The Bank of Italy ran real-world tests in July 2026, moving 200 USDC stablecoins through ten different remittance corridors linking Italy with Argentina, Brazil, South Africa, the UAE, and Japan. The goal was to see if stablecoins truly offer faster and cheaper transfers than traditional methods.
The results were surprising. Transfer costs varied widely, from as low as 0.30% to nearly 9% of the amount sent, showing no clear cost advantage for stablecoins. The study pinpointed that the main expense and delays come not from moving crypto on-chain but from converting fiat to stablecoins and back again. Where countries had instant payment systems, settlement took under 20 minutes. Without those systems, it stretched to one or two business days.
Costs and Delays Rooted in Entry and Exit Points
The research highlighted that the on/off ramps exchanging cash to stablecoins and vice versa create the most friction. Blockchain transactions themselves were relatively quick and inexpensive. This means users sending money abroad through stablecoins might still face delays and fees similar to or worse than traditional remittance services.
This hands-on approach, a mystery shopping style study, deliberately measured every step of the transfer journey rather than relying on theory. It offers a grounded look at what remittance senders can expect in practice, challenging the often-repeated claim that stablecoins automatically make cross-border payments cheaper and faster. The findings have implications for crypto’s role in payments, especially given increased institutional interest in digital assets like Bitcoin ETFs and ongoing shifts in financial infrastructure.
This article provides informational content and does not constitute financial advice.
