BIS paper compares costs of banks, fintech MTOs, and stablecoins for cross-border payments
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A new BIS paper empirically compares the costs of traditional banks, fintech money transfer operators (MTOs), and stablecoins for cross-border payments. It finds that fintech MTOs significantly reduce costs for small-value payments compared to banks. However, stablecoin transfers remain dependent on fiat on- and off-ramps, facing constraints from exchange fees and liquidity. While stablecoins offer better FX pricing for transfers from developed to some emerging markets, the paper attributes this to distorted capital controls rather than technological advantage, noting limited market depth and high price volatility.
Written with AI from the reporting · updated 10/19/2026
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BIS study compares costs of cross-border payments via banks, fintechs, and stablecoinsBIS 研究论文
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- 1Oct 19, 00:00recorded Oct 19, 20:06single sourcerevised
BIS研究论文发布：比较三种跨境支付渠道成本
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- BIS 研究论文 · Oct 19, 08:00BIS study compares costs of cross-border payments via banks, fintechs, and stablecoins
A new BIS paper finds that fintech money transfer operators substantially reduce cross-border costs compared to traditional bank wires, with fees declining as transfer size increases. However, stablecoin transfers remain costly due to reliance on crypto exchanges and fiat conversion fees, and liquidity is thin for non-US dollar pairs. While stablecoins offer better FX pricing for some routes, this advantage stems from capital controls rather than technological superiority.
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- BIS 研究论文SelectedBIS study compares costs of cross-border payments via banks, fintechs, and stablecoins
A new BIS paper finds that fintech money transfer operators substantially reduce cross-border costs compared to traditional bank wires, with fees declining as transfer size increases. However, stablecoin transfers remain costly due to reliance on crypto exchanges and fiat conversion fees, and liquidity is thin for non-US dollar pairs. While stablecoins offer better FX pricing for some routes, this advantage stems from capital controls rather than technological superiority.