Stablecoins have moved from crypto trading desks onto the World Trade Organization’s policy agenda. The new WTO stablecoins report concludes they could make cross-border payments faster, cheaper, and more accessible. Notably, the authors built that analysis with help from central banks, a major issuer, and one Layer-1 network. Staff from the BIS, Circle, the Bank of England, and the Swiss National Bank provided comments and suggestions. Additionally, XDC Network’s Saloi Benbaha, Kenneth Cowan, and Sunil Senapati shared background insights for the publication. XDC stands as the only blockchain network named in the report’s acknowledgements.
⚡️ BREAKING: The World Trade Organization has published a new report on stablecoins and global trade, saying they could support faster, cheaper and more accessible cross-border payments.
— King Solomon (Ryan Solomon) (@IOV_OWL) September 16, 2026
The report drew on input from the Bank of England, XDC Network, Circle, BIS and the Swiss… pic.twitter.com/z3lnaFzGi7
Why XDC Network’s Seat at the Table Matters
That detail carries weight for a network centered on trade finance. XDC Network operates as a hybrid Layer-1 focused on trade documents, receivables, and cross-border settlement. Meanwhile, the WTO study spends much of its length on exactly those workflows. For example, it examines how programmable payments could connect to electronic bills of lading and certificates of origin. Consequently, XDC’s contributors brought a view from teams already building that infrastructure. The WTO does not endorse any network, and the report does not feature XDC as a case study. Still, XDC’s place alongside the BIS and two central banks shows trade policymakers taking onchain settlement seriously.
Stablecoin Payments Are Growing From a Small Base
The report grounds its outlook in hard numbers. Real stablecoin payments total about US$390 billion a year, roughly 0.02% of global payment volumes. However, that figure more than doubled from 2024 levels. Business-to-business payments led the way, reaching about US$226 billion after 733% growth in 2025. Cross-border usage also climbed, rising from roughly US$14 billion in early 2020 to US$406 billion by mid-2024. By early 2025, stablecoins handled around 3% of an estimated US$200 trillion cross-border payments market. Meanwhile, Tether’s USDT and Circle’s USDC together account for about 90% of the stablecoin market.
Faster and Cheaper, With Conditions
The WTO highlights four core frictions in cross-border payments: high costs, slow speed, limited access, and poor transparency. Stablecoins can ease each of them. Transactions settle within minutes and run 24/7, which frees up working capital for traders. One study priced a US$500 stablecoin transfer at US$5 to US$15, versus US$20 to US$30 through traditional routes. However, another study found no systematic cost advantage, with total costs ranging from 0.3% to nearly 9%. Fiat on-ramps and off-ramps drove most of that expense, rather than the onchain transfer itself. In other words, the blockchain leg performs well, while the conversion points still leak value.
A Complement to Trade Finance, Not a Replacement
The report draws a firm line between payments and trade finance. Letters of credit, guarantees, and trade loans provide credit and risk mitigation. Stablecoins move money, but they do not extend credit or guarantee delivery. Therefore, the WTO sees their most plausible role as improving settlement within existing trade finance arrangements. That distinction matters, because trade finance already struggles to reach smaller firms. WTO and IFC studies found trade finance supports only 2% to 20% of flows in surveyed emerging markets. Additionally, the ICC estimates that banks reject 65% to 80% of letter of credit documents on first presentation. Importantly, the authors note their assessment could shift as tokenization and legal frameworks mature.
Programmable Payments Need Digital Trade Documents
The most forward-looking section explores smart contracts that release payment once trade conditions check out. For instance, IoT sensors could confirm that a container reached port and trigger settlement automatically. Yet the WTO stresses a clear precondition. The stablecoin layer must communicate reliably with trade documents such as electronic bills of lading and customs records. Laws like the UK Electronic Trade Documents Act and UNCITRAL’s electronic records model law help close that gap. XDC’s ecosystem already works in this territory. In August, SBI XDC Network APAC won Osaka Prefecture funding for an onchain export factoring pilot. Working with TOPPAN and Ginco, the project pairs vLEI digital identity with receivables data. Stablecoin settlement sits on its roadmap.
Fragmented Rules Remain the Biggest Barrier
Ultimately, the WTO argues that regulation, rather than technology, will decide adoption. As of 2025, only 5 of roughly 29 jurisdictions in a Financial Stability Board survey had finalized stablecoin frameworks. Consequently, one country might license a stablecoin as a payment instrument while another prohibits it. The report singles out the US GENIUS Act as the only framework that mandates technical interoperability standards. Developing economies face the sharpest tradeoffs. Correspondent banking relationships fell about 30% between 2011 and 2022, cutting many firms off from dollar payment rails. Stablecoins can fill that gap, although they also raise dollarization and monetary sovereignty concerns. For trade-focused networks like XDC, compliance and interoperability now carry as much weight as throughput.
*Disclaimer: News content provided by Genfinity is intended solely for informational purposes. While we strive to deliver accurate and up-to-date information, we do not offer financial or legal advice of any kind. Readers are encouraged to conduct their own research and consult with qualified professionals before making any financial or legal decisions. Genfinity disclaims any responsibility for actions taken based on the information presented in our articles. Our commitment is to share knowledge, foster discussion, and contribute to a better understanding of the topics covered in our articles. We advise our readers to exercise caution and diligence when seeking information or making decisions based on the content we provide.
