Investing in Félix

For the roughly 68 million Latinos living in the United States, sending money to family and friends across Latin America can be a hassle. It can mean standing in line at a storefront and handing cash to an agent who charges a fee up front and then takes another cut through the exchange rate. U.S.–to–Mexico is the biggest remittance corridor in the world, and one of the cheapest, yet sending money through it still costs about 5% of the transfer on average, amounting to billions of dollars a year in friction.

Moving money shouldn’t be this hard. The scale of the problem: $161 billion was remitted to Latin America and the Caribbean in 2024, roughly 80% of it from the U.S. A lot of this still moves through physical cash networks. 

Stablecoins offer a solution. Dollars can now move onchain in seconds, for lower fees than the banks charge, with none of the waiting. Because settlement is near-instant, companies don’t have to park capital in accounts in every country where they pay out. Stablecoins are uniquely suited to making cross-border transactions because the rails are better. But consumers don’t care about rails. They care about products. The winner here will likely be whoever makes sending money home feel as easy as sending a message.