Stablecoins Gain WTO Spotlight Amid Growing Cross-Border Payments

The World Trade Organization (WTO) has published a report on stablecoins and global trade, highlighting their potential to facilitate faster, cheaper, and more accessible cross-border payments.

The report drew input from various stakeholders, including the Bank of England, XDC Network, Circle, BIS, and the Swiss National Bank. XDC Network's contributors brought a unique perspective on trade finance infrastructure, which aligns with the WTO's focus on workflows such as programmable payments and electronic bills of lading.

The report notes that stablecoin payments have grown significantly, reaching $390 billion in 2025, with business-to-business payments accounting for $226 billion (733% growth) and cross-border usage rising to $406 billion by mid-2024. However, the WTO emphasizes that regulation remains a significant barrier to adoption.

The report highlights four key frictions in cross-border payments: high costs, slow speed, limited access, and poor transparency. Stablecoins can alleviate these issues, but the blockchain leg's performance is often overshadowed by fiat on-ramps and off-ramps. The WTO sees stablecoins as a complement to trade finance, rather than a replacement.