Fortune Magazine: After the "Genius Act" takes effect, stablecoins may trigger a reshuffle in the remittance market, intensifying competition between traditional giants and crypto companies

PANews January 17 News, Forbes magazine article pointed out that the Genius Act, which took effect in July last year, has begun to impact the $900 billion remittance market. Competition between cryptocurrency companies and traditional remittance firms like Western Union and MoneyGram is expected to become more intense. Deutsche Bank senior equity research analyst Nate Svensson believes that traditional remittance companies still hold certain advantages, especially given their well-established regulatory systems worldwide. Wharton School finance professor Jessica Wachter stated that the advantage of crypto-native companies lies in their flexible application of stablecoin technology, whereas traditional remittance companies combining stablecoins with existing fiat remittance systems might end up “competing with themselves.”