Global Stablecoin Card Spending Projected to Hit $50 Billion by 2028
Stablecoin Card Spending Trends and Market Insights
Record Growth in Stablecoin Card Spending
SINGAPORE, Aug 25 (Reuters) - Global stablecoin card spending is expected to quadruple to $50 billion a year by 2028, stablecoin payments company RedotPay said on Tuesday.
The Hong Kong-based firm said the projection comes as stablecoin card spend crossed $1 billion in July, marking a record month, based on data from crypto payment card analytics company Paymentscan.
What Are Stablecoins?
Stablecoins are a type of cryptocurrency pegged to certain assets - typically a fiat currency such as the U.S. dollar - and designed to maintain a stable value.
Drivers of Global Stablecoin Adoption
Global adoption of stablecoins has accelerated in recent years, as they gain traction in cross-border payments, treasury operations, crypto settlement and as a store of value in volatile economies.
Regional Growth and Market Potential
"Latin America has the highest adoption and greatest potential for growth at the moment, followed by Africa," said Jonathan Chan, co-founder and head of partnerships at RedotPay.
"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."
RedotPay’s Market Position
RedotPay, which has over 8 million users worldwide, said its total annualised payment volume, which includes top-ups and card spends, currently stands at over $14 billion.
(Reporting by Rae Wee; Editing by Lincoln Feast.)
