RedotPay Sees $50 Billion in Stablecoin Card Spending by 2028

Stablecoin card spending is expected to reach $50 billion by 2028, according to RedotPay's projection. This growth is driven by the increasing adoption of stablecoins in emerging markets and the expansion of issuer programs.

The current market has already seen significant growth, with monthly crypto card volume reaching around $759 million in July. This represents a 2.5 times increase from the same period last year and a significant rise from October 2023 when tracking began.

Three issuers, RedotPay, Ether.fi, and KAST, account for about 77% of tracked card spending, with the majority coming from RedotPay's $395.1 million in July. However, this concentration poses risks to the market, particularly if one of these top issuers experiences regulatory issues or a major outage.

Regulatory developments are expected to influence the growth path of stablecoin card spending. The GENIUS Act has established a federal framework for dollar-backed payment stablecoins, which has led to increased adoption and expansion into new markets.