Stablecoins Are Coming for Cross-Border Payments. Is Remitly a Winner or a Loser?
2026-06-02 06:25:00 ET
Stablecoins are cryptocurrencies that are mostly pegged to the U.S. dollar. They're becoming a popular way for people in countries with currency devaluation issues to preserve their savings without buying U.S. dollars, and for companies to settle cross-border transactions at faster, cheaper rates than conventional interbank transfers. Stablecoins can also be staked (locked up) on various exchanges to earn higher yields than those from traditional savings accounts.
In other words, top stablecoins like Tether (CRYPTO: USDT) and USD Coin (CRYPTO: USDC) could eventually represent an existential threat to banks and other fintech companies. One fintech company that could be hurt in that seismic shift is Remitly (NASDAQ: RELY) , one of the fastest-growing independent remittance service providers in the United States.
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