Comparative Analysis of Remittance Architectures for Pakistan

This document compares three primary architectures for cross-border remittances to Pakistan. While Option 1 (Fintech Netting) remains the most reliable for small-to-medium transfers, Option 2a (Foreign Stablecoin) offers high efficiency for larger sums, provided the SBP absorbs incoming liquidity to eliminate slippage. Option 2b (PKR Stablecoin) effectively internationalizes the currency, creating a risk of depleting national reserves where the SBP is forced to use its savings to defend the Rupee's value abroad. Option 3 (SBP Private Ledger) represents the public infrastructure model, operating like a government highway for money, utilizing centralized integrations like Raast-Buna.