Visa-backed Airwallex, the international business payments company valued at $6.2 billion, is building a stablecoin team and infrastructure. It recently posted job adverts for 22 stablecoin roles. Last month the company’s CEO Jack Zhang took to social media expressing skepticism about the value of these digital currencies for cross border payments. Many took this to mean that he was doubtful about the utility of stablecoins, but that was a misinterpretation.
The company’s valuation was achieved in a $300 million funding round in May 2025, with the firm reaching annualized revenues of $720 million in March based on $130 billion in payments. It expects to surpass $1 billion in revenues for 2025.
Zhang’s provocative posts were quite specific. He said he couldn’t see a future for stablecoins for G10 cross border payments. “We are moving money at the cost of less than 0.01% and real time. You can’t be cheaper than free and faster than real time,” he wrote. The above figures point to average fees of more like 0.5%, but that’s still reasonable and likely includes some card interchange fees.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
