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Stablecoins set to ramp up cross-border transactions

Stablecoins set to ramp up cross border transactions

In a recent interview with Pymnts.com Gilded CEO Neal Roche said that stablecoins are ramping up the cross-border transactions as stablecoins continue to simplify the transition to new technology.

Today, easing of global trading restrictions make it very easy for any business to go global. And any company that manages an international workforce or engages in cross-border transactions is familiar with the pain points that come with it.

Stablecoins to put cross-border transactions on autopilot mode

Lack of transparency, unaffordable fees, and time-consuming processes make it seem that the international remittance space is still stuck in medieval times. However, Neal Roche from accounting firm Gilded says that accounts receivables are finally warming up to the concept of digital currencies as it not only addresses the pressing issues but also empowers the payers and the payees by circumventing the intermediaries.

According to him, stablecoins are designed in such a way that they retain their value against fiat money and do not fluctuate as dramatically as cryptocurrencies. We have seen a drastic increase in stablecoins demand in recent few months as traditional businesses finally come to terms with the idea of digital currencies, he asserted.

Commenting on its last month’s announcement of the integration of digital currency payments solutions into CoinMarketCap’s system, Roche explained that it primarily aims to focus on simplifying otherwise complex setups with expert training. The solution also offers credit card and wire transfer payment options to those who are still apprehensive about digital currencies when doing cross-border transactions.

Leveraging the power of stablecoins amid coronavirus

When asked about how Gilded plans to expand its offerings surrounding the digital currencies, Roche said that the firm plans to initiate B2B payments using digital currency, over and above its accounts receivables offerings. By enabling crypto wallet connectivity, boosting custodial services, and exchange capabilities, it plans to leverage the power of stablecoins amid the crisis-hit times.

By streamlining cash flow and reducing transaction fees, stablecoins are ultimately empowering businesses to expand their scope internationally. Meanwhile, with Gilded-backed solutions, companies can stop worrying about cross-border transactions and focus entirely on growth and development, Roche concluded. 

Manasee Joshi

Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

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