Italian Central Bank Study Finds Stablecoins' Cost Advantages Elusive

The Italian central bank conducted a research study in July 2026, which involved tracking 200 USDC transactions across ten corridors between Italy and four other countries. The investigation aimed to determine whether stablecoins provide any systemic cost advantages over traditional payment methods.

The results showed that the total costs of stablecoin transactions varied greatly, ranging from a low of 0.3% to a high of nearly 9%. Interestingly, the blockchain-based transfer only accounted for an average of 0.4% of the total costs, with most expenses concentrated in the fiat currency withdrawal and deposit stages.

The study found that stablecoins offered cost advantages in some corridors but not others, highlighting 'channel specificity' in their performance. In channels where traditional payment systems were well-developed, such as Brazil to Italy, stablecoin transactions fared better. However, in other corridors, like the UAE to Italy, they incurred higher costs.

The report emphasized that the efficiency of stablecoin transfers is dependent on both the blockchain itself and the quality of the surrounding traditional payment infrastructure. Countries with real-time payment systems, such as Brazil and Italy, enabled end-to-end transactions within 20 minutes. In contrast, those relying on traditional banking networks, like South Africa, experienced delays of up to two working days.