Stablecoin FX nears parity with bank rails

Stablecoin foreign exchange services are achieving "institutional-grade" parity with traditional banking infrastructure in Latin America and East Africa. A new report indicates that exchange rates between stablecoins and local currencies are rapidly compressing, with 14 out of 21 tracked blockchain-based currencies now within 100 basis points of interbank rates. This development signifies a major shift, moving stablecoin FX from a niche solution to a viable production infrastructure for cross-border payments in these emerging markets, driven by increasing provider competition and reduced execution costs.