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What would be the mechanisms or applications needed to make this happen?

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Stellar offer Payment Paths

You can use PathFinding to search for "best" conversion path between origin and destination asset. It uses Stellar Decentralized Exchange for "internal currency trading"

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With tools currently in production, I imagine you could buy something from someone with your currency, and the seller would receive the same amount in their currency. The tool/application uses Lumens as a bridge/currency converter. i.e. USD-->LUMENS-->PESOS. The Lumens are the pipe/channel/conversion mechanism. In the example, you can replace "USD" & "PESOS" with any currency, or store of value (pigs?), set-up as an asset/trustine on the Stellar system.

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    Which “tools currently in production” are you referring to? – Nekrataal Jan 18 '18 at 19:29

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