Cross Border Payments

A Bank of Italy mystery-shopping exercise found that USDC remittances were not systematically cheaper than traditional money transfer options across international corridors. The findings point to exchange fees, foreign exchange spreads and local banking charges as the main costs, rather than blockchain transaction fees.

Swift’s blockchain settlement expansion and Stripe’s proposed PayPal bid highlight a new phase in the fight over global payment infrastructure. The focus is shifting from proving stablecoin technology to controlling wallets, merchant acceptance and settlement rails.

Swift is preparing live transaction tests for a blockchain-based shared ledger with 17 major banks, including HSBC, UBS, Wells Fargo and Citi. The platform is designed to support tokenized deposits and regulated digital money while keeping final settlement connected to existing payment rails.

J.P. Morgan has widened its Kinexys blockchain payments platform to support eight currencies, adding five Asia-Pacific units. The move deepens the network’s reach for institutional settlement and foreign exchange activity.

Chainlink has joined Project Pangea, a banking coalition focused on real-time stablecoin settlement for cross-border foreign exchange trades. The initiative aims to reduce settlement risk and preserve existing Swift and ISO 20022 workflows.

MoneyGram has joined the Solana network as a validator, adding another major payments brand to the blockchain’s security layer. The move comes shortly after the company launched its MGUSD stablecoin on Stellar, signaling a broader push into digital payments.

Abdulla Kanoo, heir to Bahrain’s Kanoo business dynasty, is backing blockchain payment infrastructure aimed at speeding up cross-border trade. His firm, ARP Digital, has already processed more than $3.5 billion in volume for over 450 institutions.

Ripple expands RLUSD stablecoin to African institutions, partnering with Chipper Cash, VALR, and Yellow Card. Mercy Corps pilots climate risk insurance using RLUSD, highlighting growing crypto adoption.