XTransfer CEO Bill Deng: Stablecoins Poised to Modernize Cross-Border Payments

Bill Deng, CEO of China-based fintech platform XTransfer, believes stablecoins can finally digitize business-to-business transactions, which are often still reliant on PDFs and emails.

A significant portion of cross-border trade operates around the clock, with ports, airports, and fulfillment centers functioning at all hours.

However, Deng lamented in an interview with on the sidelines of the Forum Ekonomi Malaysia in Kuala Lumpur in early February that “when it comes to money, there’s no 24/7 infrastructure.” While business-to-consumer and peer-to-peer financial transactions, even across borders, can now be completed in minutes, he noted that in the business world, “they negotiate deals via pro forma invoices, and they still exchange information via email.”

Deng argued that stablecoins, which are digital tokens pegged to a fiat currency like the U.S. dollar, can make payments “more transparent, faster, and with a much lower cost.” He added, “For domestic payments, stablecoins do not add that much value. But for cross‑border transactions, they can be extremely valuable.”

Several governments, including those in the U.S., Japan, and the Chinese city of Hong Kong, have established regulatory frameworks for stablecoins. The total market value of all stablecoins is now , showing a 75% year-on-year increase. Nevertheless, stablecoins have a long way to go before playing a significant role in cross-border payments, with a estimating annual stablecoin payments at only $390 billion, or a mere 0.02% of the total.

Small and medium-sized enterprises (SMEs) in developing countries frequently resort to unregulated “shadow banking” systems for cross-border money transfers. An example is “hawala,” an ancient money transfer method that predates the formal international banking system. In a typical hawala transaction, a customer gives cash to a broker in one country, and a corresponding broker in the destination country disburses the equivalent amount to the intended recipient. Hawala is often quicker than traditional banking and serves areas not covered by formal financial infrastructure. Deng explained, “It’s become the mainstream for SMEs in many developing countries.”

However, due to its use by criminal networks, hawala and other shadow finance systems face government scrutiny for money laundering. Because hawala operates outside the formal banking system, its funds can sometimes be commingled with proceeds from fraud or other illicit activities. Banks may freeze accounts when they detect these tainted financial flows.

“Banks are reluctant to provide services to SMEs, which forces enterprises to use hawala, and as a result, banks are even less willing to serve them,” Deng stated.

XTransfer is already assisting companies in navigating the complex global landscape of anti-money-laundering regulations. Deng claimed that AI enables his company to perform compliance more accurately than traditional banks at just 5% of the cost.

He also pointed out that stablecoins could aid governments in monitoring illicit financial flows. Stablecoin transactions can contain data regarding the sender, receiver, and the purpose of a payment, making it easier for regulators to act swiftly if any activity appears suspicious. “If there is some criminal evidence to show that the money needs to be frozen, issuers can freeze it within one second,” he explained.

Deng, along with five other co-founders, established XTransfer in 2017 as a B2B equivalent of Alipay, the widely used Chinese payment service. Deng had accumulated over a decade of experience in the payments sector, initially at , and subsequently at Alibaba affiliate Ant Financial. After several of his colleagues departed to launch their own ventures, including the ride-hailing firm Didi, Deng decided to pursue his own entrepreneurial path.

XTransfer serves over , with nearly half of its clients located outside of China. The firm currently processes over $12 billion in payments monthly and handles more than 2% of China’s exports. In late 2025, the company entered into strategic partnerships with Malaysia’s Maybank, Thailand’s Kasikornbank, and Taiwan’s Bank SinoPac.

Nonetheless, XTransfer is witnessing firsthand the shifts in trade flows, influenced by U.S. President Donald Trump’s decision to impose a wide range of tariffs on U.S. imports. (On February 22, the U.S. Supreme Court declared many of these tariffs illegal; however, Trump has pledged to maintain them.)

Deng reported that the U.S. share of payments processed through XTransfer’s platform has decreased from 22% a few years ago to just 9% currently. In contrast, flows from “Global South” countries now constitute 70% of the total.

According to a January press statement, XTransfer’s experienced a 106% growth in 2025, with Africa showing a surge of over 270%.

In the long term, Deng foresees trade moving away from singular manufacturing powerhouses like China, with supply chains evolving into networks connecting various smaller economies. He also believes Chinese businesses can contribute to fostering the growth of manufacturing sectors in other regions.

“The first thing locals think about Chinese people is that they’re wealthy,” he said with a laugh. “Many Chinese people are bringing business into these countries–just like how the U.S. and Britain brought business into China 40 years ago.”