Woofun AI reports that a July 2026 Bank of Italy study utilized 'secret shoppers' to analyze 200 USDC transfers across ten corridors linking Italy with Argentina, Brazil, South Africa, the UAE, and Japan. The investigation found total stablecoin remittance costs ranged from 0.3% to nearly 9%, with on-chain blockchain transfers constituting only an average of 0.4% of the expense, while traditional intermediary fees such as exchange spreads and withdrawal charges comprised the majority.

The analysis indicated that stablecoins offered cost advantages over services like Wise on specific routes such as Brazil to Italy but were more expensive on others like the UAE to Italy. While blockchain transfers complete in minutes, end-to-end efficiency relies on destination infrastructure; countries with instant payment systems like Brazil's PIX enable completion within 20 minutes, whereas those relying on traditional banking like South Africa require one to two business days. The report concluded that stablecoins complement rather than compete with traditional infrastructure, noting that regulatory fragmentation in regions like the EU and U.S. contrasts with strict entry requirements in Japan and bans in Egypt and Saudi Arabia, which push transactions toward informal channels.