Foreign-exchange markups on bank wire transfers can reach 2% to 4.7%, while the BIS has poured cold water on stablecoins. On October 19, the Bank for International Settlements published Working Paper No. 1385, comparing the cross-border costs of banks, fintech platforms such as Wise and Remitly, and stablecoins. For a $10,000 remittance from the United States to some advanced economies, the median fees charged by fintech platforms were about $40 to $60. The paper argues that stablecoins’ exchange-rate advantage in some emerging markets with capital controls stems more from market-rate differences caused by those controls and demand for dollars than from efficiency gains inherent to blockchain technology. When you use stablecoins for cross-border transfers, are you after lower costs or a better exchange rate? Share your thoughts in the comments.
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#稳定币 #跨境支付 #BIS
(Source: Wu Says Blockchain)
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