The Bank of Italy published a mystery shopping study assessing the cost and speed of 200 USDC transfers across 10 corridors linking Italy with Argentina, Brazil, South Africa, the United Arab Emirates and Japan. Stablecoins showed no systematic cost advantage over traditional remittance channels, with total costs ranging from 0.30% to 8.96% and varying substantially by corridor, service provider and funding method. Comparisons with Wise were mixed, while stablecoin transfers were cheaper than World Bank country-level remittance averages except for the UAE. On-chain transfers represented only a marginal share of overall costs, averaging 0.4% across the eight directly comparable corridors. Fiat conversion, funding and withdrawal were the main sources of cost and delay. End-to-end settlement took less than 20 minutes where instant payment systems supported on- and off-ramp transactions, but extended to one or two business days where standard bank transfers were required. The study also found that regulatory restrictions can limit provider access and make stablecoin transfers operationally impractical, as illustrated by the adapted process required in Japan.
Bank of Italy2026-07-30
Bank of Italy study finds stablecoins offer no systematic remittance cost advantage, with costs ranging from 0.30% to nearly 9%
A Bank of Italy study found no systematic cost advantage for stablecoin remittances, with costs ranging from 0.30% to 8.96% across the tested corridors. On- and off-ramp frictions, rather than blockchain settlement, drove most costs and delays. Transfers took less than 20 minutes with instant payment infrastructure but up to two business days when standard bank transfers were required.