The Bank of Italy said in a research report released in July 2026 that it used a “mystery shopper” field study for the first time to track the full transfer path of 200 USDC remittances across 10 corridors linking Italy with Argentina, Brazil, South Africa, the United Arab Emirates, and Japan.
Costs varied sharply by corridor
The report found that total stablecoin remittance costs swung widely, from as low as 0.3% to nearly 9%. Average on-chain blockchain transfer costs accounted for only 0.4% of the total, while the largest share came from fiat cash-out and top-up steps, including exchange spreads, credit card fees, and withdrawal charges charged by traditional intermediaries.
Against traditional channels such as Wise, stablecoins showed a cost advantage on some routes, including Brazil to Italy. On other routes, including the United Arab Emirates to Italy, they were more expensive. The report described this pattern as highly corridor-specific.
Transfer speed depended on local payment rails
On speed, the blockchain leg itself took only minutes. End-to-end delivery, however, depended entirely on the quality of payment infrastructure in the destination country.
According to the report, countries with instant payment systems, including Brazil with PIX, Italy with TIPS, and Argentina with Transferencias 3.0, could keep the full process within 20 minutes. In countries such as South Africa, where traditional bank transfers still play a central role, delivery time stretched to one to two business days.
The report said the efficiency of stablecoin remittances is shaped jointly by the stablecoin network and the surrounding traditional payment infrastructure, with the two functioning as complements rather than substitutes.
Report points to fragmented global regulation
The study also examined the effect of fragmented regulation around the world. It cited the European Union’s Markets in Crypto-Assets regulation, or MiCA, and the U.S. GENIUS Act as examples of more developed compliance frameworks. In Japan, a strict “safety first” entry regime lowered headline costs but also made the process more complex, pushing users toward offshore platforms.
It added that countries including India and Turkey remain in a transitional regulatory stage, while ban-based jurisdictions such as Egypt and Saudi Arabia have not eliminated demand and instead pushed activity into gray channels.