PANews reported on October 22nd that Ledger Insights reported that cross-border payments company Wise is making its first foray into the stablecoin space, recruiting a digital asset product manager with experience in building stablecoin wallets or payment solutions. Wise claims stablecoins can both improve settlement efficiency and create competitive pressure for emerging rivals. The company projects cross-border payment volume of £145 billion in 2024, with an average fee rate of 0.58%, corresponding to £840 million in cross-border revenue. The report indicates that it will be difficult for stablecoins to significantly outperform Wise in terms of cost, and that global banking relationships remain crucial for stablecoin deposits and withdrawals. Wise may also provide related services to stablecoin payment companies.