Bank of Italy study finds stablecoin remittances cost up to 9% across corridors

A July 2026 study by the Bank of Italy tested real USDC (Circle's stablecoin) transfers of $200 across ten international corridors linking Italy with Argentina, Brazil, South Africa, the United Arab Emirates and Japan. Total costs varied sharply, ranging from 0.30% on the Italy‑Argentina route to almost 9% on the Argentina‑Italy leg. Three corridors – Italy → Argentina, Italy → South Africa and Brazil → Italy – were cheaper than the Wise benchmark, while four routes, including both UAE corridors, were more expensive.

The blockchain portion of each transaction was inexpensive, averaging only 0.4% of the total, with on‑chain settlement completed in under 15 minutes on most paths. Overall, the study concluded that stablecoins do not offer a systematic cost or speed advantage over traditional remittance services; performance is highly corridor‑specific and depends largely on funding, withdrawal and FX conversion fees.