Forex looks to flip the (stable)coin

Friction-free foreign exchange is the prize offered by stablecoins such as Tether and USDC. But the prize remains elusive

Stablecoins and foreign exchange should be a well-matched couple. On one side, a digital asset pegged to a real-world currency that enables rapid, round-the-clock transfer of value. On the other, an industry plagued by costly, clunky settlement and multiple timezones. Yin meets yang.

The early promise is yet to blossom, though. Stablecoin applications for FX workflows are still nascent, with use