settlement times 

also onchain fx is true 24/7 (unlike offchain)

sfaik there's not much onchain fx. no dedicated ux, lack of options for trading with leverage, and absence of asset breadth and depth are the main reasons why imo

Where is onchain fx tho? Outside of USDC/EUROC? I don’t know of any onchain fx markets?