The Bank of Italy has determined that stablecoins do not provide significant advantages over traditional money transfers regarding speed and cost. Major issues identified include the challenges of converting digital assets into fiat currency and limitations within the current payment infrastructure.
In a study, researchers executed 200 test transactions using USDC from Italy to various countries, including Brazil, Argentina, Japan, the UAE, and South Africa. The costs of these transactions varied, ranging from 0.3% to nearly 9%, based on the destination. In regions equipped with instant payment systems, transfers were completed in under 20 minutes, while those in areas without such systems took between one to two business days.
