SINGAPORE, Aug 25 (Reuters) - 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.
Reporting by Rae Wee; Editing by Lincoln Feast.
Source: Reuters