The moment we see stable coins emerge denominated in other national currencies with these stable coins trading against each other in high volume crypto exchange

The moment we see stable coins emerge denominated in other national currencies with these stable coins trading against each other in high volume crypto exchanges is the moment the traditional cross-border payments industry dies. There's just no way traditional FX can compete when you can instantly swap a USD token for a token of any other currency at tiny cost everywhere in the world. Crypto exchange already does this, and sometimes better, it's just harder for people to figure out. Even the half-way situation we have today of USD stablecoins trading for local currency in other countries is likely going to obliterate traditional FX in a few years. It's already happening, and really fast.