Stablecoin card spending forecast to hit $50 billion a year by 2028 – RedotPay projects massive crypto payment card growth
RedotPay, the Hong Kong based stablecoin payments firm that currently leads the crypto card market by volume, is projecting that annual spending on stablecoin linked cards could climb to roughly $50 billion by 2028. It is a bold number for a sector that only crossed the $1 billion monthly mark for the first time this past July, but the underlying growth curve makes the projection far less speculative than it might first sound.
To understand why RedotPay is comfortable putting a figure like that on the table, it helps to look at where the company already stands. As of November 2025, RedotPay reported more than 6 million registered users across over 100 markets, with annualized payment volume already exceeding $10 billion and annualized revenue topping $150 million. That user base has since grown past 8 million, an increase of more than 33 percent in just six months, according to figures the company shared with CoinDesk. On its own, RedotPay generated $395.1 million in card spending in July 2026 alone, up from $266.4 million a year earlier, making it by far the largest single program tracked by Paymentscan, the on-chain analytics platform that venture firm a16z has used to chart the sector’s rise.
That growth is not happening in isolation. Total crypto card spending across all tracked programs, including EtherFi and KAST, the next two largest names, passed $1 billion in a single month for the first time in July, according to Paymentscan data cited by CoinDesk. A year earlier, the same tracked figure sat at just $306 million, meaning the market has more than tripled in twelve months. The average transaction size has also grown, rising from around $59 to about $86, a signal that stablecoin cards are increasingly being used for everyday purchases like groceries, ride hailing and food delivery rather than as a simple off ramp for crypto holdings.
Dollar backed stablecoins are doing most of the heavy lifting. USDC and USDT together now account for roughly 70 percent of tracked transaction volume, a dramatic shift from just two years ago when the euro pegged EURe token controlled as much as 88 percent of card spending on the Gnosis network. That flip toward dollar stablecoins lines up with a broader global pattern, where people in countries dealing with currency instability or limited access to US dollar accounts are turning to stablecoin cards as a practical way to hold and spend digital dollars without needing a traditional bank relationship.
The payment networks underpinning this shift are also scaling up quickly. Visa disclosed in June that it had more than 160 stablecoin linked card programs either live or in development globally, and the company has said it intends to roughly double that number through 2026. Visa’s own stablecoin card volume reached $5.2 billion in 2025, a 319 percent jump from the year before, and the company is working with Stripe owned Bridge to extend stablecoin card availability to more than 100 countries by the end of the year. Even with that growth, Visa’s leadership has been careful to frame the numbers in context. Visa processed $14.2 trillion in total payment volume in 2025, meaning stablecoin linked cards still represent a tiny fraction, less than half a percent, of what runs through its network. That gap is exactly why a $50 billion annual forecast for 2028 matters. It would still leave stablecoin cards as a rounding error next to traditional card networks, but it would represent roughly a fiftyfold increase from where the tracked market sits today.
Analysts covering the broader stablecoin economy see plenty of room for that kind of expansion. Standard Chartered has projected that the total stablecoin market, which includes the reserves backing tokens like USDC and USDT rather than just card spending, could grow to around $2 trillion by 2028, up from roughly $309 billion currently. Regulatory clarity is a big part of that story. The passage of the GENIUS Act in the United States gave stablecoin issuers a clearer legal framework to operate within, and a follow up bill known as the CLARITY Act is currently moving through discussions in Washington. RedotPay itself appears to be positioning for that regulatory shift, with reports surfacing of a planned $1 billion initial public offering in the US that could value the company at up to $4 billion. The firm raised $107 million in a Series B round in December 2025, backed by Circle, Pantera Capital and Blockchain Capital, bringing its total funding to $194 million and pushing it past unicorn status.
Not everyone is taking the growth figures at face value, and it is worth noting the caveats. RedotPay’s spending data, unlike some competitors, is self-reported rather than independently verified on chain, a distinction that Paymentscan’s own methodology does not fully resolve. Ether.fi’s chief executive has separately confirmed that his platform’s figures exclude certain fiat transfers, showing how inconsistently different issuers report their numbers. That lack of standardisation makes any long range forecast, including RedotPay’s own $50 billion target, more of an informed bet than a guaranteed outcome.
Still, the direction of travel is hard to dispute. Regional data backs up the idea that stablecoin cards are becoming a genuine payment tool rather than a crypto trading side effect. Operators in Latin America, for example, report that active users in markets like Brazil are spending several hundred dollars a month through these cards, often on routine purchases rather than one off transfers. As more banks, fintechs and card networks build out the infrastructure connecting blockchain based dollars to everyday point of sale terminals, the gap between today’s roughly $1 billion a month and RedotPay’s $50 billion a year target by 2028 starts to look less like a stretch and more like a plausible extension of a trend that has already tripled in the space of a single year.
Whether RedotPay hits that number precisely matters less than what it signals about where digital payments are heading. Stablecoins were built to solve a narrower problem of holding a stable digital dollar, but they are increasingly being wired directly into the card rails that consumers already use every day. For more on how stablecoin infrastructure is reshaping global payments, the trend is one worth watching closely over the next two years. Readers interested in RedotPay’s own reporting on its growth can find more detail on the RedotPay website, while Visa has published its own data on stablecoin card adoption at Visa.
