Crypto Rails Should Bring Efficiency Gains to the $7T-a-Day TradFi FX Market

Meanwhile, this USDC/EUROC pool completed transactions on a public ledger, and did it really efficiently. During the study period, prices stuck within a few basis points of the conventional EUR/USD exchange rate. There was weekend liquidity, a time when the traditional FX spot market goes dark. And there were fewer intermediaries and their associated fees and frictions. Automation worked.