Eddie Hui - The Missing Layer - TOKEN2049 Singapore 2025

My name is Eddie Hui. I am the COO and co-president of MetacMP. MetacMP is a licensed payment institution in Singapore dealing with crossber money transfers and DPT what's digital payment token basically crypto. And um today we're going to talk about the missing layer connecting stable coins to real world usability. Before we delve into this topic, I want you to picture this.

It's Friday night. You spent an amazing week hearing about the projects that will shape the future blockchain. And then all of a sudden you remember you had to send funds to your friend in Hong Kong. And remember it's Friday night. The fastest way you may to get funds across to your friend might as well be for you to hop into a plane, shove a pile of cash in your bag, hope that the customs don't arrest you for money that is legitimately yours, and then hand over the cash to your to your friend.

Why is it that in a world where information flows instantly, transferring money is still so painful? And we all know the answer, right? Stable coins. You probably all heard about stable coins for the past six months, if not more. And there's a there's a real good reason for that.

It's a game where everyone wins. When you send stable coins, you can do that at a fraction of the cost of a regular bank transfer, probably 100 times cheaper. If you're on the receiving end, you get your money instantly. You reduce your counterparty risk. You don't have to wait for two, three, five days wondering when or or if your money will lend.

And because settlement is so quick, it allows you to inject so much more liquidity in the system. And the US Department of Treasury also loves that. Why? Because the reserves that back the stable coin are mostly invested in US treasuries. So it allow it it allows them to refinance their depth.

There are two more categories of uh people who love stable coins. The first one is stable coin issuers because where they deliver the token to you, they get to in or the interest that is paid by the uh US treasuries. The second category that is not mentioned in this slide is merchants. When you receive your funds using stablecoin, you save 3 to 4% of intermediary fees, the fees that you would have to pay to Visa, Mastercard, MX, and the likes. So, it's no surprise that Amazon and Walmart are looking into issuing their own stable coin because not only they will cut their fees, but they will also earn interest on those reserves.

For them, that's hundreds of millions of dollars every year. This is a huge deal. So, everyone wins. But if stable coins are so great, why aren't we using them today? Why aren't they everywhere?

Some of the hurdles that we see are here. The first one is on the regulatory side. Even though the genius act ma in Europe and efforts that have been led by Hong Kong and Singapore brought a lot of credibility to the space. There are still jurisdictions where regulation lacks clarity. Am I allowed to trade stablecoin?

Am I allowed to hold a stable coin? What will it look like in my books from an accounting point of view? Those are questions that are yet to be answered. The second point is that stable coins are great, but everyone is coming up with their own stable coin and it's a very fragmented space. You you can deal with USDC, USDT, RLUSD from Ripple and then you can deal with USDC on Ethereum, USDC on Polygon, USDC on B on arbitum.

What's the difference? It's so complicated. The third point is operational risk. I can't imagine a CFO going to the board and say, "I'm sorry, the phones are gone. I lost the private keys of the wallet."

This is huge risk. The fourth point is AML fears, anti-money laundering. Because when you deal with banking rails, the banks have the obligation to make sure that the funds are clean, that they're not part of a scheme of illicit transactions. When you deal with wallets and funds deposited to your wallet on a peer-to-peer basis, you're fully exposed to that risk because there is no bank who will help you check that transaction. So at MetacM, we believe that this is the missing layer.

It's a layer of regulated infrastructure and we call that web 2.5. Why? Because we all agree that we need to move away from web 20 for the reasons we all know. But you probably don't want to go 100% to web 3 and ignore the regulatory framework that took years or decades for the regulators to build and protect your client assets.

So this is what we call web 2.5. And this is exactly what our flagship product stable X provides. Stable X is the core engine to power our trading and payment platform. And then what it does is very simple.

It gets the best prices in the market like an price aggregator fairly standard. But more importantly, it determines the best path to get the funds delivered to you as fast as possible. Because we understand every single delay may have dramatic consequences can be a tarnished reputation or a business deal being lost. Stable X also brings trust. Remember these AML issues I mentioned?

Well, it turns out on the blockchain you can see a lot and you can trace transactions all the way back and where most will use one tool to check on chain at at Metac we use four tools because we believe that this is what is needed to have the most exhaustive view of where the money are coming from and where they're going to and we do that in real time. And then it provides usability because we don't believe that people should have to worry about how to manage their private keys, how to operate in a multi-mputation um multi-party computation wallet. We handle all the leg work for our clients and the results are there. The first time a client asked us to deliver AED, sadly it took three days. And that's because we use traditional banking rails.

With stable X, we're now doing that in 10 to 20 minutes. I repeat, from 3 days to 10 to 20 minutes. That's about 400 times faster. We're not doing that alone. We have partnerships.

We work with regulated entities who share the same vision as us stable coin for liquidity. There's other ways to achieve quasi instant delivery. You can have a huge inventory in Singapore, huge inventory in UAE and everywhere. And then you can just transfer instantaneously rebalancing your portfolio. That's a traditional way of doing it.

At stable X, we prefer to rely on the liquidity that stable coins offer and why that matters to our clients. The first point, if you need to establish a new corridor and come to us, you won't have to wait until we build our infrastructure until we come up with those $50 million. We just establish a new partnership and then you're good to go. The second point is $50 million times one, two, three, 50 currencies that you have to support. That's a lot of money and that cost of capital ultimately may be passed on to you.

Stable X avoids the burden. The last point is that $50 million exposure in multiple currency, that's a lot of market risk to manage. If a currency moves suddenly in one direction or another, it puts the corridor at risk, but it also threatens the entire platform. So again, Cibillex avoids all those traps and allows our clients to expand faster, cheaper, and safer. And it doesn't stop here.

What we believe at MetacMP is that the future of payment is onchain. Right now, if I want to transfer Sing dollar to MXN, convert SL to MXN, I'll probably have to go through US dollars. That's the way it's mostly happening today. What we're showing today is the ability to do the same thing but to shorten the settlement time going through stable coin in the middle. At some point those countries will have their own stable coin e sing dollar going through US dpg uh stable coin and then finally to emxm.

But as liquidity increases, as we noted before using stable coins, you also have the ability to swap directly from e dollar to emxm and stable exit design support you in every step of this transformation. So I'm going to go back to what I mentioned earlier. The safest way for you to move money across may seem to be to put your money in a bag and hand it over to your friend. That's because we still using legacy banking rails which are fragmented and opaque. Stable X allows you to overcome that and allows our clients to expand safer in a safer way, faster and cheaper.

And this, ladies and gentlemen, this is how we complete the bridge is to is by combining blockchain's innovation with the governance of traditional finance. If you want to see stable X in action, I invite you to visit our booth at the other end of this floor and uh work uh and speak to our relationship managers who will be delighted to demo our product to you. Thank you.