G7 Working Group on Stablecoins
Technological innovation is transforming the provision of financial services and products. Payment services, in particular, have seen significant change in recent years through the introduction of new payment methods, platforms and interfaces. In fact, an increasing number of countries have payment systems that provide inexpensive and near instant domestic payments.
However, challenges in current payment services remain. Above all, cross-border payments remain slow, expensive and opaque, especially for retail payments such as remittances. Moreover, there are 1.7 billion people globally who are unbanked or underserved with respect to financial services.