SINGAPORE— Global stablecoin card spending is expected to quadruple to $50 billion annually by 2028, stablecoin payments company RedotPay said this week, according to Reuters.
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Stablecoin card spending surpassed $1 billion in July, setting a monthly record, Reuters reported, citing RedotPay and data from crypto payment-card analytics company Paymentscan.
Adoption has accelerated as stablecoins gain traction in cross-border payments, treasury operations, cryptocurrency settlements and as stores of value in volatile economies.
“Latin America has the highest adoption and greatest potential for growth at the moment, followed by Africa,” RedotPay co-founder and head of partnerships Jonathan Chan told Reuters.
“The fastest markets aren't necessarily those with the highest crypto penetration. The growth is driven by the confluence of several factors: real payment pain, easy stablecoin access, strong fiat off-ramps, and regulatory clarity,” Chan said.
Reuters reported that Hong Kong-based RedotPay has more than eight million users and an annualized payment volume exceeding $14 billion, including account top-ups and card spending.