Local-currency stablecoin launches have increased demand for 24/7 foreign exchange liquidity as more than 70% of conversions into dollar stablecoins begin in another currency. Raj Kamal, founder and CEO of payments company TransFi, told crypto.news that issuing euro, sterling, yen, and other local-currency stablecoins would bring more foreign exchange activity directly into payment transactions. More than 70% of flows from fiat currencies into dollar stablecoins already originate outside the U.S. dollar, according to data cited by Kamal. Each flow requires a currency conversion somewhere in the process, even when the token used for payment is denominated in dollars. The Bank…
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