Author: Sylvain Saurel
Translation: Shaw Golden Finance
In the current era where globalization shapes corporate competitiveness, a striking paradox remains: cross-border payments, the lifeblood of global trade, are the slowest, most expensive, and least transparent links in the financial system. The infrastructure originating from the 20th century, represented by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network, struggles to meet the demands for flexibility, transparency, and sovereignty in the 21st century. Processing times often extend to several days, with costs accumulating at each intermediary stage, and the flow of funds remains a mystery to corporate financial officers.
Meanwhile, a silent revolution is quietly underway, driven by the least conspicuous yet most useful crypto assets: stablecoins. Unlike other cryptocurrencies that are highly volatile, these tokens, backed by traditional currencies like the US dollar or the euro, have begun to serve as a significant monetary channel on a large scale. The related data is staggering. In 2024, the transaction volume settled through stablecoins reached an astonishing $24 trillion. Even more remarkable is that of this total, $7.6 trillion was used for actual payments—a figure five times the annual processing volume of giants like PayPal.
This trend is no longer a faint signal. Strategic moves such as payment giant Stripe's acquisition of startup Bridge confirm the acceleration towards a more modern, faster infrastructure that relies less on traditional banking channels. In the face of this phenomenon, a pragmatic and powerful technological alternative is emerging: the "stablecoin sandwich." This is not merely an innovative move but a fundamental structural transformation that could redefine the rules of the game in international payments.
SWIFT System: An Inherited Legacy on the Brink
To understand the scope of this innovation, we must first assess the limitations of the existing system. SWIFT was created in the 1970s; it is not a payment system but a secure messaging service that allows over 11,000 financial institutions to exchange transfer instructions. The transfer of funds itself relies on a complex network of "correspondent banks."
Suppose a company in Paris needs to pay a supplier in São Paulo in Brazilian reais. Its French bank may not have a direct account with the Brazilian supplier's bank. Therefore, this transaction typically goes through one or more intermediary banks, often large international banks headquartered in New York or London. Each intermediary bank checks the transaction, deducts fees, performs currency conversion (often at unfavorable rates), and then passes the instruction to the next link in the chain. This layered process explains why there can be delays of two to five business days, the accumulation of costs (transfer fees, correspondent bank fees, exchange rate spreads), and a lack of traceability. For companies, this means a loss of time, money, and control over their cash flow.
"Stablecoin Sandwich": A New Structure for the 21st Century
The concept of the "stablecoin sandwich" proposes to bypass this series of intermediaries through an extremely simple three-step structure.
First Layer (Local Conversion): The company initiating the payment does not need to change its habits. It pays in local currency (e.g., euros). A specialized payment service provider will immediately convert these euros into a highly liquid stablecoin, such as USDC (backed by the US dollar) or EURC (backed by the euro). This conversion takes place on a platform with ample liquidity, ensuring the best exchange rate.
Middle Layer (Blockchain Transfer): The stablecoin amount is then transferred via a public blockchain (such as Ethereum, Solana, or Tron) to the digital wallet of the supplier in the target country/region. This transfer is the core of the system: it is almost instantaneous (taking just seconds to minutes), secured by cryptographic technology, and incurs very low and predictable fees regardless of the transfer amount.
Final Layer (Local Exchange): Once the stablecoin reaches its destination, the supplier will immediately convert it into the recipient's local currency, such as Brazilian reais. Again, the transaction occurs in a highly liquid local market. The funds are then transferred to the supplier's traditional bank account.
The recipient does not need to interact with cryptocurrency to receive the expected amount in local currency. The issuing company simply made a payment locally. This "sandwich" structure absorbs all the complexities of cross-border transfers. This method has significant strategic advantages: it allows companies to pay recipients on the blockchain without directly adopting cryptocurrency internally. It is a simple and gradual way to expand payment channels without changing currencies or disrupting their accounting and financial structures.
Three Decisive Advantages for Corporate Competitiveness
For CFOs and financial officers, the advantages of this model are direct and measurable.
First is speed. Reducing delays from several days to just minutes is transformative.
For companies importing critical components, the ability to pay suppliers in Asia or Latin America almost immediately ensures smooth deliveries and avoids disruptions in the production chain. For small and medium-sized enterprises, which often face tight cash flow, receiving payments within minutes instead of waiting a week can significantly enhance working capital and financial transparency.
Second is economic efficiency. Disintermediation has a direct impact on costs. By eliminating correspondent bank fees and obtaining more competitive exchange rates at both ends of the transaction chain, companies can save substantial amounts, with savings of about 1% to 3% on certain payment channels. For funds flowing in the millions of dollars annually, these gains are strategically significant. Additionally, transparency is crucial: fee information can be known in advance, avoiding unpleasant surprises.
Third is scalability and inclusivity. The "stablecoin sandwich" model is particularly well-suited for companies operating in regions with inadequate or poor correspondent bank services, especially in Africa, Southeast Asia, and Latin America. It enables businesses to reach suppliers or customers in countries with weak banking infrastructure or volatile currencies. By using the US dollar (via stablecoins) as a transfer tool, the impact of foreign currency fluctuations during the transfer process can be avoided.
The Hegemony of Digital Dollars: America's Strategic Advantage
From a geopolitical perspective, this payment revolution is not neutral. The emergence of stablecoins has not threatened the dominance of the US dollar; rather, it has significantly reinforced it. One thing is clear: the vast majority of the most liquid and widely used stablecoins (USDT, USDC) are backed by the US dollar. Whether between Singapore and Mexico or between Nigeria and Turkey, every transaction using these assets is effectively priced in dollars.
This phenomenon gives the United States a decisive advantage. While other economic powers (such as Europe) are theorizing and experimenting with a digital euro, progress is slow. The US private sector has already built and deployed a private infrastructure for the digital dollar on a global scale. These fast and efficient new financial channels extend the influence of the dollar beyond traditional banking channels.
Stablecoins are not a tool to evade US power; rather, they are becoming a vehicle for its hegemony. They anchor the dollar more firmly at the core of the global digital economy, making it an indispensable currency for blockchain transactions. The "dollarization" of this new financial circuit gives Washington indirect but substantial influence, as the main issuers of stablecoins are centralized entities regulated by the US. Although the stablecoin revolution appears decentralized, it is likely to solidify the dollar's position as a key pillar of the global financial system in the coming decades.
Powerful Currency and Sovereign Leverage
Beyond technological innovation and its geopolitical implications, this also concerns monetary strategy and resilience. By breaking free from the almost complete reliance on traditional banking networks, stablecoin payments offer unprecedented operational flexibility. Companies are no longer constrained by bank operating hours, public holidays, or the decisions of intermediaries in different time zones.
In the context of increasing geopolitical and financial fragmentation, access to certain payment networks can be used as a leverage tool, making diversifying payment channels crucial for maintaining economic sovereignty. The "stablecoin sandwich" is emerging as a powerful monetary engineering leverage, based on stable and liquid digital assets, aimed at building more resilient, less centralized, and less vulnerable payment flows.
While public institutions (such as the European Union, which has established the MiCA regulation for crypto asset markets) are working on regulating asset tokenization, and central banks are cautiously exploring central bank digital currencies (CBDCs), companies have already taken action. They can no longer wait five to ten years for these projects to materialize. By adopting the "stablecoin sandwich" model, they are addressing the immediate demand for liquidity, speed, and control in international payments. This is not a sudden break but a natural evolution driven by the pursuit of operational performance. The replacement of SWIFT may not be a grand event but rather a gradual transition led by those companies already building the future of finance on the ground.
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