Global foreign exchange and payment platforms are facing strong opposition against stablecoins, which could disrupt their traditional business models, according to investor Kevin O’Leary at Consensus 2025. Legacy forex and payment platforms charge high fees for cross-border cash transfers and could lose revenue if regulated stablecoins gain acceptance as a faster and cheaper alternative, O’Leary mentioned at the conference. O’Leary emphasized that currency trading is a multi-trillion-dollar market that is outdated and inefficient, and the biggest threat to this market is a regulated stablecoin. Once approved, the FX market could become efficient, transparent, and cost-effective. US lawmakers are working on the Genius Act to regulate stablecoins, aiming for approval before the end of May. O’Leary stated that once the SEC approves the stablecoin act, other regulators worldwide will likely follow. The financial services industry is concerned about this potential legislation and is actively working against it. Regulatory clarity for stablecoins could pave the way for broader cryptocurrency reform, unlocking trillions of dollars in institutional capital. Stablecoins currently have a combined market capitalization of nearly $250 billion, with Tether’s USDT leading at around $150 billion market cap, followed by Circle’s USDC with over $60 billion. This development could have significant implications for the financial sector globally.