Stablecoin card spending forecast to hit $50 billion a year by 2028 - RedotPay

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.

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. 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.

"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, 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.