On September 14, 2026, the WTO Secretariat launched a new publication on the role of stablecoins in supporting cross-border trade 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.
A stablecoin is a privately issued digital asset used for payments. It is designed to maintain a stable value relative to a reference asset, such as the US dollar or the euro. Although stablecoins represent a small share of stablecoin turnover, real payment volumes are steadily growing, led by business-to-business transactions.
In her foreword to the publication, Okonjo‑Iweala said: “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 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 could ease trade-related international payments, particularly benefiting traders who struggle to use 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. 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 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, Okonjo‑Iweala noted: “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 realised 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 on the report’s main findings, and a high-level panel discussion on how stablecoins could support more efficient, secure and inclusive international trade.
The documents are accessible at https://www.wto.org/english/tratop_e/serv_e/serv_1409202614_e/serv_1409202614_e.htm
https://www.wto.org/english/res_e/reser_e/dtech_1409202609_e/dtech_1409202609_e.htm
https://www.wto.org/english/res_e/publications_e/stablecoins-and-world-trade_e.htm