Are stablecoins really fee-free?

Crédit Agricole reconstructs the true cost of stablecoins

Stablecoins are often presented as a solution for making near-instant international payments at very low cost. However, in a new study, economists from Crédit Agricole estimate that the fees displayed on the blockchain only represent part of the actual bill.

Once the costs of converting between fiat currencies, liquidity, and the infrastructure necessary for settlement are taken into account, the total cost of a cross-border payment reaches between 18 and 180 basis points, or between 0.18% and 1.80% of the transferred amount, depending on the liquidity of the relevant currencies and the quality of the gateways between fiat currencies and stablecoins.

The on-chain transfer cost does not reflect the actual economic cost borne by the user. To measure this, one must consider the entire payment journey, from the debit in fiat currency to the moment the beneficiary receives funds that are actually available in their own currency.

Three layers of overlapping costs

To explain these cost discrepancies, Crédit Agricole distinguishes three sources of fees. The first corresponds to transaction fees on the blockchain, which are generally low. The second comes from conversions between fiat currency and stablecoins, both at the entry and exit of the payment. Finally, the cost of the financial infrastructure that facilitates the payment between the sender and the beneficiary must be added.

The bank's simulations show that the total cost varies significantly depending on the currencies used. When both currencies are liquid and conversions are optimized, the payment costs 37 basis points, or 0.37% of the transferred amount. With standard fiat ramps, this cost rises to 50 basis points (0.50%). If one of the two currencies is less liquid, it reaches 90 basis points (0.90%). When both currencies are illiquid, the cost approaches 130 basis points, or 1.30% of the amount sent.

In other words, the same stablecoin used on the same blockchain can cost more than three times as much depending on the currencies involved. For Crédit Agricole, it is therefore not the performance of the blockchain that determines the final cost, but primarily the liquidity of the currencies and the efficiency of the infrastructures that allow for the conversion of fiat currencies into stablecoins, and vice versa.

A striking illustrative scenario

To illustrate this point, the study revisits a case published by OpenFX in July. Two providers must transfer 50 million dollars from Mexico City to Dubai via USDC. The first makes the funds available in 18 minutes. The second takes nearly 36 hours.

In both cases, the blockchain played its role in a matter of seconds. But access to local interbank systems and liquidity in dirhams at the exit made all the difference. The visible on-chain time is not the actual economic time of the transfer.

A French bank increasingly involved in crypto

This publication is not insignificant coming from Crédit Agricole. The green bank has accelerated in recent months in the field of digital assets, notably with the launch of its own euro stablecoin, EURXT, on the Ethereum blockchain. Its subsidiary CACEIS has also become the first French bank to obtain a MiCA license in June 2025.

The study concludes on a cautious note. Stablecoins can offer real gains in certain configurations, particularly in liquid corridors with integrated ramps and large volumes. However, the systematic economic superiority over traditional rails remains, according to the authors, yet to be demonstrated by rigorous public data.

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