A trader spots a promising opportunity on a Cosmos-based exchange, initiates a USDC transfer from Ethereum, and then waits. Twenty minutes pass while market conditions shift with each second. By the time the funds arrive, the opportunity has vanished.
This scenario plays out thousands of times a day. In February 2025 alone, over $158 million in USDC flowed from nine chains into Noble, the official issuer of native USDC in Cosmos. But even with this secure, native infrastructure, each transfer still forced users into a 20-minute limbo, an eternity in a digital economy where milliseconds matter.
Traditional Finance Sets the Pace
Whereas crypto introduced new ideas, conventional finance has been perfecting their settlement system:
FedNow: The Federal Reserve’s instant payment service resolves deals in the United States. Financial institutions operate 24 hours, with payment usually done in seconds.
SEPA Instant: Europe’s banking network processes interbank transactions in less than 10
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