Legacy forex, payments platforms ‘hate’ stablecoin adoption — Kevin O’Leary

Stablecoins offer a cheaper, faster alternative to legacy global payments systems, the popular investor said at Consensus.

Global foreign exchange and payments platforms are lobbying hard against stablecoins, which stand to significantly disrupt their business models, investor Kevin O’Leary said during a keynote address at Consensus 2025.

Legacy forex and payments platforms often extract large fees for servicing cross-border cash transfers and stand to lose out on revenue if regulated stablecoins become accepted as a cheaper, faster alternative, O’Leary said at the Toronto conference. 

“Once that’s approved, the multi-trillion dollar FX market becomes efficient, transparent, and inexpensive,” he said. 

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