Investor and entrepreneur Kevin O’Leary didn’t mince words during his keynote at Consensus 2025 in Toronto. According to him, legacy financial institutions — particularly in the foreign exchange and global payments sectors — are fiercely resisting the rise of stablecoins. Why? Because these digital assets threaten to upend the very foundation of their lucrative business models.
O’Leary, known for his appearances on Shark Tank and his investments in both traditional and digital finance, highlighted a central truth: the current foreign exchange market is bloated with inefficiencies and costs. “Currency trading is a multi-trillion dollar market — and it’s old, ugly, and inefficient,” he told the audience. “The biggest threat to that monopoly or oligopoly is a regulated stablecoin.”
According to O’Leary, stablecoins offer a faster, more transparent, and significantly cheaper alternative to the decades-old infrastructure used for cross-border payments. With stablecoins, money could move across borders in seconds — bypassing intermediaries that currently take days and charge substantial fees. This, naturally, doesn’t sit well with established financial players.
“They hate this idea,” O’Leary said of legacy financial institutions. “And they’re working very hard to stop the stablecoin legislation from advancing right now.”
Stablecoins and the Policy Battle
At the heart of the debate is the Genius Act, a proposed piece of legislation in the U.S. aimed at providing a clear regulatory framework for stablecoins. The bill is expected to go to a vote before the end of May. If passed, O’Leary believes it will act as a catalyst for global change.
“As soon as the SEC approves the stablecoin act, every regulator in the US’s circle — Abu Dhabi, Switzerland, England — will follow,” he said, suggesting that U.S. regulatory approval would spark a domino effect in international markets. The global financial landscape, particularly foreign exchange, could see a seismic shift as other jurisdictions rush to modernize.
Senator Kirsten Gillibrand also weighed in at a separate event organized by Coinbase’s advocacy group, Stand With Crypto. She emphasized that the upcoming legislative efforts won’t just address transactional efficiency but will also build in protections for consumers. “When this language comes out, people will see really good refinement, a lot of progress, on things like consumer protection, bankruptcy protection, and ethics,” Gillibrand said.
A $250 Billion Market — And Growing
The stablecoin sector is already commanding significant value. As of mid-May 2025, the combined market capitalization of all stablecoins is nearing $250 billion, based on CoinGecko data. Tether’s USDT leads the pack with approximately $150 billion in market cap, followed by Circle’s USDC, which stands above $60 billion.
These figures aren’t just abstract numbers — they reflect growing real-world adoption and investment. And according to O’Leary, once stablecoin regulations are formalized, it could unlock trillions in institutional capital that’s currently sitting on the sidelines due to uncertainty.
While Wall Street may resist the stablecoin tide for now, O’Leary sees its arrival as inevitable. “The future of global payments will be faster, cheaper, and more transparent,” he said. “Stablecoins are just the beginning.”
