Stablecoins and world trade

Stablecoins have an increasingly important role in the rapidly evolving digital payments landscape, with growing potential for use in international trade transactions. Their relevance for world trade stems from their ability to support rapid, cross-border payments rather than as a replacement for traditional banking systems or trade finance instruments. This publication examines stablecoins from the perspective of international trade. It discusses their potential to reduce long-standing cross-border payment frictions, including high costs, slow settlement, limited access to payment services, and insufficient transparency, while distinguishing their payment and settlement functions from the credit, guarantees and risk mitigation provided by trade finance. The report finds that wider adoption of stablecoins depends on the regulatory environment, the interoperability with existing infrastructure, and the enhancement of technical capabilities. Particular attention is paid to developing economies, where stablecoins can offer improved access to payments but also carry risks. In addition, the report examines how the use of stablecoins could affect the efficiency, accessibility and resilience of international trade, and the conditions under which such an innovation can support the multilateral trading system.