Given the fact that UCBs are an important segment of the banking system, play a vital role in mobilizing deposits and purveying credit to the people of small means thereby enhancing financial inclusion and facilitate payment and settlement, it will only be appropriate to support their growth and proliferation further. 13. That brings us to the second question.
Thanks to their global footprint, they are uniquely positioned to offer services in the area of global cross-border transactions, where current solutions are low quality and expensive. This is the backdrop against which stablecoins have emerged. They could be used by the big techs to offer innovative payment solutions that work both within and across national borders.