The Bank of Italy has concluded that stablecoins do not offer systematic benefits in terms of speed or cost compared to traditional money transfers. Key challenges include the conversion of digital assets to fiat currency and the existing payment infrastructure.
Researchers conducted 200 test transfers using USDC from Italy to Brazil, Argentina, Japan, the UAE, and South Africa. The transaction costs ranged from 0.3% to nearly 9%, depending on the destination. Delivery times were under 20 minutes in regions with instant payment systems, while transfers took 1 to 2 business days in areas lacking such systems.