365Crypto
Kevin O’Leary didn’t hold back at Consensus 2025. In front of a packed crowd in Toronto, the investor called out traditional forex and payments companies. Why? Because they’re terrified of stablecoins.
“These old platforms make billions moving money across borders,” O’Leary said. “But a regulated stablecoin? It’s faster, cheaper, and they hate it.”
He described the global currency market as bloated and broken — “old, ugly, and inefficient.” Stablecoins, he explained, are the biggest threat to this trillion-dollar machine.
“If regulators approve stablecoins,” he said, “everything changes. FX becomes clear, fast, and cheap.”
US pushes stablecoin rules
According to O’Leary, U.S. lawmakers are trying to speed things up. A bill called the “Genius Act” could give stablecoins the green light.
“If the SEC says yes, other countries will follow,” he said. “Switzerland, England, Abu Dhabi — they’re all watching.”
But not everyone is cheering.
“The financial industry is terrified,” O’Leary added. “They’re throwing money at lobbying to block this.”
Big changes ahead?
U.S. Senator Kirsten Gillibrand agrees big change is coming. At a Coinbase event, she said new laws could bring rules around consumer rights, bankruptcies, and ethics.
And with $250 billion already locked in stablecoins, the race is on.
Tether’s USDT leads the pack with a market cap near $150 billion. Circle’s USDC follows with over $60 billion. Once stablecoins get full legal support, O’Leary believes trillions in institutional money could flood in.
Stablecoins: Cryptocurrencies pegged to stable assets like the US dollar. Meant to avoid wild price swings seen in Bitcoin or Ethereum.
FX (Foreign Exchange): The global system for trading national currencies.
