Exploring the Future of Payment Technologies
In a recent roundtable focused on the theme of “OKX Pay,” CEO Star of OKX, alongside CMO Haider Rafique and Gracie Lin, the CEO of OKX Singapore, explored the evolving landscape of payment technologies and their potential future applications.
Milestones in Cryptocurrency
Star reflected on the major milestones achieved in the cryptocurrency sector over the past decade-plus, highlighting Bitcoin’s remarkable ascent to become a leading digital asset worldwide. He also emphasized the growing importance of stablecoins, which have amassed a market capitalization nearing $300 billion and are anticipated to experience significant growth in the near future.
The Historical Context of Money
Delving into the historical context of payment methods, Star explained how the essence of money has always been peer-to-peer transfer—from ancient coins to modern paper currencies, funds have traditionally been within individuals’ control. However, in contemporary times, as financial institutions manage currency, individual users often find themselves relying on limited protections when these institutions face financial difficulties.
The Role of Blockchain and Stablecoins
Star posited that innovations brought about by blockchain technology coupled with stablecoins are paving the way for a return to a “peer-to-peer” financial model, characterized by lower costs and greater efficiency. He specifically identified the transformative potential of stablecoins in international transactions, suggesting they could significantly reduce existing credit card fees, which range from 1% to 3%, thereby establishing a new foundation for payment systems.
Advancements in Security and Compliance
Additionally, advancements in multi-signature accounts, abstract accounts, and on-chain compliance tools are poised to bolster the security and compliance of stablecoin transactions. Star asserts these developments will enhance efficiency and are projected to facilitate the integration of stablecoin payments into everyday financial practices over the next few years.
