Legacy Remittance Players Bet Big on Stablecoin Revolution

The traditional remittance model has remained largely unchanged for decades, resulting in average fees of 6.49% on $200 transfers and a wait time of three to five business days.

A report from the Solana Foundation argues that stablecoin-based remittances can significantly reduce these costs, with some products settling near-instantly at a fraction of the traditional fee.

Several major players in the industry have already launched stablecoin-linked products, including Western Union's USDPT and Digital Asset Network, Zepz's Sendwave Wallet, and Tala's $50 million tokenized lending facility.

MoneyGram has also entered the market with a Visa-linked stablecoin card in Colombia, built with Rain, Crossmint, and the Stellar network.