Airwallex shifts strategy to offer last-mile stablecoin conversion services
Airwallex, previously skeptical of stablecoins, is now launching a service that helps businesses turn U.S. stablecoins into local currencies.
Airwallex, once unconvinced about the value of stablecoins, is entering the market with a service that exchanges U.S. dollar-pegged stablecoins for local currencies on behalf of business customers. Dan Kim, the firm’s VP of Product and former Coinbase executive, explained that earlier merchant resistance stemmed from concerns over chargebacks and system complexity. Backed by a sizable investment from Visa, Airwallex is also backing Metal, a startup developing a blockchain designed to meet local regulatory requirements from the start.
Kim predicts that stablecoin adoption will grow as “agentic commerce” - automated shopping bots - becomes more common. The new offering positions Airwallex against rivals like Rain and MoonPay in the final conversion step of cross-border payments. While stablecoins dominate the market with 98% dollar backing, the company hopes its model will ease the transition for firms handling international transactions.
Why it matters
The service could simplify cross-border payments for businesses, speeding up transactions and reducing reliance on traditional banking rails.
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