Huge News For Remitly Global Investors

In the last year, a narrative has formed around stablecoins disrupting cross-border payment fees. With the initial public offering (IPO) of Circle Internet Group and growing adoption of these fiat-backed cryptocurrencies, many investors have claimed that the traditional days of cross-border payments are behind us. This has sent shares of mobile remittance player Remitly Global (NASDAQ: RELY) down 30% from highs set earlier this year.As a business that makes money on cross-border payment fees, Remitly could be threatened by stablecoins. But is it truly at risk? A new announcement from Remitly around stablecoins could be huge news regarding this narrative, and may turn stablecoins into a beneficiary for the business. Time to take a closer look at Remitly stock and see whether investors should buy the dip on this hated remittance player today.Along with its Q2 earnings report (which will be covered below), Remitly announced new products that its 8.5 million active customers can use earlier this month. First is the Remitly Wallet, a digital wallet through Remitly where customers can hold currencies instead of just sending them from a bank account. Importantly, stablecoins are included in the currencies customers can hold. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool