On June 8, Jack Zhang, co-founder and CEO of Airwallex, issued an article on platform X questioning the actual use of stablecoins. "Investors keep asking me questions about stablecoins and how they reduce foreign exchange fees; if you remit money from U.S. dollars to euros and the recipient still needs to receive euros at their bank, there is no way for stablecoins to reduce fees-the conversion costs from stablecoins to receiving currencies are much higher than the foreign exchange interbank market. Encryption technology is an area that has not been understood, and we haven't seen any application cases of encryption technology in the past 15 years."