YOU WERE LIED TO ABOUT STABLECOINS

Summary from the TLDR Crypto newsletter

The bull case for stablecoins in cross-border payments overlooks that fintechs already solved the cross-currency problem. Wise and peers hold pre-funded currency pools in local markets, netting offsetting flows without moving money across borders, cutting costs from the ~15% of SWIFT-based correspondent banking to under 1% with near-instant settlement. Stablecoins' real edge is narrower: dollar-to-dollar transfers, unbanked recipients without fintech access, 24/7 settlement, and crypto-native workflows. The "stablecoins will revolutionize remittances" narrative conflates the legacy correspondent banking problem with the current fintech-disrupted state.