BIS Working Paper reminder: Stablecoins can bypass correspondent banks and SWIFT for cross-border transfers, but transaction, withdrawal, and on/off-ramp fees still apply. When market depth is insufficient, those fees can wipe out the cost advantage. Faster on-chain doesn’t mean cheaper end to end—the real comparison is about on/off-ramps and liquidity, not just gas.#稳定币 #跨境支付 #BIS