Stablecoins are increasingly being adopted in high-cost cross-border payment corridors in emerging markets, offering a cheaper alternative to traditional foreign exchange (FX) systems. According to Delphi Digital, stablecoins can significantly reduce the inefficiencies and costs associated with legacy FX infrastructure, which can reach up to 8% in fees in countries like Argentina and Nigeria. The research highlights that 81% of these costs stem from servicing the underlying banking infrastructure, giving stablecoin rails a structural advantage by eliminating the need for pre-funded liquidity and intermediary chains. However, off-ramps such as bank account access remain a significant barrier to stablecoin adoption. Delphi Digital notes that while stablecoin transactions settle quickly on the blockchain, the integration with traditional banking systems introduces delays due to batch processing schedules. The firm suggests that resolving these issues requires both regulatory and technical solutions. Despite these challenges, the stablecoin supply has increased by 2.5% over the past month, driven by demand in emerging markets for cheaper dollar liquidity and cross-border transfers.