In a new article that’s sparking conversation across fintech and crypto circles, Jack Zhang, the co-founder of Airwallex, shares his bold thesis: stablecoins are not just a tool for fast, cheap payments. According to him, they are the foundation of a future-ready Internet currency ecosystem designed for trust, compliance, and global scale.
The Purpose of Stablecoins in an Internet Currency Ecosystem
According to Zhang, most people misunderstand the long-term goal of stablecoins. Rather than focusing solely on cross-border payments, he insists the true value lies in building an Internet currency ecosystem – a digitally native financial network where money is programmable, borderless, and transparent.
Stablecoins, in his view, should be “clean money”: fully regulated, KYC/AML-compliant, and seamlessly integrable with online platforms.
Fintechs Hold the Key to Stablecoin Distribution
Zhang highlights that distribution – not just innovation – is the real challenge. Companies like Airwallex, Stripe, and Revolut have the infrastructure, user base, and regulatory expertise to deliver the promise of an Internet currency ecosystem.
These companies can:
- Issue stablecoin-powered cards that earn ~2% interchange fees
- Build compliant lending and yield-generating products
- Deliver seamless fiat on/off ramps at scale
Stablecoins and Regulation: Playing the Long Game
While regulatory frameworks like the “Genius Act” restrict direct yield on stablecoins, Zhang believes sophisticated fintechs will find workarounds – legally structured financial products that still offer user value without breaching regulations.
In doing so, they can still foster a healthy Internet currency ecosystem even under tight oversight.
A Strategic Shift Away from Crypto Maximalism
The article also comes after a wave of community backlash to Zhang’s earlier comments that stablecoins won’t significantly reduce FX costs in regions like Europe. Critics argued that stablecoins empower the unbanked globally.
Zhang doesn’t deny that – but he reframes the debate: instead of focusing on permissionless disruption, he’s championing stability, trust, and compliant scalability as core to building the Internet currency ecosystem.
Conclusion
Jack Zhang’s vision challenges conventional crypto narratives. Rather than prioritizing decentralization or anonymity, he believes the future lies in a globally distributed, regulated, and trusted Internet currency ecosystem.
If fintech leaders heed his call, the next phase of digital finance may be led not by protocols, but by platforms that understand regulation, compliance, and customer trust.
