Legacy forex, payments platforms ‘hate’ stablecoin adoption — Kevin O’Leary

Global foreign exchange and payments platforms are lobbying hard against stablecoins, which stand to significantly disrupt their business models, investor Kevin O’Leary said during a keynote address at Consensus 2025. Legacy forex and payments platforms often extract large fees for servicing cross-border cash transfers and stand to lose out on revenue if regulated stablecoins become accepted as a cheaper, faster alternative, O’Leary said at the Toronto conference.  “Currency trading is a multi-trillion dollar market — and it’s old and ugly and inefficient,” O’Leary said, adding that “[ t]he biggest threat to that monopoly or oligopoly is a regulated stablecoin. ” “Once that’s approved, the multi-trillion dollar FX market becomes efficient, transparent, and inexpensive,” he said source: https://cointelegraph.com/news/legacy-forex-payments-platforms-hate-stablecoin-adoption-kevin-o-leary?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound