Fragmented regulations limit stablecoin adoption in international finance: WTO head

Stablecoins ability to ease friction in international payments. Source: Cointelegraph/WTO The report also revealed that stablecoin payments in cross-border payments grew 35-fold between 2020 and mid-2024. Related: Metaplanet cuts Series 10 stock pool by 41%, plans Hong Kong subsidiary Developing economies stand to benefit most from stablecoin adoption due to their ability to reduce remittance fees. However, these same countries have the least developed regulatory regimes to facilitate adoption, according to the WTO’s director. Stablecoins’ “contribution to trade will depend far less on the technology than on regulatory convergence, interoperability and the surrounding financial infrastructure, especially in developing economies that stand to gain,” explained Marchetti. Some of the largest payment providers are exploring stablecoins to improve cross-border payments. In August, Mastercard partnered with stablecoin orchestration network Borderless to pilot how to bring more trust into cross-border stablecoin transfers through the payment processing giant’s Crypto Credential framework. In June, it announced plans to expand its settlement capabilities to include intraday, weekend and holiday card settlement, including settlement through stablecoins. The same day in August, Western Union partnered with stablecoin infrastructure provider Rain to launch a digital wallet and Visa-branded card that enables users to hold and spend a US dollar-backed stablecoin in 37 markets, planning to expand it to more than 60 markets by the end of the year. Magazine: Why Australia’s $17B crypto opportunity depends on regulation