According to CoinMeta, as reported by Cryptonews, PayFi is an emerging payment infrastructure that uses stablecoins to replace traditional remittance methods. The value settled annually through stablecoins has surpassed that of many traditional payment networks. PayFi allows users to consume using the earnings from stablecoins without having to use their principal. Compared to traditional bank transfers, stablecoin transfers are lower in cost and faster, and users can complete transactions without needing a bank account. The applications of PayFi include cross-border salary payments, trade financing, and merchant settlements, with the aim of replacing slow and expensive intermediary payment systems with programmable stablecoin flows.