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

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On October 16, 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 time from days to seconds, while lowering transaction costs by up to 99%. Currently, banks process about $150 trillion in funds each year through a slow and expensive correspondent banking network, which occupies a large amount of funds in nostro and vostro accounts. The report noted that pioneers like JPMorgan and PayPal have already shown increasing demand for blockchain-based payment channels.

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