Circle, Uniswap research says DeFi can solve $2 trillion FX risk problem
01/19 02:54
Every day, about $2.2 trillion in foreign-exchange (FX) transactions carry a risk that the yet-to-be settled side of an agreement won’t meet obligations. But a new paper from Circle Internet Financial and decentralized exchange Uniswap Labs finds that a distributed ledger could solve that problem with simultaneous settlement.
That’s one conclusion of their 20-page paper to be released in Davos for a panel at the World Economic Forum on Thursday.
“On-chain FX can offer faster and more affordable transaction processes, as well as greater liquidity and stability,” the paper concludes.
The researchers also say remittances – money that people send across international borders – could see their costs cut by 80% through decentralized finance (DeFi). Sending money to people in other countries has always been one of the strongest arguments for crypto, and the paper said the lower costs could translate to $30 billion a year remaining in people’s pockets.
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