Stablecoins threaten legacy payments, forex platforms: Kevin O'Leary
Global foreign exchange and payments platforms are opposing stablecoins due to potential disruptions to their business models, as stated by investor Kevin O’Leary at Consensus 2025. Legacy platforms charge high fees for cross-border transfers and may lose revenue if regulated stablecoins become widely accepted as cheaper alternatives. O’Leary emphasized that regulated stablecoins could transform the multi-trillion dollar currency trading market into a more efficient and transparent system. US lawmakers are advancing the Genius Act to regulate stablecoins, with hopes of passing it by the end of May. O’Leary noted that approval could lead to widespread regulatory adoption globally. The financial services industry is actively lobbying against this legislation. As of mid-May, stablecoins have a combined market capitalization of nearly $250 billion, with Tether’s USDT leading at around $150 billion, followed by Circle’s USDC at over $60 billion.
