Stablecoins Revolutionize Cross-Border Payments, KPMG Report Finds

According to BlockBeats, a report by accounting firm KPMG highlights stablecoins as a significant use case in transforming cross-border payments. Stablecoins have the potential to reduce settlement times from several days to mere seconds and cut transaction costs by up to 99%. Currently, banks handle approximately $150 trillion annually through slow and costly correspondent banking networks, which tie up substantial funds in nostro and vostro accounts. The report notes that pioneers like JPMorgan and PayPal are increasingly demanding blockchain-based payment channels, indicating a shift towards more efficient cross-border payment solutions.