Most people think FX costs come down to currency risk. The bigger cost is the infrastructure keeping the whole system running. In emerging market corridors, over 80% of the cost to send money has nothing to do with currency conversion. It's the cost of maintaining the correspondent banking infrastructure underneath. Stablecoins collapse that entire cost structure. Settlement is instant, liquidity doesn't need to be pre-funded, and you don't need a chain of intermediaries to move dollars from one country to another. That's why stablecoins aren't starting with EUR/USD. They're winning the corridors where banks gave up competing a long time ago.(Delphi Digital)