The WTO Secretariat launched a new publication on the role of stablecoins
in supporting cross-border trade on 14 September on the sidelines of the WTO's first
World Trade and Tech Day. The report, prepared by the Economic Research and Statistics
Division and the Trade in Services and Investment Division, examines the opportunities
and challenges associated with the use of stablecoins in facilitating international
trade, highlighting how they can accelerate cross-border payments and their potential
to increase participation in the international trading system, especially for developing
economies.
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New Publication: On September 14, 2026, on the sidelines of World Trade and Tech
Day, the WTO Secretariat launched a report exploring how stablecoins support cross-border
trade and impact developing economies.
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What are Stablecoins? Privately issued digital assets designed to maintain a stable value
relative to a reference asset (such as the US dollar or euro), with growing business-to-business
(B2B) payment volumes.
·
Key Benefits for Trade:
o Accelerate settlement times, lower transaction costs, and increase
transparency.
o Help ease international payment frictions, particularly benefiting
traders who struggle with traditional cross-border payment tools.
·
Important Distinctions &
Limitations:
o Stablecoins act primarily as payment and settlement tools and do
not substitute for trade finance (they lack credit, guarantee, and risk-mitigation
functions).
o Wider adoption depends heavily on addressing regulatory, operational,
and trust-related hurdles, as well as cross-jurisdictional interoperability.
·
Impact on Developing Economies: While they can improve small firms' access to digital transactions
and global markets, limited supervisory capacity and weak infrastructure can increase
financial risks without sound regulatory frameworks.
·
Launch Event: Unveiled alongside a keynote address by BIS General Manager Pablo
Hernández de Cos, a presentation of findings, and a high-level panel discussion.
[ABS News Service/15.09.2026]
A stablecoin is a privately issued digital
asset that can be used to make payments. It is designed to maintain a stable value
relative to a reference asset, such as the US dollar or the euro. Albeit representing
a small share of stablecoins turnover, real payments volumes are steadily growing,
led by business-to-business transactions.
In her foreword to the publication, Director-General
Ngozi Okonjo-Iweala says: "The WTO has long provided a forum for members to
discuss transformative technological developments that influence the conduct of
trade. By analysing emerging technologies from a trade perspective, the WTO Secretariat
seeks to contribute to informed policymaking and to support members in navigating
an increasingly digital global economy."
The report highlights the growing potential
of stablecoins for use in international trade transactions. Originally developed
to reduce the volatility associated with cryptocurrencies, stablecoins are increasingly
being used for payments, remittances, and business-to-business transactions. They
can help address
persistent frictions in cross-border payments, notably by accelerating settlement
times, lowering transaction costs and increasing transparency for consumers. As
a result, stablecoins have the potential to ease trade related international payments,
particularly benefitting traders who face difficulties in using traditional cross-border
payment tools.
At the same time, the report acknowledges
that the main use of stablecoins in trade is as a payments and settlement tool and
does not substitute for trade finance. They do not replicate the credit, guarantee
and risk-mitigation functions that underpin merchandise trade, and this distinction
also means their relevance differs across trade in goods and trade in services.
The report also stresses that stablecoins
may face significant regulatory, operational and trust related challenges that must
be addressed before they can achieve broader adoption. As with many technological
innovations, their potential will depend not only on their technical capabilities
and interoperability across jurisdictions, but also on the existence of appropriate
governance frameworks.
For developing economies, stablecoins present
both opportunities and risks, the report argues. By improving small firms' access
to digital transactions, it can support their greater participation in international
trade. At the same time, limited supervisory capacity, weak digital infrastructure,
inadequate consumer protection, and gaps in other financing measures may increase
operational and financial risks.
In that regard, DG Okonjo-Iweala
notes: "More efficient cross-border payments have the potential to lower transaction
costs, facilitate participation in international trade and improve access to global
markets. Yet these opportunities can only be fully realized if they are accompanied
by appropriate regulatory frameworks, interoperable payment infrastructures, and
international cooperation that foster confidence, security and inclusion.
We hope that this report will contribute
to the discussion on how to harness technological innovation in ways that make international
trade more efficient, inclusive and resilient. As members continue to explore the
opportunities and challenges presented by new payment technologies, the WTO will
remain a forum for dialogue, analysis and cooperation on issues that shape the future
of international trade."
The General Manager of the Bank for International
Settlements, Pablo Hernández de Cos, delivered a keynote address during the launch
event, followed by a presentation by the Secretariat of the main findings of the
report, and a high-level panel discussion on how stablecoins could support more
efficient, secure and inclusive international trade.
The launch event is part of the "World
Trade and Tech Day" held on 14 September.