Web3 (and stablecoins) are driving finance and e-commerce towards true internet and digitalisation. Airwallex's Jack Zhang may not have realised this, as he was using the existing market model to compare Airwallex and stablecoin payments. It may be like using the rules of the newspaper industry to compare the optimised version of a traditional media with the Internet media. And when finance and e-commerce are truly integrated, where will there be the original electronic system and bank settlement system? Of course, it will take a long time, and we will also see the integration of the two models, and even many sub-fields may be more advantageous for the old system to take the initiative to move forward; But the future should not be dominated by Airwallex's model. The local license and the capital pool in various places just optimised the original system or deliberately bypassed SWIFT, which is actually very heavy and belongs to the upgraded version of the previous generation of products. It's valuable and solves real-world problems, but it's not a good idea to take a short-sighted view of the next-generation model.