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Stablecoins can process cross-border payments at lower cost than traditional banks, although limits such as weak liquidity remain, the Bank for International Settlements said in a report, according to Forkast.
The BIS said using blockchains such as Ethereum, Solana and Tron could reduce reliance on banks and the SWIFT network. It added exchange rates between major currencies and stablecoins can come close to rates in the interbank wholesale foreign exchange market. At the same time, the BIS said fees for transactions, withdrawals and currency conversion arise when fiat is converted into stablecoins and cashed out again, while insufficient market liquidity can limit cost savings for large-value payments.