Why does a supplier receiving stablecoins still carry unhedged local currency risk?

A business in Brazil or Nigeria that accepts USDC for export sales has USD-denominated revenue but local-currency payroll and operating costs. BIS Working Paper 1340, drawing on data for four USD stablecoins traded against 27 fiat currencies across 64 exchanges from 2021 to 2025, documents large and persistent parity deviations and shows that stablecoin inflows depreciate the local currency and widen dollar funding costs in FX swap markets. Traditional forward contracts require a bank relationship and minimum deal sizes that exclude most SMEs. On-chain perpetual and options markets exist for major pairs but lack the depth and the specific local-currency pairs that cover the corridors where stablecoins have the most real-world payment traction. The businesses most likely to use stablecoins to escape broken banking rails are the ones with no efficient instrument to manage the resulting cur