An 80-basis-point trading-fee gap changes a conditional comparison, while payouts, account access and remaining route costs determine the full price.

Converting $10,000 of the dollar stablecoin USDC into euros can incur a $100 or $20 trading fee at Kraken, before execution and withdrawal costs.

The $80 difference comes from standard Instant Buy/Sell pricing versus the eligible entry-tier USDC/EUR order book, using the exchange’s fee schedule checked Oct. 20.

At $200, the same 80-basis-point gap is worth $1.60. A fixed bank payout charge then takes a much larger share of the transfer, leaving less room for the stablecoin route to compete with a money-transfer company.

The Bank for International Settlements published Working Paper 1385 on Oct. 19. Wenxin Du, Catherine Huang and David Scharfstein compare banks, fintech transfer providers and stablecoin routes.

Their summary reports median costs of around $40-$60 for $10,000 transfers from the US across developed-market currency groups. The authors’ separation of exchange-rate markups from explicit fees provides a framework for testing how much the conversion product can impact.

The competitive question is how many euros reach the recipient’s bank for the sender’s complete dollar outlay. A lower exchange fee changes that calculation, but funding, token movement, execution and payout still have prices of their own.

Kraken’s standard instant and recurring trades carry a 1% trading fee, with a variable spread embedded in the price and possible payment-method fees. Its advertised USDC/EUR market offers a different execution route: an order book where USDC is the base asset being exchanged for euros.

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