Fintech

Massive SWIFT upgrade could help banks beat the crypto upstarts to a $150tn payments prize

Stablecoins’ big selling point is that they could streamline cross-border transactions. But a major change to a venerable messaging system could make them irrelevant

The international payments system is set to get a boost that could see it rival digital challengers
The international payments system is set to get a boost that could see it rival digital challengers Photo: Getty Images

International payments are bogged down with high costs and time-consuming delays. Enter crypto. 

Proponents say if done right, digital assets pegged to currencies, dubbed stablecoins, could streamline cross-border transactions by reducing middlemen and inefficiencies.

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