Can Stablecoins Make Global Trade Faster, Cheaper and More Accessible?

Launched on 14 September alongside the WTO’s first World Trade and Tech Day, the report examines how these digital assets could support international trade through faster, more accessible payments.

Getting paid across borders can be a difficult part of doing business internationally, especially for smaller firms facing expensive transfers, slow settlements and limited access to payment services. A new WTO Secretariat publication explores whether stablecoins could ease these problems and help more businesses reach overseas markets, giving particular attention to the opportunities and challenges facing developing economies.

Launched on 14 September alongside the WTO's first World Trade and Tech Day, the report examines how these digital assets could support international trade through faster, more accessible payments. Prepared by the Economic Research and Statistics Division and the Trade in Services and Investment Division, it also highlights the regulatory, infrastructure and trust issues that could determine how widely the technology is adopted.

A New Way to Move Money Across Borders

A stablecoin is a privately issued digital asset designed to maintain a stable value against a reference asset, such as the US dollar or the euro. Originally developed to reduce the volatility associated with cryptocurrencies, stablecoins are increasingly being used for payments, remittances and transactions between businesses. Actual payments still account for a small share of stablecoin turnover, though those volumes are growing steadily, led by business-to-business activity.

For traders, the appeal lies in the possibility of receiving money sooner, paying less to transfer it and gaining clearer information about the transaction. The report identifies quicker settlement, lower costs and greater transparency as potential improvements to cross-border payments, particularly for businesses that struggle to use traditional payment channels. Easier access to these services could remove one obstacle preventing smaller companies from serving international customers.

Faster Payments Cannot Replace Trade Finance

The publication draws an important distinction between moving money and financing a trade transaction, explaining that stablecoins primarily function as payment and settlement tools. They do not provide the credit, guarantees or protection against risks that support merchandise trade, meaning a business could gain a faster way to receive payment without gaining the financing it needs to fulfil an order.

That difference also affects how useful stablecoins may be across trade in goods and services, where financing needs and transaction arrangements can vary. Their potential contribution needs to be understood within the wider trading system, since a more efficient payment method cannot resolve every financial barrier faced by exporters and importers. Businesses still need access to the other services that make international transactions possible and manageable.

Developing Economies Face Opportunities and Risks

Small firms in developing economies could benefit from greater access to digital transactions, helping them take part in international trade and connect with customers abroad. Limited regulatory oversight, weak digital infrastructure, inadequate consumer protection and gaps in financing could expose users to operational and financial risks. The report presents these conditions as central to understanding whether stablecoins can deliver meaningful benefits in different markets.

Broader adoption will depend on more than the technology's ability to process payments, with the publication stressing the need for effective governance, reliable operations and systems that work across jurisdictions. WTO Director-General Ngozi Okonjo-Iweala linked the promise of lower transaction costs and improved market access to appropriate regulation, compatible payment infrastructure and international cooperation that builds confidence, security and inclusion.

The launch included a keynote address by Bank for International Settlements General Manager Pablo Hernández de Cos, a presentation of the report's findings and a high-level panel discussion. The publication contributes to a growing policy debate about how digital payments can support trade, with its findings placing equal weight on practical efficiency gains and the foundations needed to make those gains dependable and widely accessible.