Metal completes seed round financing, led by Airwallex and Capital49

The tokenized financial product settlement network Metal has completed a seed round financing, led by Airwallex and Capital49. The specific financing amount has not been announced. Airwallex joins Metal as the first design partner. Jack Zhang stated in June 2025 that investors are inquiring about how stablecoins can reduce foreign exchange fees. If the US dollar is remitted to the euro and the recipient receives the euro at the bank, stablecoins cannot reduce fees. The conversion cost from stablecoins to the receiving currency is higher than in the foreign exchange interbank market. Cryptocurrency technology is an area that has never been understood, and no application cases of cryptocurrency technology have been seen in the past 15 years.