Are stablecoins for remittances truly cheaper? Bank of Italy tests say no
The promise of stablecoins as a cheaper, faster alternative to traditional money transfers is one of crypto’s most repeated selling points. But a new study from the Bank of Italy, published on July 30, 2026, puts that claim to a serious empirical test — and the results are considerably more complicated than the narrative suggests. Using actual transfers of 200 USDC across ten real corridors, researchers found that stablecoins for remittances neither consistently cut costs nor guaranteed fast delivery.
Key takeaways
- The Bank of Italy’s mystery shopping study tested 200 USDC transfers across ten corridors between Italy and Argentina, Brazil, South Africa, the UAE, and Japan.
- Stablecoins did not offer a systematic cost advantage: total transfer costs ranged from 0.30% to almost 9% of the amount sent.
- The on-chain leg of the transfer had only a marginal impact on total costs — the real friction lies at the entry and exit points.
- Settlement speed depended heavily on local payment infrastructure: under 20 minutes where instant payment systems exist, one to two business days where they do not.
- On/off-ramp frictions were identified as the primary driver of both cost and delay.
How the Bank of Italy Put Stablecoins to the Test
The study, published as part of the Bank of Italy’s “Markets, infrastructures, payment systems” series, took a hands-on approach: a mystery shopping exercise in which researchers actually sent money and measured what happened. The method cuts through theoretical claims and gets to the lived experience of a real remittance sender.
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