Airwallex Founder: Stablecoins Will Develop Within National Regulatory Systems

Comparing news, Jack Zhang, co-founder and CEO of the cross-border payment company Airwallex, wrote that stablecoins are becoming an important track for global capital flows, yet the sovereign financial system still decides how to incorporate them, not the other way around. This trend will intensify as stablecoin adoption grows. The Central Bank of Brazil has incorporated virtual asset services into the foreign exchange and international capital supervision framework. Vietnam is starting to build a regulated crypto market while prohibiting crypto assets as a means of payment, and the Philippines has indefinitely extended the suspension of virtual asset service provider licenses, all indicating that stablecoin adoption will occur within each country's regulatory system.

He said that technology has made commerce more global, yet financial sovereignty is more localized, and the government will continue to set its own rules for currency, data, identity and payment. The most durable stablecoin infrastructure needs to connect to sovereign financial systems, provide deep liquidity, and provide enterprises with reliable conversion between stablecoins and fiat currencies. With corporate accounts as the core, Airwallex has obtained a central bank payment institution license in Brazil and acquired MexPago, an IFPE license holder, in Mexico to connect to the local financial systems of major Latin American economies. It is betting that AI and stablecoins will drive more global commerce and make regulated local connections more valuable.