KPMG: Stablecoins can reduce cross-border payment costs by 99%

ChainCatcher news, according to CoinDesk, the accounting firm KPMG pointed out in a report that stablecoins are becoming one of the most obvious use cases for the recent transformation of cross-border payments. Stablecoins can reduce cross-border settlement times from days to seconds, while lowering transaction costs by up to 99%. Currently, banks process about $150 trillion in funds annually through a slow and expensive correspondent banking network, which ties up significant amounts of money in nostro and vostro accounts. The report noted that pioneers like JPMorgan and PayPal have already shown an increasing demand for blockchain-based payment channels.