RedotPay, a stablecoin payments provider, predicted on Tuesday that global stablecoin card spending would treble to $50 billion annually by 2028.
Based on data from cryptocurrency payment card analytics business Paymentscan, the Hong Kong-based company said the forecast coincides with stablecoin card spending surpassing $1 billion in July, a record month.
Stablecoins are a kind of cryptocurrency that is intended to have a steady value and is tied to specific assets, usually a fiat currency like the US dollar.
Stablecoins have been more popular worldwide in recent years due to their use in treasury operations, cross-border payments, cryptocurrency settlement, and as a store of value in unstable economies.
According to Jonathan Chan, co-founder and head of partnerships at RedotPay, “Latin America currently has the highest adoption and greatest potential for growth, followed by Africa.
“The markets with the highest cryptocurrency penetration aren’t always the fastest. Real payment pain, simple stablecoin access, robust fiat off-ramps, and regulatory certainty are all contributing causes to the expansion.
With more than 8 million customers globally, RedotPay reported that its annualized payment volume, including card purchases and top-ups, is already more than $14 billion.
