Looks like the main competitor for stablecoins isn’t SWIFT and correspondent banks, it’s Visa Direct! From Visa $V earnings call: “You mentioned the banks enabling and embedding Visa Direct as their cross-border money movement platform. That's something we've been very focused on. And we're having good success. And I believe there's a big opportunity here. I think there's a big opportunity for banks around the world to play a more direct role in money movement.”