WTO report finds stablecoins handle 3% of cross-border payments

September 23, 2026 at 04:42 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

The World Trade Organization published a systemic report on stablecoins in international trade, finding they can make settlements cheaper and faster. USDT and USDC turnover reached $33 trillion in 2025, with stablecoins in circulation up more than elevenfold since 2020 to over $270 billion. Real end-user payments are estimated at $390 billion a year, about 0.02% of global payment turnover.

Key Facts

USDT and USDC turnover reached $33 trillion in 2025, while stablecoins in circulation grew more than elevenfold since 2020 to over $270 billion.
Real end-user stablecoin payments are estimated at $390 billion a year, about 0.02% of global payment turnover.
Corporate stablecoin settlements reached $226 billion, about 60% of all payments, and grew 733% in 2025.
In cross-border operations, stablecoins account for about 3% of a market worth roughly $200 trillion.
By 2025, only 5 of about 29 surveyed jurisdictions had completed stablecoin regulation, according to the FSB.

Market Scale and Concentration

USDT and USDC account for about 90% of stablecoin capitalization, and dollar-denominated stablecoins represent about 98% of the market by value. Asia generates about $245 billion in stablecoin payments, or 60% of the total, followed by North America with $95 billion and Europe with $50 billion. Latin America and Africa each remain below $1 billion in stablecoin payment volume.

Cost Advantages and Limits

One estimate puts the cost of transferring $500 via stablecoins at $5–15, or 1–3%, compared with $20–30, or 4–6%, through traditional channels. In the US–Mexico corridor, stablecoin transfer fees fell below 1% against an average above 6%, and stablecoins reached 5–10% of remittances. Another study across international corridors shows a wider range of 0.3% to nearly 9% of the transfer amount, with most costs tied to converting fiat into tokens and back.

Trade Finance and Regulation

The WTO draws a clear line between payment and trade finance: stablecoins transfer funds but do not provide working capital, payment guarantees, or protection against contract non-performance. The BIS estimated trade finance instruments such as letters of credit at $9–11 trillion against $19 trillion in global merchandise trade in 2011. According to the International Chamber of Commerce, 65–80% of documents under letters of credit are rejected on first presentation. The EU restricts transactions with non-euro stablecoins to €200 million per day.