Md Tarek Hossain
A new report from blockchain data firm , supported by global payments giant , suggests the world may be gradually moving “beyond dollarisation” — a shift that could significantly benefit millions of Bangladeshis who depend on money sent from abroad.
At the centre of this change are so-called stablecoins — digital currencies built on blockchain technology that maintain a fixed value. While most existing stablecoins are pegged to the US dollar, a new generation linked to local currencies such as the euro, Brazilian real and Singapore dollar is gaining traction.
These “local currency stablecoins” could reshape the way money moves across borders. Instead of converting funds into dollars and then back into another currency — a process that adds cost and delay — users can send money directly in the desired currency.
The scale of global payments is vast. Cross-border transactions are currently valued at around $208 trillion annually and are projected to exceed $320 trillion by 2032. Yet for ordinary people, the system remains slow and expensive. Only a third of retail payments are settled within an hour, while remittance fees average about 6.5 per cent, largely due to exchange rate costs.
Local currency stablecoins aim to remove these inefficiencies. By allowing money to remain in its original currency throughout the transaction, they eliminate multiple conversion steps, reduce reliance on intermediaries, and enable near-instant transfers — regardless of banking hours.
For financial institutions, the advantages are equally compelling. They can minimise foreign exchange risks, simplify treasury operations, and even automate compliance processes through programmable payment systems that operate around the clock.
Visa has already begun integrating such technologies into its existing infrastructure, linking stablecoins with its card and payout networks. This means banks and businesses can adopt the system without overhauling their current operations — a transition the report describes as “incremental, practical and institution-friendly”.
The implications for Bangladesh are particularly significant. Remittances from countries such as the United Kingdom and across the Middle East form a vital lifeline for many households. However, these transfers often pass through dollar-based channels, eroding value through fees and exchange rate fluctuations.
A system based on local currency stablecoins could allow senders to transfer funds directly in Bangladeshi taka, potentially reducing costs and ensuring more money reaches families at home.
For individuals like Md Rahman, a London-based Bangladeshi who regularly supports his parents in Dhaka, the change cannot come soon enough. “I pay fees and watch the exchange rate shift before the money arrives,” he says. “If there was a way to send it directly in taka or even euros without losing value, I’d switch immediately.”
While the report stops short of predicting immediate transformation, it acknowledges that regulatory approval and integration with national banking systems remain key challenges. Nevertheless, the direction appears clear: a gradual move away from dollar dominance towards a more flexible, multi-currency digital ecosystem.
As the report concludes, these innovations enable “local money to move on global, programmable rails” — a prospect that could redefine financial access for countries like Bangladesh, where faster and more affordable remittance services are urgently needed.
