KPMG "Stablecoins could reduce cross-border payment costs by 99%"

JH Kim

Summary

KPMG analyzed that adopting stablecoins could reduce cross-border payment costs by up to 99%.
The report pointed out that under the existing SWIFT system, payments incur a cost of $235.
KPMG said major financial institutions are experimenting with blockchain-based value transfer, and that this represents an innovative turning point for traditional financial infrastructure.

KPMG, one of the global Big Four accounting firms, analyzed in a recent report that "the adoption of stablecoins could reduce cross-border payment costs by up to 99%."

On the 16th (local time), according to crypto asset (cryptocurrency) specialist media CoinDesk, KPMG said in the report that "global banks currently rely on the interbank messaging network 'SWIFT' to move about $150 trillion in funds annually," and "however, this system incurs a cost of $235 for payments."

It added, "If stablecoins are used, payment times can be shortened to minutes or even seconds, and costs could also be reduced by up to 99%."

KPMG also said, "Major financial institutions such as J.P. Morgan are already experimenting with blockchain-based value transfer, and this signifies an innovative turning point for traditional financial infrastructure."