Share similar thoughts with Wise on using USD-denominated stablecoins for cross-border payments:

- Most players charge ~100-200bps versus Wise's ~52bps on average.

- Complexity is in the on-ramp and off-ramp to local currencies for usage.

- Complexity is also in financial screening (AML, KYC).

- For now, the current infrastructure of connecting local payment systems and direct connections is delivering a better price and speed.

In addition, from me:

- Most stablecoins don't pay interest, so there is an additional opportunity cost of interest not received that is typically not factored in.

- USD-denominated stablecoins would probably make more sense for developing/emerging countries with high inflation/depreciation and tight capital controls. But if there are sizeable capital outflows, central banks will eventually clamp down on such a regulatory arbitrage.