KPMG: Stablecoins could cut cross-border payment costs by 99%

In a report published last month, global accounting firm KPMG assessed that stablecoins could reduce cross-border payment costs by up to 99%. According to CoinDesk, the report noted that global banks currently rely on the SWIFT interbank messaging network to process cross-border payments, which moves around $150 trillion annually. This system, however, takes two to five days to settle transactions, involves multiple intermediaries, and costs an average of $25 to $35 per transaction. KPMG stated that stablecoins can shorten settlement times to minutes or seconds while cutting costs by as much as 99%. The report added that some major financial institutions are already attempting value transfers via blockchain, citing JPMorgan as a good example.