BaaS Using Stablecoin

Regulation in Stablecoin is actually a project that OJK pay attention to, if im not mistaken its already at the sandbox phase. Hypotethically let's say there's already a regulation in place, I want to explore regarding how we can utilize stablecoin in banking industry, especially for international payment.

Right now, if a user wants to do an international payment especially for a very foreign country, what happen is the user holds IDR --> bank 1 ---> .... ---> bank x ---> local currency --> Merchant. For each step the bank will charge a fee and will be settled during working hours, usually the merchant will receive the money on T+1 or T+2, this creates 2 problem:

1. Buyer: the buyer would need to pay a rather expensive fee since each bank will charged the buyer for moving the money
2. Merchant: there's a lead time for merchant on the payment which creates a whole new problem that I don't want to get into
3. Blackbox: actually is kinda hard to trace where the money on right now, one bank can have a holiday, or maybe the system having trouble that probably will makes the merchant anxious if they need the money.

This problem can be solved by using stablecoin as the means for cross-border payment. Think about it, stablecoin has many advantage compared to slow process of SWIFT today:

1. 24/7/365
2. Fast
3. Auditable
4. One time fees, and also easy to calculate

So the flow will likely be IDR --> local stablecoin --> local currency --> merchant. The merchant won't need to touch any crypto/stablecoin, the stablecoin is only used for more efficient means of process. But of course there's some hurdle to implement this.

1. Is the regulation allow us to do cross-border payment using stablecoin? how about the other country that goes into?
2. Doing this would need some kind of banking license/fintech license, and also crypto license or maybe explore partnership
3. I don't think the banking player will like this idea since they benefited from the cross-border payment.

This business model actually already used by a company in Brazil called Avenia. They positioned themselves as a "Stablecoin rail" that can be integrated by fintech company that serves cross-border payment, so actually its kinda validated by them.