Fortune: Stablecoins May Disrupt the Remittance Market After the “Genius Act” Takes Effect, Intensifying Competition Between Traditional Giants and Crypto Companies
PANews, January 17th – According to an article by Fortune magazine, the Genius Act, which came into effect last July, has already begun to impact the $900 billion remittance market, and competition between cryptocurrency companies and traditional remittance firms such as a certain exchange is expected to become even more intense. Nate Svensson, Senior Equity Research Analyst at the exchange, believes that traditional remittance companies still hold certain advantages, especially having established comprehensive regulatory frameworks worldwide. Jessica Wachter, Professor of Finance at the Wharton School, stated that the advantage of crypto-native companies lies in their flexible application of stablecoin technology, while traditional remittance companies may end up “competing with themselves” if they combine stablecoins with their existing fiat remittance systems.
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