Global spending through stablecoin-linked cards is expected to quadruple to about $50 billion annually by 2028 as digital currencies pegged to fiat currencies gain traction in everyday payments, cross-border transactions and treasury operations, according to stablecoin payments company RedotPay.
The Hong Kong-based company said stablecoin card spending surpassed $1 billion in July, marking a record monthly level, based on data from crypto payments analytics firm Paymentscan.
At that pace, the emerging stablecoin card market would represent a significant expansion from its current scale, although the projected $50 billion would still be small compared with the global payments industry.
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Stablecoins are cryptocurrencies designed to maintain a relatively stable value by being pegged to an underlying asset, most commonly a fiat currency such as the U.S. dollar. Unlike bitcoin and other volatile cryptocurrencies, their primary attraction in payments is the ability to move digital dollars or other fiat-linked value without exposing users to the same degree of price volatility.
Their use has expanded beyond crypto trading. Stablecoins are increasingly being used for cross-border payments, corporate treasury management, settlement, and as a means of preserving value in economies where local currencies are volatile or access to foreign currency is restricted.
Jonathan Chan, RedotPay’s co-founder and head of partnerships, said Latin America currently has the strongest adoption and growth potential, followed by Africa.
“Latin America has the highest adoption and greatest potential for growth at the moment, followed by Africa,” Chan said.
The regional pattern suggests that stablecoin adoption is being driven less by enthusiasm for cryptocurrency itself and more by practical shortcomings in existing financial systems.
“The fastest markets aren’t necessarily those with the highest crypto penetration,” Chan said. “The growth is driven by the confluence of several factors: real payment pain, easy stablecoin access, strong fiat off-ramps, and regulatory clarity.”
That is considered necessary for the future of stablecoin payments. In markets where traditional cross-border transfers are expensive or slow, stablecoins can provide a faster way of moving dollar-denominated value. Users can then convert the digital assets into local currency through exchanges or other payment providers.
The attraction can be similar for businesses. Stablecoins can potentially reduce the friction associated with international payments and settlement, particularly for companies dealing with suppliers, customers, or workers across multiple jurisdictions.
RedotPay said it now has more than 8 million users globally. Its total annualized payment volume, which includes both card spending and account top-ups, has exceeded $14 billion.
The company’s figures provide an indication of how quickly stablecoin-linked payment products are moving from crypto-native applications toward mainstream financial services. Rather than requiring users to understand blockchain transactions, card products can allow stablecoin balances to be spent through conventional payment networks.
That could be one of the more important developments for stablecoin adoption. Consumers do not necessarily need to treat a stablecoin as a cryptocurrency investment if it functions in practice as a digital dollar that can be used to make purchases.
The growth also comes as governments and financial regulators around the world develop clearer frameworks for stablecoins. Greater regulatory certainty has been advocated to encourage banks, payment companies and merchants to build infrastructure around them, potentially accelerating adoption.
But there are still significant barriers. Stablecoin payments depend on reliable conversion between digital assets and local currencies, adequate liquidity, compliant payment infrastructure, and regulatory approval. Users also need confidence that the issuer has sufficient reserves to maintain the stablecoin’s peg.
Competition is also growing as traditional financial institutions and major technology companies explore digital-dollar payment systems. That could increase pressure on crypto-focused payment companies to demonstrate that their products offer meaningful advantages over conventional cards and bank transfers.
Still, RedotPay’s projection highlights the potential scale of the market if stablecoins continue moving from crypto exchanges into everyday financial activity.
The projected increase from roughly $1 billion in monthly stablecoin card spending in July to an annual market of $50 billion by 2028 would mark a major change in how digital assets are used. The growth would be driven not simply by more people owning cryptocurrencies, but by stablecoins becoming part of the infrastructure for ordinary payments, international money transfers and corporate finance.
For emerging markets in Latin America and Africa, where currency volatility, cross-border payment costs and access to dollar liquidity can create significant friction, those use cases could provide some of the strongest incentives for adoption.