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RedotPay projected on August 25, 2026 that global stablecoin card spending will quadruple to roughly $50 billion a year by 2028. The Hong Kong company tied the forecast to July crossing $1 billion in monthly spending for the first time, a record it attributed to analytics firm Paymentscan.
RedotPay reports more than 8 million users worldwide and total annualised payment volume above $14 billion, a figure that includes both card spending and account top-ups. Cumulative transaction volume has passed $10.9 billion.
The projection carries an unusual amount of self-interest. RedotPay is the largest card program in the market it is forecasting, its spending figures are self-reported rather than observed onchain, and it is reportedly preparing a US listing.
"When you consider that over $20 trillion will be spent this year on traditional cards, $50 billion per year no longer seems unattainable." - RedotPay
Key Takeaways
- RedotPay forecasts $50 billion in annual stablecoin card spending by 2028, roughly four times current levels.
- July was the largest month on record, with Paymentscan's headline dataset showing about $1.04 billion.
- A parallel Paymentscan dataset shows $759 million for the same month, reflecting onchain-observed activity only.
- RedotPay's own figures are self-reported, and it is the single largest program by volume.
- Latin America leads adoption, followed by Africa, per RedotPay's head of partnerships.
Two Numbers for the Same Month
The $1 billion milestone deserves a caveat that most coverage will omit. Paymentscan produces more than one July figure, and the gap between them is roughly 27%.
The headline dataset, cited by Reuters and RedotPay, puts July spending at approximately $1.03 to $1.04 billion across more than 10 million purchases, a 16% month-on-month increase from June and up from around $339 million a year earlier.
The onchain dataset, published by a16z crypto three weeks ago, records $759 million across nearly 9 million purchases at an average of about $86 per transaction. a16z noted explicitly that for RedotPay, the largest program by volume, spending is self-reported by the issuer rather than observed onchain.
Neither figure is wrong. They measure different things, and the difference matters because the larger number is the one being used to anchor a four-year forecast, while the smaller one is the portion independently verifiable on public blockchains.
What RedotPay Is Betting On
The company grounds its projection in four factors it says drive adoption, and geography is the first. Latin America has the highest adoption and greatest growth potential at present, followed by Africa, according to co-founder and head of partnerships Jonathan Chan.
Chan's framing of why is the more useful part. He said the fastest markets are not necessarily those with the highest crypto penetration, and that growth comes from a confluence of real payment pain, easy stablecoin access, strong fiat off-ramps, and regulatory clarity.
That combination explains the pattern better than crypto enthusiasm does. Customers in these regions use stablecoins for dollar savings, international purchases, travel spending, and access to payment products their local banks do not offer, a dynamic visible in the corridors we covered in our RedotPay and Ripple naira transfers analysis.
The company also expects competitive pressure to help. It argues that more providers connecting traditional banking systems with stablecoin rails will push costs down, and that established financial institutions will increase their use of those rails as the infrastructure matures.
Why This Matters for Stablecoins
Card spending is the clearest evidence that stablecoins are being used rather than held. Roughly 10 million purchases in a single month at retail transaction sizes is consumer behaviour, not treasury movement, and it happens on rails merchants already accept.
The scale context keeps it honest. RedotPay's own comparison is instructive, since $50 billion against more than $20 trillion in traditional card spending would leave stablecoin cards at roughly a quarter of one percent of the market even if the forecast lands.
Concentration is the structural risk the forecast glosses over. Three issuers account for the large majority of tracked volume, which means the category's growth trajectory currently depends on a handful of companies rather than broad-based adoption, a pattern we mapped in our KAST review.
The monetisation picture is also broadening beyond cards. Visa outlined a full-stack stablecoin strategy on its most recent earnings call covering issuance, tokenised deposits, and agentic commerce, and several issuers have moved into merchant acquiring, which expands the revenue pool past interchange.
Reading a Forecast From an Interested Party
RedotPay has commercial reasons to publish an optimistic number, and they are worth naming rather than assuming. Bloomberg reported roughly a week ago that the company is planning a US initial public offering that could seek a valuation of up to $4 billion.
Its funding history reflects the same trajectory. RedotPay raised $107 million in a December 2025 Series B led by Goodwater Capital with participation from Circle Ventures, Pantera Capital, and Blockchain Capital, bringing total capital raised to roughly $194 million at a valuation above $1 billion.
None of that makes the forecast wrong. Growth of 2.5 to 3 times year over year is documented across both datasets, and extrapolating that to $50 billion by 2028 requires no heroic assumption.
It does mean the number should be read as a company projection rather than an independent market estimate, and the broader adoption trends behind it are the part worth tracking, as we set out in our 2026 stablecoin trends analysis.
Conclusion
Stablecoin card spending crossing $1 billion in a month is a real milestone by the dataset RedotPay is using, and $759 million by the one that only counts what can be verified onchain. Both describe a category growing roughly two and a half times a year.
The forecast itself is a reasonable extrapolation from an interested source. Quadrupling in two years is not aggressive given the recent trajectory, and it would still leave stablecoin cards as a rounding error against traditional card networks.
What the projection actually signals is where the largest operator thinks the demand is. Latin America, Africa, and Asia-Pacific, driven by dollar access rather than crypto interest, which is a materially different growth story from the one the category started with.
FAQ:
1. What did RedotPay forecast?
RedotPay projected on August 25, 2026 that global stablecoin card spending will quadruple to roughly $50 billion annually by 2028. The Hong Kong-based company tied the projection to its own operating data, adoption patterns in developing markets, clearer regulatory rules, and increasing use of digital dollars for payments, remittances, and foreign exchange.
2. How much was spent on stablecoin cards in July?
Paymentscan's headline dataset puts July 2026 spending at approximately $1.04 billion across more than 10 million purchases, up from around $339 million a year earlier. A parallel Paymentscan dataset published by a16z crypto records $759 million across nearly 9 million purchases, reflecting only activity observable onchain.
3. Why do the two July figures differ?
The datasets measure different things. The onchain dataset captures activity observable on public blockchains, while the headline figure incorporates issuer-reported spending. a16z noted that for RedotPay, the largest program by volume, spending is self-reported by the issuer rather than observed onchain.
4. Which markets are driving stablecoin card adoption?
RedotPay co-founder Jonathan Chan identified Latin America as having the highest adoption and greatest growth potential, followed by Africa, with Asia-Pacific also named as important. He said the fastest markets are not necessarily those with the highest crypto penetration, citing real payment pain, easy stablecoin access, strong fiat off-ramps, and regulatory clarity as the drivers.
5. How large is RedotPay?
RedotPay reports more than 8 million users worldwide and total annualised payment volume above $14 billion, including card spending and top-ups, with cumulative transaction volume passing $10.9 billion. The company raised $107 million in December 2025 and Bloomberg reported it is planning a US IPO that could seek a valuation of up to $4 billion.
Disclaimer:
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