Tashkent, Uzbekistan (UzDaily.uz) — The World Trade Organization (WTO) Secretariat has published a study examining the opportunities and risks associated with using stablecoins for cross-border payments and international trade. The publication was presented on 14 September at the first WTO World Trade and Technology Day.
The study was prepared by the WTO’s Economic Research and Statistics Division and Trade in Services and Investment Division. It notes that stablecoins could accelerate cross-border settlements and broaden participation in the international trading system, including for developing economies.
Stablecoins are digital assets issued by private organizations and designed for making payments. Their value is linked to an underlying asset, such as the US dollar or euro, with the aim of limiting the volatility associated with other cryptocurrencies.
According to the WTO, actual payments currently account for a small share of overall stablecoin turnover, although transaction volumes are steadily increasing. Business-to-business transactions are driving most of the growth.
The WTO notes that stablecoins could help remove some existing barriers to cross-border payments. Their use could potentially reduce settlement times and transaction costs while increasing transaction transparency for consumers. This could facilitate international trade-related payments, particularly for market participants facing restrictions when using traditional payment instruments.
At the same time, stablecoins are not considered a full substitute for trade finance. According to the study, their primary use is in payments and settlements, while they do not provide the lending, guarantee and risk-mitigation functions that are critical to trade in goods. As a result, their role may differ between trade in goods and services.
The WTO also points to regulatory, operational and trust-related risks. Wider adoption of stablecoins will depend not only on their technical capabilities and compatibility between payment systems in different jurisdictions, but also on effective regulation and governance mechanisms.
For developing economies, the technology could create both new opportunities and additional risks. According to the WTO, stablecoins could improve small companies’ access to digital transactions and thereby support their participation in international trade. However, underdeveloped digital infrastructure, limited supervisory capacity, weak consumer protection and gaps in other financing instruments could increase operational and financial risks.
WTO Director-General Ngozi Okonjo-Iweala said more efficient cross-border payments could reduce transaction costs, facilitate participation in international trade and expand access to global markets.
She said realizing these opportunities would require appropriate regulatory frameworks, compatible payment infrastructures and international cooperation aimed at strengthening trust, security and inclusiveness.
The WTO expects the study to contribute to further discussions on how technological innovations can be used to improve the efficiency, inclusiveness and resilience of international trade.
The organization also plans to continue dialogue and cooperation on new payment technologies and their impact on international trade.
