Bollcoin reported on October 20 that the Bank for International Settlements (BIS) released Working Paper No. 1385, comparing the cross-border payment costs of traditional banks, fintech remittance providers, and stablecoins. The paper notes that stablecoins can complete cross-border transfers over networks such as Ethereum, Solana, and Tron, reducing reliance on correspondent banks and SWIFT; stablecoin exchange prices for major currencies can approach wholesale foreign exchange rates, with relatively low on-chain transfer fees. However, the full "fiat—stablecoin—fiat" process still involves trading, withdrawal, and on/off-ramp fees, meaning stablecoins restructure the intermediary layer without eliminating intermediaries. Insufficient market depth also limits the cost advantage for large payments, while advantages in some emerging markets are related to capital controls and dollar demand.