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Stablecoins show how digital dollars can move across borders

The process differs from bank transfers because senders convert local currency into a stablecoin, transmit it on a blockchain, and recipients redeem it afterward.

Reported · Written up by our desk · Stablecoins

Stablecoins are cryptocurrencies designed to hold a fixed value against a reference currency, most often the U.S. dollar, according to The Block.

The Block describes cross-border transfers as a different workflow than traditional banking, where users convert local currency into a stablecoin, send it to a recipient’s blockchain address through a blockchain network, and then have the recipient settle after receipt.

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