Stablecoin firms have a $112B opportunity in LATAM remittance outside of US-Mexico: Bybit

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As for the non-US corridors, Wang noted that while some of these remittance markets are small in absolute terms, they are “barely served” by US money transmitter operators and “almost untouched by crypto rails.” Wang also said many Western fintechs haven’t realized that in LATAM, the “killer app” is holding stablecoins, not moving them. “Users don't want to ‘use' stablecoins for a transaction and convert back to local currency. They want to hold dollars. The transaction is the side effect.” Wang said there is no clear winner in the LATAM remittance market, adding that “the fintechs that win the next decade in this region will combine local rails, stablecoin liquidity, trust and closed-loop economics — remit → hold → spend → earn.” Related: Australia draft payments vision eyes stablecoin interoperability She added that many fintech companies in the space have built their products for the typical 25-year-old crypto trader, not the average remittance sender, who is 40 to 60 years old and presumably is not tech-savvy. Profile of the imagined LATAM remittance user (left) vs actual user (right). Source: Claudia Wang “If your product makes a 50-year-old factory worker in New Jersey think for more than 30 seconds before sending $300 to his mom in Honduras, you've already lost,” Wang said: “The crypto industry has spent five years optimizing for the wrong user. The retail remittance customer in LATAM doesn't want to ‘self-custody.’ They want to know the money landed.” Magazine: Singapore isn’t a ‘crypto hub’ — it’s something better: StraitsX CEO

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