KPMG: Stablecoins Could Reduce Cross-Border Payment Costs by 99%

BlockBeats News, October 16th, according to CoinDesk, accounting firm KPMG pointed out in a report that stablecoins are becoming one of the most prominent use cases for recent cross-border payment transformation. Stablecoins can shorten cross-border settlement times from days to seconds, while reducing transaction costs by up to 99%.

Currently, banks process about $150 trillion in funds annually through slow and expensive correspondent banking networks, which tie up significant amounts of funds in nostro and vostro accounts.

The report notes that pioneers like JPMorgan and PayPal have shown an increasingly growing demand for blockchain-based payment channels.