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Crypto: Stablecoins are the solution to replace archaic payment systems

Disruption underway. The current international financial system, designed before the digital age, relies on 'obsolete processes, chains of intermediaries, and a mosaic of non-standardized regulations.' This is, at least, what Simon McLoughlin, the CEO of Uphold, claims. He explains that the SWIFT system, founded in 1973, remains the backbone of cross-border payments, even though it is merely a messaging system that allows banks to communicate about transactions. This system was never designed to manage funds or process transactions, leading to a proliferation of intermediaries and local payment rails.

Key points of this article:

The old and costly international financial system has been criticized for its outdated processes and multiple intermediaries that slow down and increase the cost of cross-border transactions.

Stablecoins are emerging as a potential solution to revolutionize international payments, offering a fast, reliable, and low-cost alternative, particularly beneficial for regions with unstable economies.