Coinbase CEO Brian Armstrong has proposed that it could cost "zero" to send remittances, compared to the current global average of 6.36% and total remittance fees of $57.55 billion. Banks remain the most expensive type of service provider with an average fee of 14.99%. However, mobile operators and credit or debit cards are among the cheapest service providers. Stablecoins, like Bitcoin (BTC) or ETH, are pegged 1:1 to a stable asset like the U.S. dollar and are becoming increasingly popular as they are quick to transfer and cost less. However, a McKinsey report revealed that most of stablecoin activity is primarily for trading, internal fund shuffling, and automated blockchain activity.