The US dollar accounts for 99% of the global stablecoin market. Cross-border B2B payments, remittances, and payroll in stablecoins denominated in US dollars are an improvement over traditional payment systems, but there is still a problem: Currency conversion at the final stage can cost between 1% and 4%! for individuals or small and medium-sized businesses. So, while instant, almost free payments in USDC/USDT are great, converting to your local currency can still be painful. Onchain FX - where you can convert stablecoins into US dollars and other currencies, and if necessary, settle in local fiat currency, is what's missing. Markets that operate 24/7/365 with tight spreads and atomic settlement. However, there are already interesting projects that solve the problem of high commissions when exchanging for local currency, such as $XSGD from @StraitsX and $BRLA from @aveniaio. For example, $XSGD will have commissions of 0.02–0.1% compared to the traditional option, where the amount will be 1.5–4%. The same situation applies to $BRLA. It is worth noting that these local stablecoins are often placed on chains such as @0xPolygon, which allows for fast and inexpensive transfers and can additionally receive support from @0xPolygonFdn for scaling. Here is the analytics of local stablecoins hosted on Polygon 👇 *Data: ( @petertherock ).