From Stablecoins to Smarter FX: Rebuilding Cross- Border Payments
Catherine Kaupert - Head of LATAM, Open FX
For years, innovation in cross-border payments has focused on the customer experience: faster transfers, lower fees, and more digital ways to send and receive money.
But beneath every international payment lies an infrastructure that has remained largely unchanged for decades: foreign exchange.
That is beginning to change.
In the latest CrossTalk, Catherine Kaupert, Head of Latin America at OpenFX, joined Hugo Cuevas-Mohr to discuss why the next phase of payments innovation won’t be defined by new payment methods alone, but by the modernization of the FX infrastructure that powers global money movement.
Just a few years ago, stablecoins were largely viewed as an emerging technology with potential. Today, they’re becoming part of the infrastructure behind cross-border payments.
Kaupert has witnessed this shift firsthand.
After years building payment orchestration platforms and partnerships across Latin America, she now sees businesses actively integrating stablecoins into their payment flows—not as speculative assets, but as tools for faster settlement, improved liquidity, and more efficient foreign exchange.
The conversation has evolved.
Companies are no longer asking whether stablecoins will have a role in payments.
They’re asking how to implement them effectively.
Latin America Is Becoming a Real-World Testing Ground.
While discussions around digital assets often center on North America or Europe, many of the most practical applications are emerging across Latin America.
Mexico remains one of the world’s largest remittance corridors. For established money transfer operators with dedicated FX desks, costs can already be competitive. But for smaller fintechs and digital wallets entering the market, access to institutional pricing has traditionally been out of reach.
Stablecoin-based settlement changes that equation by providing faster and more efficient ways to move value across borders.
Colombia presents another compelling example.
With a rapidly expanding fintech ecosystem, growing cross-border trade, and increasing demand for digital financial services, the country is becoming a gateway to South America. As regulation evolves, many companies are already designing products around digital rails rather than waiting for perfect regulatory certainty.
The Best Technology Is Often Invisible.
One of the strongest themes from the conversation is that customers don’t necessarily want to interact with blockchain.
They simply want better outcomes.
OpenFX approaches this by allowing businesses to move between fiat currencies and stablecoins through a single integration. Behind the scenes, the platform determines the most efficient route for each transaction—whether that’s traditional fiat settlement or stablecoin rails.
The customer receives the benefits without having to manage multiple providers, on-and-off ramps, or blockchain infrastructure.
For businesses, the value isn’t owning digital assets.
It’s reducing complexity.
Liquidity Is Becoming a Competitive Advantage.
Cross-border payments have always been about more than moving money.
They’re about managing liquidity.
Traditional international payments often require companies to pre-fund accounts in multiple countries, tying up capital and increasing operational costs.
Modern FX infrastructure offers a different approach.
Instead of locking capital across jurisdictions, businesses can optimize liquidity while reducing settlement times and improving pricing. That creates opportunities not only for remittance providers but also for payment processors, neobanks, fintechs, and companies operating internationally.
For CFOs, that can translate into millions of dollars in working capital becoming available for growth rather than sitting idle.
Innovation Must Move Alongside Regulation.
Like every major shift in financial services, infrastructure innovation depends on trust.
Kaupert acknowledges that regulation across Latin America is evolving at different speeds.
Brazil has made significant progress in creating clearer regulatory frameworks, while countries such as Colombia, Peru, and Argentina continue refining their approaches.
Rather than viewing regulation as an obstacle, OpenFX has focused on partnering with licensed institutions and building compliance into its operating model from the beginning.
For companies moving money globally, innovation and compliance must evolve together.
Cross-Border Payments Are Bigger Than Remittances.
- Neobanks offering multi-currency accounts.
- Payment processors managing global merchant settlements.
- Fintech platforms building international financial products.
- Companies engaged in imports and exports.
- Businesses operating across multiple currencies.
The Human Side of Innovation.
The conversation concluded with another important transformation: people.
Kaupert reflected on how the payments industry has become significantly more diverse during her career. Communities, mentorship, and greater visibility for women in fintech are helping reshape an industry that has historically been dominated by traditional banking.
Her advice is simple: curiosity and willingness to learn matter more than following a conventional path.
Her own journey—from software sales, to helping build Rappi, to payment orchestration, and now modern FX infrastructure—is proof that innovation often comes from people willing to step into unfamiliar territory.
Looking Ahead.
Cross-border payments are entering a new phase.
The focus is shifting from simply moving money faster to building infrastructure that makes global commerce more connected, efficient, and accessible.
Foreign exchange is no longer just a back-office function.
It’s becoming one of the industry’s most important competitive advantages.
And as Latin America continues to embrace new payment rails, smarter liquidity management, and digital settlement, the region is helping shape what the future of cross-border payments will look like.
