Editor's note:Rocio Rodriguez Saa is the head of cryptocurrency vertical at dLocal, a cross-border payment platform headquartered in Montevideo, Uruguay. According to her LinkedIn profile, she is based in Buenos Aires.

Stablecoins represent an important step in the evolution of cross-border finance, combining the efficiency of blockchain technology with the stability of traditional currencies.

Their potential lies in addressing long-standing challenges in international payments, such as high costs, settlement delays, and system fragmentation, while also driving new models of financial inclusion.

Although regulatory frameworks are still evolving, stablecoins have already demonstrated practical use cases beyond the speculative realm, especially in regions where efficient payment channels are underdeveloped.

Pain points of traditional cross-border payments

Imagine a ride-hailing company that wants to pay drivers in its markets in Africa or Southeast Asia. It relies on existing systems that are far from instant, typically taking 24 to 48 hours, or even up to five business days in the event of holidays or unforeseen events.

A typical cross-border payment goes through multiple steps, leading to slowness: the company sends funds, the funds pass through several intermediary banks, and only when the funds finally reach the local bank can the driver receive confirmation and access the money.

This multi-step process forces companies to plan ahead and reserve large amounts of capital to support seemingly "instant" payments. Any error in the process can leave drivers dissatisfied, damage the company's reputation, and cause indirect financial losses due to improper capital allocation.

The breakthrough advantages of stablecoins

Stablecoins offer the opportunity to bypass these frictions, enabling near-instant and borderless payments.

No longer is a process of at least four steps between multiple entities needed; instead, it goes directly from the payer anywhere in the world to the local market where they wish to pay, with 24/7 liquidity and no need for pre-funding.

Resource allocation becomes more efficient, business costs improve, and local settlement requires far fewer steps than traditional transfers, unless the recipient chooses to receive stablecoins directly without further local settlement.

The potential benefits are not to be underestimated.

Some estimates show that through better foreign exchange rates, lower transaction costs, and more efficient liquidity management, approximately 7% in savings can be achieved annually, while related fees alone could account for 2% to 5% of each transaction. This is not just marginal efficiency improvement; it is a competitive advantage.

Impact on payment companies and FX liquidity

Payment companies adopting stablecoins can scale their total processing volume faster, offer merchants better rates, and increase market share in regions where traditional finance has limited reach.

Furthermore, new perspectives have emerged regarding FX liquidity.

In certain markets, dollars in fiat form are scarce, but stablecoins unlock liquidity pools that were previously inaccessible. For global merchants, this is transformative: the ability to settle in stablecoins may become as important as settling in euros or dollars.

Risks and mitigation

Of course, the risks are real.

Errors in blockchain-based transfers, such as sending funds to the wrong wallet, are often irreversible, unlike in traditional banking. The quality and reliability of stablecoin partners are crucial, especially in regions where regulatory approvals are still incomplete. Compliance, tax, and operational risk management must be flawless before scaling up.

But the risks are not unique to stablecoins; they just take different forms. The industry has established robust frameworks to identify, measure, and mitigate these risks. Early adopters know that whitelisted partners, strict compliance processes, and standardized operations are the cornerstones of trust in this new infrastructure.

The future of stablecoins is already here

Approximately a quarter of markets have already approved stablecoin payments.

What was once a theoretical concept is now operational, with stablecoins being used daily to settle transactions. Although adoption is still in its early stages, the trend is clear: stablecoins are undoubtedly here to stay.

For global payment companies, traditional remittance systems offer certain advantages in security and compliance, but stablecoins will continue to win market share with faster and cheaper payment methods, features that are well suited to the digital economy.

Stablecoins are no longer just cryptocurrency experiments; they are an undeniable part of the next chapter in cross-border payments, and the companies positioning themselves now will shape the future of the industry.