According to Fixygen, stablecoins are gradually evolving from a primarily exchange-based instrument into a means of everyday payments.
In July, spending via stablecoin-linked payment cards exceeded $1 billion per month for the first time, according to Paymentscan data cited by Reuters.
RedotPay forecasts that by 2028, the volume of direct card payments in stablecoins could reach $50 billion per year.
The technology is spreading particularly rapidly in Latin America and Africa, where dollar-pegged stablecoins are used as a means of savings, international remittances, and access to the dollar payment system.
RedotPay already serves over 8 million users, and its clients’ annual transaction volume exceeds $14 billion, including account top-ups and card payments.
The main change is that users no longer need to view USDT or USDC as cryptocurrencies. They can hold digital dollars and make payments with a regular Visa or Mastercard, while the conversion takes place within the payment infrastructure.
However, the Bank for International Settlements (BIS) remains skeptical. On August 28, BIS Governor Pablo Hernández de Cos stated that stablecoins are not yet a sufficiently reliable global payment system due to risks related to financial stability, anti-money laundering (AML), and the fragmentation of the monetary system.
