[BIS Paper: Stablecoins Can Reduce Cross-Border Settlement Frictions but Are Still Constrained by On/Off-Ramp Costs and Liquidity Limitations] The Bank for International Settlements (BIS) has released Working Paper No. 1385, comparing the cross-border payment costs of traditional banks, fintech remittance providers, and stablecoins. The paper highlights that stablecoins can facilitate cross-border transfers via networks such as Ethereum, Solana, and Tron, reducing reliance on correspondent banks and SWIFT. The exchange rates for major currency stablecoins can approach wholesale foreign exchange rates, and on-chain transfer fees are relatively low. However, the full process of "fiat-stablecoin-fiat" still involves transaction, withdrawal, and on/off-ramp fees. Stablecoins restructure intermediary processes but do not eliminate intermediaries. Limited market depth also restricts the cost advantages for large payments, while the advantages in some emerging markets are tied to capital controls and demand for the U.S. dollar.