Stablecoins Set to Outpace Credit Cards in Global Payments by 2028

BitPay, a leading provider of blockchain payment solutions, has announced the expansion of its stablecoin payment options to include Solana-based stablecoins, enhancing global access to faster and more cost-effective digital transactions. The move aligns with the growing adoption of stablecoins as a mainstream financial tool, particularly in cross-border commerce, as outlined in BitPay’s 2025 State of Stablecoins report [1].

The report highlights that stablecoins, which are pegged to traditional fiat currencies such as the U.S. dollar or euro, have seen explosive growth in transaction volume and market capitalization. In 2024 alone, stablecoin transaction volumes reached $27.6 trillion, surpassing the combined transaction volumes of major credit card networks like Visa and Mastercard [1]. As of early 2025, the stablecoin market capitalization stood at $227 billion, with USDT and USDC accounting for the bulk of liquidity, at $143 billion and $58 billion respectively [1].

BitPay’s expansion into Solana-based stablecoins is a strategic move to leverage the network’s high-speed and low-cost transaction capabilities, which are particularly attractive for international businesses. The report notes that stablecoins are being increasingly used in business-to-business (B2B) transactions, with monthly B2B stablecoin transactions increasing from under £100 million in early 2023 to over £3 billion by the end of 2025—a 30-fold rise [1]. This trend reflects the growing preference among firms for real-time, low-cost, and low-risk settlement methods that reduce reliance on traditional banking infrastructure.

Regional adoption patterns reveal diverse drivers of stablecoin use. Latin America remains the most active region, with 71% of companies using stablecoins for cross-border payments, driven by high inflation and a digitally savvy population. In Asia, 49% of firms use stablecoins primarily for market expansion, particularly in trade-heavy sectors [1]. North America and Europe are also catching up, with regulatory clarity—such as the EU’s Markets in Crypto-Assets (MiCA) framework—facilitating broader adoption [1].

Infrastructure development has also played a key role in scaling stablecoin usage. According to the report, 86% of financial institutions now have the necessary tools, including wallets, APIs, and compliance systems, to manage stablecoin transactions. Platforms like Fireblocks, which process 15% of global stablecoin volume, highlight the importance of robust infrastructure in supporting secure and scalable digital payment systems [1].

Looking ahead, the report forecasts that stablecoins will handle $1 trillion in global payment volume by 2028 and capture 12% of international payments by 2030. These projections are based on continued regulatory clarity, infrastructure advancements, and the inherent advantages of stablecoins in remittances, corporate treasury management, and gig economy payments [1].

BitPay’s Chief Marketing Officer, Bill Zielke, emphasized the importance of stablecoins in redefining the global financial system. “Stablecoins are becoming the backbone of modern payment rails, offering unparalleled speed and cost-efficiency,” he stated [1].

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