Stablecoins occupy an increasing place in international payments, but their efficiency continues to fuel debates. A study by the Bank of Italy examined their performance against traditional t
Stablecoins occupy an increasing place in international payments, but their efficiency continues to fuel debates. A study by the Bank of Italy examined their performance against traditional transfer solutions. Researchers compared costs, delays, and obstacles encountered during several cross-border operations. The stablecoin market continues to progress, while regulation progressively shapes its development and uses.
The Bank of Italy study shows that conversion fees between fiat currencies explain most of the observed cost differences. Researchers specify that fees related to blockchain represent only a small part of the total amount paid during transfers in stablecoins. The operations for entering and exiting local currencies therefore concentrate the majority of expenses. This observation nuances the idea that blockchain technology automatically reduces the cost of international payments.
To reach this conclusion in their study, researchers made 200 transfers in USDC digital dollars. They studied ten bidirectional payment corridors linking Italy to Brazil, Argentina, Japan, the United Arab Emirates, and South Africa. The overall stablecoin transfer costs varied between 0.3% and nearly 9% depending on the studied destinations. Differences mainly came from currency exchange operations and local infrastructures.
The results also show that these transfers were often less costly than the world average cost of 6.65% estimated by the World Bank. On the other hand, they exceeded the rates proposed by Wise only in three of the seven comparable corridors. Researchers thus emphasize that potential savings depend heavily on the concerned markets rather than solely on the technology used.
Start your crypto adventure safely with BybitThis link uses an affiliate program.The study authors believe that the quality of national payment networks largely determines the speed of transfers. When instant payment systems were available, stablecoin operations were settled in less than twenty minutes. Conversely, payments took between one and two business days in countries lacking these infrastructures. Performances thus depended more on existing financial networks than on blockchain.
Researchers consider that increased investment in instant payment infrastructures could strengthen the competitiveness of cross-border payments. They also estimate that economic benefits would increase if users could spend their stablecoins directly in the real economy.
If stablecoins could be spent directly in the real economy, for goods and services, rents, or tuition fees, without reconversion into local fiat currency, the economic benefits of stablecoin-based transfers would be considerably higher.
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This evolution would limit conversions to fiat currencies and reduce several currently unavoidable costs. Daily expenses, rents, or tuition fees could then be settled without an intermediate step.
However, this perspective relies on a broader adoption of payments in digital assets. As long as conversions remain indispensable, they will continue to increase costs and slow certain operations. Local infrastructures will thus retain a central role in the efficiency of international transfers.
The study also highlights that the regulatory framework directly influences the efficiency of international transfers. Researchers explain that prohibitionist approaches did not reduce the demand for stablecoins. Instead, they have pushed some users towards offshore platforms or other unregulated circuits. Very restrictive frameworks have also made operations more complex for individuals.
These conclusions come as several jurisdictions strengthen their rules applicable to digital assets. The European Union now enforces its MiCA framework, while the United States has adopted the GENIUS law for payment stablecoins. These provisions now regulate an important part of activities related to digital payments. Their implementation could influence usage conditions in the coming years.
According to DefiLlama data, the stablecoin market now reaches about 307 billion dollars, up about 16% year-on-year. Future developments will depend both on payment infrastructures, conversion mechanisms, and regulatory frameworks established in each region.
The Bank of Italy study thus shows that the performance of stablecoins in cross-border payments does not depend solely on the blockchain. Cost and delay gaps remain mostly linked to conversions in fiat currencies, local infrastructures, and rules applied in each jurisdiction. Despite sometimes more advantageous results than traditional solutions, stablecoins do not automatically guarantee cheaper or faster transfers. Their future competitiveness will mainly rely on improving payment networks, reducing frictions related to exchange, and adopting regulatory frameworks able to support their use in the real economy.
