Banca d’Italia published findings in July 2026 showing stablecoin remittances do not always offer cost or speed advantages over traditional transfer methods. The study tested 200 USDC transfers across ten corridors connecting Italy with countries like Argentina, Brazil, South Africa, the UAE, and Japan.
Costs ranged dramatically from a low 0.30% for Italy-to-Argentina to nearly 9% on Argentina-to-Italy routes. The actual blockchain transaction fees were minimal, averaging 0.4%, but other expenses like exchange purchases, funding, withdrawals, and currency conversions inflated prices. Researchers noted stablecoins lacked a “systematic cost advantage” overall.
Speedwise, transfers completed the onchain leg in under 20 minutes when instant payment systems efficiently handled fiat conversion at both ends. Comparing stablecoin costs to Wise, the USDC transfers were cheaper in only three corridors: Italy to Argentina, Italy to South Africa, and Brazil to Italy. In other cases, including all UAE routes, Wise remained less expensive. The report cautions that timing differences and reliance on one stablecoin limit generalization of the results.
