Stablecoins vs. SWIFT: What banks must do now
Three to five days for an international transfer – in 2025? While SEPA has long been operational in the European single market, global payments are still stuck in the past. Billions of euros flow through the SWIFT network every day, but they are trapped in the thicket of outdated structures: expensive, slow, and opaque. This is precisely where stablecoins come in – with transactions in seconds and at fractions of the cost.
AllUnity CEO Alexander Höptner, who leads what is arguably the most promising euro stablecoin project in the eurozone, sums it up in an interview with BTC-ECHO: “Payments within the eurozone don't require a euro stablecoin. But as soon as we make cross-border payments, a structural problem becomes apparent: The money still takes three to five days to arrive.”
SWIFT: Out of date
The correspondent banking system has evolved over time, but is technologically outdated. Fees are high, settlement times are long, and tracking is difficult. Stablecoins promise a different quality: finality in seconds, 24/7 availability, and transparent settlement chains.
“The prices currently charged for such services are simply not justified,” Höptner criticizes. “Outdated systems and rigid structures are being disrupted by stablecoins. Ultimately, the efficiency gains must reach the companies.”
Banks: Is the end of international payments?
Are banks losing their business models because of stablecoins? Höptner disagrees: “Companies don't want to give up their banking relationships just because they use stablecoin payments. If banks are smart, they will retain their role. However, they will also have to provide wallets and stablecoins. Profitability in international payments will decrease, but customer loyalty may actually increase as a result.”
Banks could thus become central gatekeepers of a new infrastructure – less profitable, but indispensable for the real economy.
Which stablecoins do CFOs rely on?
For CFOs of large companies, it's clear: Not every stablecoin is viable. “There are more US stablecoins than Tether and Circle – yet many are barely used. We see the same thing with euro stablecoins,” says Höptner. “Jurisdiction, legal framework, funding, governance: If these aren't a good fit, companies won't use these tokens.”
Höptner expects a shakeout: “Not all of them will deliver the quality required for real payment transactions. These projects will disappear again.”
In the long term, he sees standards and ratings coming – similar to those for traditional currencies.
Banking crisis caused by stablecoins?
Höptner also decisively addresses stability concerns, as highlighted, among others, by a recent study by the Free University of Berlin: “A stablecoin is created by depositing fiat money held in reserve accounts. I don't change the money supply; I just switch the technical medium and back. A clear set of rules and the monitoring of reserves are crucial.”
And what happens if negative interest rates return? “We can invest up to a certain percentage in high-quality liquid assets. And there are no negative interest rates on e-money tokens. If a negative interest rate environment comes too early, before the payment use case scales, it can become economically tight. Once transaction usage is established, payment fees will compensate for this.”
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