{"id":12106,"date":"2025-05-16T01:51:25","date_gmt":"2025-05-15T23:51:25","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=12106"},"modified":"2025-05-16T01:51:25","modified_gmt":"2025-05-15T23:51:25","slug":"stablecoins-disrupt-traditional-payment-systems-and-forex-markets-according-to-kevin-oleary","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/05\/16\/stablecoins-disrupt-traditional-payment-systems-and-forex-markets-according-to-kevin-oleary\/","title":{"rendered":"Stablecoins Disrupt Traditional Payment Systems and Forex Markets, According to Kevin O’Leary"},"content":{"rendered":"

<\/p>\n

\n

Global foreign exchange and payment systems are vigorously campaigning against stablecoins, which could substantially disrupt their business frameworks, investor Kevin O\u2019Leary articulated during a keynote address at Consensus 2025.<\/p>\n

Traditional forex and payment systems frequently impose high charges for managing international money transfers and risk losing substantial income if regulated stablecoins gain acceptance as a more economical, quicker alternative, O\u2019Leary mentioned at the Toronto event.<\/p>\n

\u201cCurrency trading is a multi-trillion dollar sector \u2014 and it\u2019s outdated, unattractive, and ineffective,\u201d O\u2019Leary noted, adding that \u201c[ t]he primary danger to that monopoly or oligopoly is a regulated stablecoin.\u201d<\/p><\/blockquote>\n

\u201cOnce that\u2019s sanctioned, the multi-trillion dollar FX sector transforms into a streamlined, transparent, and affordable system,\u201d he remarked.<\/p>\n

Kevin O\u2019Leary addressing Consensus. Source: Cointelegraph<\/em><\/figcaption><\/figure>\n

Stablecoin regulations<\/h2>\n

US legislators are devising laws that could hasten worldwide stablecoin implementation, added O\u2019Leary.<\/p>\n

US Senators aim to enact the so-called Genius Act \u2014 a framework for overseeing stablecoins \u2014 prior to the closure of May<\/a>. \u201cOnce the SEC endorses the stablecoin act, every regulator within the US\u2019s sphere \u2014 Abu Dhabi, Switzerland, England \u2014 will follow suit,\u201d O\u2019Leary stated.<\/p>\n

\u201cWho is apprehensive about this? The financial services sector. They despise this notion and are striving intensely to prevent that legislation from coming to fruition at this moment,\u201d he continued.<\/p>\n

O\u2019Leary remarked that regulatory clarity for stablecoins could precede broader cryptocurrency reforms that might unlock trillions of dollars in institutional financing.<\/p>\n

\u201cWhen this language is released, individuals will witness considerable improvements, significant advancements, in areas such as consumer protection, bankruptcy safeguards, and ethics,\u201d US Senator Kirsten Gillibrand expressed at an event organized by Coinbase’s lobbying arm, Stand with Crypto.<\/p>\n

As of May 15, stablecoins have a combined market capitalization of almost $250 billion, according to data<\/a> from CoinGecko. Tether\u2019s US-dollar linked stablecoin USDT leads, boasting a market cap of approximately $150 million, as per the data. It is followed by Circle\u2019s USDC, another US-dollar linked stablecoin with a market cap exceeding $60 billion.<\/p>\n

Magazine:\u00a0<\/strong><\/em>Bitcoin projected to reach $1M \u2018by 2029,\u2019 CIA acknowledges Bitcoin: Hodler\u2019s Digest, April 27 \u2013 May 3<\/strong><\/em><\/a><\/p>\n