Stablecoin card spending has achieved a significant milestone, crossing $10.9 billion in cumulative volume as reported by RedotPay in an August 25 blog post. According to independent payments data provider Paymentscan, the industry recorded more than $1 billion in card spending during July 2026 for the first time, representing a substantial increase from approximately $339 million in July 2025. This growth trajectory has prompted RedotPay to project that stablecoin-powered cards will handle $50 billion in annualized spending by 2028, representing a quadrupling from current levels. As per Reuters, the Hong Kong-based firm announced this projection on Tuesday, with global stablecoin adoption accelerating in recent years as they gain traction in cross-border payments, treasury operations, crypto settlement and as a store of value in volatile economies.
The growth rate has accelerated dramatically, with RedotPay noting that the industry processed its next $10 billion in eight months after taking approximately three years to reach the first $10 billion. When the company launched its first card three years ago, the entire industry was processing around $60,000 monthly, while current volumes can reach the same amount in roughly four minutes. RedotPay co-founder Jonathan Chan emphasized that users are not necessarily crypto traders but people managing finances better due to inadequate traditional options, with customers using cards for groceries, subscriptions, travel, and rent across more than 100 countries. According to Reuters, Chan noted that Latin America has the highest adoption and greatest potential for growth at the moment, followed by Africa, with the fastest markets not 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.
The growth is being driven by adoption in developing markets, clearer regulatory frameworks, and increasing use of digital dollars for payments, remittances, and foreign exchange services. As reported by RedotPay, the company has obtained its first U.S. money transmitter license and has applications pending in more than 20 additional states. Major card networks are also supporting this expansion, with Mastercard adding support for settlement using six regulated dollar-backed stablecoins including USDC, PayPal USD, Ripple USD, and others. Stripe has also been building stablecoin card infrastructure through its Bridge program, expanding into more than 100 markets after acquiring stablecoin infrastructure company. According to Reuters, this expansion reflects the growing acceptance of stablecoins as a reliable alternative to traditional payment methods, particularly in regions where traditional banking systems face challenges.
Despite the rapid growth, RedotPay maintains a profitable business model with annualized payment volume of approximately $14 billion and annualized revenue exceeding $180 million. The company currently serves more than 8 million users globally and reported roughly $12 billion in annualized payment volume in July. RedotPay has launched an XRP Ledger-powered product allowing customers to pledge XRP as collateral and access credit lines settled in Ripple USD using a 50% loan-to-value ratio. The company expects this growth to continue as traditional financial institutions increase their use of stablecoin rails while competition among providers reduces costs. According to Reuters, the company's total annualised payment volume, which includes top-ups and card spends, currently stands at over $14 billion, demonstrating the scale of its operations across multiple payment categories.
According to RedotPay, the $50 billion annual projection by 2028 would represent approximately four times the current annualized level while remaining a small fraction of the more than $20 trillion expected to be spent using traditional cards this year. The company identifies Latin America, Africa, and Asia-Pacific as key markets, where customers use stablecoins for dollar savings, international purchases, travel spending, and payment products unavailable through local banks. RedotPay expects cross-border settlement, remittances, and business payments to support future adoption beyond consumer checkout transactions, with competition among providers connecting traditional banking systems with stablecoins potentially reducing costs as more providers enter the sector. As per Reuters, the growth trajectory reflects the increasing adoption of stablecoins as a reliable alternative to traditional payment methods, particularly in regions where traditional banking systems face challenges.
