Ratio CEO John Cho on Stablecoin FX: Asia's Won-to-Rupiah Payments Without the Dollar

Ratio CEO John Cho on Stablecoin FX: Asia's Won-to-Rupiah Payments Without the Dollar

A Korean manufacturer paying an Indonesian supplier does not, in practice, buy rupiah with won. It buys dollars with won, then buys rupiah with dollars, because no bank offers a deep direct pair between the two. The invoice pays two foreign exchange spreads instead of one, moves through correspondent banks that are closed at different hours and settles somewhere between one and three days later. Across Asian corridors that arrangement costs betw…