# A stablecoin only beats transfer apps where dollars are hard to get

Prices from the 02:00 UTC hour, 2 Nov.

In Argentina, India and Nigeria, dollars are hard to get, so people pay more than the official rate for one. Send money there as a stablecoin and the person you send to can sell it at that higher price. They end up with more than any transfer app gives them.

In Brazil, Mexico and the Philippines, anyone can get dollars at the official rate. There is nothing extra to collect, so the transfer apps are cheaper.

Prices from the 02:00 UTC hour. A stablecoin is a digital coin that stays worth one US dollar.

<https://margin.wiki/data/routes_table.json>

## Where the stablecoin is cheaper than the cheapest app

Each route sends 1,000 in your own money, like S$1,000 or US$1,000. Left of the black line, the stablecoin is cheaper than the cheapest transfer app we check, like Remitly or Western Union.

|  |  |
| --- | --- |
| United States to Argentina Gap there +8.7% · Cheaper in 177 of 177 hours | 6.28% cheaper than Airwallex |
| United States to India Gap there +6.1% · Cheaper in 710 of 710 hours | 4.45% cheaper than Airwallex |
| Singapore to India Gap there +6.1% · Cheaper in 710 of 710 hours | 3.77% cheaper than Airwallex |
| Australia to India Gap there +6.1% · Cheaper in 125 of 125 hours | 2.66% cheaper than Xoom |
| United States to Nigeria Gap there +2.1% · Cheaper in 690 of 713 hours | 1.43% cheaper than Wise |
| United States to Brazil Gap there +0.5% · Cheaper in 43 of 126 hours | 0.40% more expensive than Remitly |
| United States to Mexico Gap there −0.1% · Cheaper in 23 of 1,527 hours | 2.60% more expensive than Xoom |
| New Zealand to the Philippines Gap there −0.4% · Cheaper in 2 of 1,137 hours | 0.95% more expensive than Airwallex |
| Singapore to the Philippines Gap there −0.4% · Cheaper in 1 of 1,660 hours | 1.04% more expensive than Instarem |
| United States to the Philippines Gap there −0.4% · Never cheaper in 173 hours | 1.37% more expensive than Xoom |
| Australia to the Philippines Gap there −0.4% · Never cheaper in 1,137 hours | 2.26% more expensive than Xoom |

## Sending US$1,000 to Argentina: Airwallex costs US$7.34, a stablecoin gets them US$55.51 more than the official rate

At this amount, a stablecoin was the cheaper way in 177 of the 177 hours checked since 22 October.

Official rate as of 00:02 UTC

## What each way costs this hour, at US$1,000

Cost is what the person receiving loses against the official rate. Every fee we can measure is included.

Cheapest app Airwallex this hour

US$7.34 0.73%

Stablecoin

−US$55.51 −5.55%

The blockchain's own fee is not in this total, because the exchange does not publish it.

### The stablecoin's cost, step by step

These are the steps of the main stablecoin way this hour.

|  |  |
| --- | --- |
| Deposit and buy | US$4.71 0.47% |
| Network fee | US$0.10 0.01% |
| Sell and withdraw | −US$60.32 −6.03% |
| All in | −US$55.51 −5.55% |

Below zero means they got more than the official rate at that step.

## Which way was cheaper, day by day

Each point is a typical day. Below the dark line the stablecoin was cheaper than the cheapest app, above it the app was cheaper. A grey dotted line marks times with no price, either because there was none or because we failed to fetch it.

## Where to go next

A dollar in Argentina

Why the stablecoin wins or loses here: the gap between the street price and the official rate.

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