Circle CEO: Stablecoins will disrupt traditional cross-border payments, highlighting the inefficiencies of the banking system

Circle CEO Jeremy Allaire stated that traditional banks face pain points in cross-border remittances such as high fees, slow speeds, and multiple intermediaries, while stablecoins can enable instant, low-cost peer-to-peer transactions.

He pointed out that in Turkey, locals are more inclined to hold digital dollars to avoid the risk of local currency depreciation. He believes that in the future, software tools based on open internet infrastructure are expected to compete with traditional banks, but banks may also transform by integrating blockchain technology.