BIS Working Paper No 1385 (published 19 October 2026) compares harmonized all-in costs of cross-border payments across correspondent banking/SWIFT, fintech money transfer operators (Wise, Remitly, Western Union digital, etc.), and stablecoin-based transfers.
Key findings: fintech MTOs have significantly compressed retail remittance costs versus banks; stablecoins are not a panacea—on/off-ramps, exchange fees, and thin stablecoin-FX liquidity limit savings. Stablecoin corridors can appear cheaper in capital-controlled emerging markets, reflecting regulatory distortions rather than purely technological advantage.
JEL: E42, F31, G21, O33.