Stablecoins Reshape Cross-Border Payment Cost Structure, but Local Infrastructure Remains the Key Challenge

Stablecoins reduce reliance on correspondent banking chains and pre-funded local capital, lowering settlement costs and capital thresholds for cross-border payments. However, local on-ramps, off-ramp liquidity, compliance licenses, and banking relationships remain critical barriers. PhotonPay disclosed a $40 million Series C round led by Blockchain Capital with SBI joining, to focus on Southeast Asia, the Middle East, and Africa.