CZ says stablecoins could cut cross-border remittance fees to near zero

Filipino families receiving money from relatives working abroad are losing somewhere between $5 billion and $10 billion every year to remittance fees. Changpeng “CZ” Zhao thinks stablecoins can make that number vanish. Speaking at the ASEAN Tech Summit in Manila on July 29, the Binance co-founder argued that stablecoin transactions processed on blockchains like BNB Chain could bring cross-border transfer costs to essentially zero. For context, the Philippines receives roughly $35 billion in annual remittances, making it the third-largest recipient country globally. Traditional channels currently skim 3% to 10% off the top of every transfer. The math that matters Zhao’s pitch is straightforward. Stablecoin rails can process these transfers at negligible cost because the underlying business model doesn’t depend on per-transaction fees. Instead, platforms can monetize through trading fees, lending, and other financial services built on top of the infrastructure. “Most stablecoin transactions… is basically zero,” Zhao said during the panel. The session, titled “One ASEAN, One Digital Economy: The Role of Stablecoins in Enabling Borderless Commerce,” featured a fireside chat between CZ ...