Stablecoin card spending hit $1B in July for the first time. RedotPay projects $50B annually by 2028 as regulatory clarity, product improvements and card network support drive adoption across developing markets.
Stablecoin-powered card spending crossed $1 billion in a single month for the first time in July, according to data cited by RedotPay, and the payments company expects the industry to hit $50 billion in annual volume by 2028.
RedotPay said in an Aug. 25 blog post that the sector recorded roughly $1.04 billion in card spending during July, citing independent payments data provider Paymentscan. That compared with about $339 million in July 2025. The cumulative total for stablecoin card spending has reached $10.9 billion.
The company projects the next $10 billion will come in eight months, after taking roughly three years to hit the first $10 billion. By 2028, RedotPay expects stablecoin-powered cards to handle $50 billion in annualized spending.
“When you consider that over $20 trillion will be spent this year on traditional cards, $50 billion per year no longer seems unattainable,” the company said.
Stablecoin cards connect cryptocurrency balances to existing card networks, converting digital assets into fiat at the point of sale. When RedotPay launched its first card about three years ago, it estimated the entire industry was processing around $60,000 each month. Current volumes can reach the same amount in roughly four minutes, according to its blog.
Jonathan Chan, RedotPay’s head of partnerships and co-founder, said the company was seeing demand from customers who use stablecoins for ordinary financial needs rather than cryptocurrency trading.
“Stablecoin-powered cards have reached their mainstream moment, hitting all-time highs in spending volume on the strength of their utility in daily life,” Chan said. “Our users are not necessarily crypto traders. They are people who found a better way to manage their finances because the previous options they had weren’t good enough. This is where the growth will come from.”
The company pointed to customers using the cards for groceries, subscriptions, travel and rent across more than 100 countries. It also cited examples of users who need access to international digital services, mobile wallets or dollar-denominated balances where local banking products do not provide the same options.
RedotPay identified regulatory developments as one factor that has made consumers and payment companies more willing to use stablecoin-based services. The company said clearer requirements in important markets have given established operators a more defined framework for licensing and compliance while giving potential customers more confidence in stablecoin products.
Product improvements have played a role as well. Interfaces have become easier to use, fiat-to-crypto and crypto-to-fiat services have expanded their coverage, conversion pricing has improved and customer support has become more developed, according to RedotPay.
The company has begun building its own U.S. regulatory footprint. It recently obtained its first U.S. money transmitter license and has applications pending in more than 20 additional states.
Card networks have been adding stablecoin settlement services at the same time. In June, Mastercard added support for settlement using six regulated dollar-backed stablecoins, including USDC, PayPal USD, Ripple USD, Global Dollar, Pax Dollar and SoFiUSD. Mastercard said the system can settle transactions outside normal banking hours, including weekends and holidays, while retaining existing card payment processes. Supported blockchain networks included Ethereum, Solana and the XRP Ledger.
Stripe has also been building stablecoin card infrastructure through Bridge. A July report detailed how the program expanded into more than 100 markets after Stripe acquired the stablecoin infrastructure company.
Former Stripe stablecoin partnerships head Connor Fitzgerald said the team established sponsor bank and card network relationships, built stablecoin settlement infrastructure in the United States and took annualized payment volume from zero into the tens of millions of dollars.
Consumer card products have become a larger part of RedotPay’s business. In July, the company launched an XRP Ledger-powered product allowing customers to pledge XRP as collateral and access a credit line settled in Ripple USD. The product uses a 50% loan-to-value ratio and allows the borrowed value to be spent through Visa merchants while customers retain exposure to their pledged XRP.
RedotPay now puts its annualized payment volume at approximately $14 billion and annualized revenue at more than $180 million. The company said it has built a profitable business while expanding its stablecoin payment services. It currently serves more than 8 million users globally.
RedotPay expects fast-growing payment companies to spend more on licenses and compliance as transaction volumes rise. It also expects traditional financial companies to make more use of stablecoin settlement infrastructure, while additional providers connect blockchain networks with existing banking rails.
Card spending represents one part of the stablecoin payments market, with cross-border settlement, remittances and business payments accounting for other use cases that RedotPay expects to support future adoption. The company identified Latin America, Africa and Asia-Pacific as important markets in its forecast, where customers can use stablecoins for dollar savings, international purchases and access to payment products that may not be available through local banks.
RedotPay said competition among companies connecting traditional banking systems with stablecoins could reduce costs as more providers enter the sector. Its 2028 projection would put annual stablecoin card spending at $50 billion, roughly four times the current annualized level, while remaining a small fraction of the more than $20 trillion RedotPay expects consumers to spend using traditional cards this year.
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