Stablecoin Card Spending to Hit $50 Billion by 2028: RedotPay

The global stablecoin card spending is expected to quadruple by 2028, reaching $50 billion per year, according to RedotPay. The Hong Kong-based firm reported that stablecoin card spend crossed $1 billion in July, marking a record month, based on data from 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, with applications in cross-border payments, treasury operations, crypto settlement, and as a store of value in volatile economies.

Jonathan Chan, co-founder and head of partnerships at RedotPay, noted that Latin America has the highest adoption and greatest potential for growth at the moment, followed by Africa. He attributed the growth to a confluence of factors, including real payment pain, easy stablecoin access, strong fiat off-ramps, and regulatory clarity.

RedotPay currently has over 8 million users worldwide and a total annualised payment volume of over $14 billion, which includes top-ups and card spends.