According to CoinMeta, as reported by Cointelegraph, research by Italian banks has found that remittances based on stablecoins do not have any advantages over traditional payment channels in terms of cost and speed. Frictions associated with fiat currency deposits and withdrawals are the main reasons for higher costs and longer transfer delays. Researchers tested 200 USDC remittances, which were conducted through 10 two-way payment channels connecting Italy with Brazil, Argentina, Japan, the United Arab Emirates, and South Africa, and compared the end-to-end costs and settlement times with those of traditional remittance services. The study found that exchange fees and currency conversion fees constitute the majority of the costs, while blockchain transaction fees account for only a small portion.