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More money is now being transferred internationally via Stablecoins, than Visa & Mastercard combined. (unchartedterritories.tomaspueyo.com)
submitted 2 weeks ago by to c/futurology@futurology.today
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I wonder how much of this is money laundering, illegal drug producers, and countries avoiding US sanctions on their use of the SWIFT banking system. Stablecoins aren't anonymous, but with transfers through multiple wallets and disguised end parties, they can be very hard to trace.

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[–] 2 points 2 weeks ago* (last edited 2 weeks ago)

I shared the math for my situation, you need to do the math for your own situation.

Start with the cost of USD->USDT or even another coin you choose. Let's call this amount W.

Then the costs for transferring to another exchange. The exchange should be able to convert from USDT to your local currency.* Call this amount X.

Then the exchange withdrawal costs. Call this amount Y.

Finally the local bank fees for deposit, if any. call this amount Z.

W+X+Y+Z= your total transfer costs.

*If you cannot find an exchange that allows selling crypto for your local currency then you will need to sell it for another currency. Then withdrawal that currency to your local bank account. That bank will charge fees for conversion so you will need to factor that in if applicable.

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