Remitly plans to integrate stablecoins into global payment system to accelerate and optimize costs of international money transfers

Remitly plans to integrate stablecoins into global payment system to accelerate and optimize costs of international money transfers

Remitly wants to integrate stablecoins into its global payments network

Remitly, a leader in international money transfers, plans to integrate stablecoins into its global payments network. This measure aims to significantly improve the speed and cost-effectiveness of international money transfers.

Stablecoins, which represent a stable currency class, could play a crucial role in optimizing cross-border payments. Using stablecoins allows transactions to be completed more quickly as they are not subject to the same volatility swings as other cryptocurrencies. This offers both Remitly users and recipients greater planning security and reduces risks associated with exchange rate changes.

The integration of stablecoins could also reduce the costs of international money transfers. Many traditional financial institutions charge high fees for cross-border payments, which often makes using money transfer services more expensive. By implementing stablecoins into its payment network, Remitly could counteract these fees and offer its customers a more cost-effective alternative.

Overall, Remitly's decision to integrate stablecoins is a significant step in the evolution of money transfers. The planned improvements in speed and cost represent an attractive option for consumers looking for efficient and secure solutions for international money transfers.