Stablecoin Wallet Unveiled by Remitly for Cross-Border Transactions
Remitly's Stablecoin-Powered Wallet Set to Revolutionize Cross-Border Remittances
Remitly, a leading provider of remittance services for immigrants and overseas workers, is preparing to launch its new multi-currency digital wallet, the Remitly Wallet, in September 2025. This wallet will support both fiat currencies and stablecoins, aiming to address the needs of users in over 170 countries [1][2][3].
The Remitly Wallet is poised to transform cross-border remittances by leveraging stablecoins to deliver faster, more reliable, and cost-efficient payments worldwide [1][2][3]. By using stablecoins such as USDC (issued by crypto firm Circle) and Tether's USDT, Remitly aims to minimize volatility risk and enable near-instant fund transfers across time zones and outside traditional banking hours [1][4].
The wallet will streamline the process of sending and receiving funds, significantly reducing fees compared to traditional remittance methods. Converting fiat currency to local currency, if accessible, adds more time and fees in traditional remittance methods [2]. With the Remitly Wallet, users will be able to convert from stablecoins to local currency with a click of a button at a much more affordable rate [2].
Remitly's strategic shift towards stablecoin integration reflects its response to the high demand for stable, fast, and affordable remittance solutions, especially in regions experiencing currency volatility or inflation [1][4]. The wallet is expected to facilitate near-instantaneous cross-border payments with enhanced transparency and fewer intermediaries, benefiting both senders and recipients globally [2][3].
To achieve this, Remitly will reduce dependence on pre-funded local currency pools, which often tie up capital and increase operational costs for remittance providers [2]. The company will also partner with Bridge, the stablecoin infrastructure provider for Stripe, to integrate stablecoin-based payment rails into Remitly’s global disbursement network [2][3][4]. This partnership will allow recipients in select markets to receive stablecoins into their own wallets seamlessly from Remitly's fiat system.
The launch of the Remitly Wallet comes at a time when the Trump administration's tariff policies have caused significant currency fluctuations worldwide [1]. The wallet's timely release aims to address these fluctuations and provide a more stable and efficient remittance solution for users.
In Q2 2024, cryptocurrencies facilitated roughly $600 billion in cross-border payments, according to a study by The Bank for International Settlements (BIS) [5]. The growing use of stablecoins in everyday cross-border transactions, such as those facilitated by Remitly, reflects their increasing importance in the global remittance market.
In conclusion, Remitly’s stablecoin-enabled Remitly Wallet, set to launch in September 2025, is set to revolutionize cross-border remittances by leveraging stablecoins to deliver faster, more reliable, and cost-efficient payments worldwide [1][2][3][4].
References: [1] Remitly Press Release: Remitly Wallet Beta Launch [2] Remitly Blog: Introducing Remitly Wallet [3] Coindesk: Remitly to Launch Stablecoin-Powered Wallet [4] Cointelegraph: Remitly Partners with Bridge to Offer Stablecoin Payments [5] BIS Quarterly Review: Digital Currencies and Cross-Border Payments
The Remitly Wallet is set to leverage technology in cross-border remittances, using stablecoins like USDC and Tether's USDT to deliver faster, more reliable, and cost-efficient payments worldwide [1][2][3]. With the Remitly Wallet, business transactions across borders will become more streamlined and affordable [2].
