RedotPay projects $50 billion stablecoin card market by 2028 as three firms drive 77% of volume

‎RedotPay, a Hong Kong-based stablecoin payments company, said in a blog post that global stablecoin card spending is on track to reach $50 billion a year by 2028, a fourfold jump from current levels. The projection, reported Aug. 25, comes as the company says the industry crossed $10.9 billion in cumulative card spending and recorded its first-ever $1 billion month in July.

‎”When you consider that over $20 trillion will be spent this year on traditional cards, $50 billion per year no longer seems unattainable,” the company said in its post.

‎A market growing faster than its own timeline

‎By RedotPay’s account, the growth curve is accelerating: it took the stablecoin card sector roughly three years to process its first $10 billion in cumulative spending, but the company expects the next $10 billion to arrive in just eight months. Independent data from payments analytics firm Paymentscan puts July’s card spending at about $1.04 billion, up from roughly $339 million in the same month last year.

‎RedotPay’s own numbers have grown alongside the market. The company now reports annualized payment volume of about $14 billion, up from the $12 billion it disclosed in July, and annualized revenue above $180 million, which it says makes the business profitable.

‎From trading tool to everyday spending

‎RedotPay frames the shift as a change in who’s using stablecoin cards, not just how many. Jonathan Chan, the company’s head of partnerships and co-founder, said the growth is coming from people managing routine finances rather than trading.

‎”Our users are not necessarily crypto traders,” Chan said. “They are people who found a better way to manage their finances because the previous options they had weren’t good enough.”

‎The company says customers, more than 8 million of them across over 100 countries, are increasingly using the cards for groceries, subscriptions, rent and travel, particularly in Latin America, Africa and Asia-Pacific, where access to dollar-denominated accounts or international payment tools can be limited through local banks.

RedotPay attributes the trend to a mix of clearer regulatory frameworks, easier-to-use interfaces and better fiat-to-crypto conversion pricing.‎

‎The RedotPay’s forecast blind spots

‎The headline numbers obscure how concentrated, and how loosely verified, this market still is. According to reporting from The Crypto Times, just three programs (RedotPay, Ether.fi and KAST) generated roughly 77% of July’s tracked stablecoin card volume.

RedotPay’s own contribution to that dataset is self-reported by the company rather than observed independently on-chain, meaning the single largest input into the sector’s headline figures isn’t verified by a third party. ‎Ether.fi’s chief executive has separately said his firm’s reported figure represents card purchases and excludes roughly $30 million of fiat transfers, a reminder that reporting standards across issuers aren’t yet consistent.

‎That concentration cuts both ways for RedotPay’s 2028 forecast: it means a handful of companies’ growth largely determines whether the industry hits $50 billion, and a setback at any one of them, regulatory, legal or operational, could move the whole projection.

‎A forecast timed around a legal fight

‎RedotPay’s growth story is playing out alongside a legal and corporate setback. According to The Crypto Times, RedotPay confirmed earlier in August that a planned $1 billion US initial public offering, one that had targeted a valuation above $4 billion, has been postponed and is unlikely to happen before 2027. The company is addressing a roughly $470 million lawsuit filed in Hong Kong by Binance-affiliated entities, alongside a parallel action in Singapore.

The RedotPay’s founders are being sued for allegedly diverting more than 470,000 users to a competing card product and misusing roughly $304 million in Binance Pay funds outside the terms of their partnership, CoinDesk reported. However, RedotPay has rejected the allegations, saying it is “vigorously defending all claims”.

‎The company has continued expanding in the US regardless, securing its first American money transmitter license and filing applications in more than 20 additional states, even as the IPO sits on hold.

‎The wider stablecoin-payments push

‎RedotPay’s forecast arrives as card networks and other payment firms build out competing stablecoin infrastructure. Mastercard added settlement support in June for six regulated dollar-backed stablecoins, including USDC and Ripple USD, across networks like Ethereum, Solana and the XRP Ledger.

Visa has said it now counts more than 160 stablecoin-linked card programs live or in development globally. Stripe, meanwhile, continues rolling out its Bridge-powered stablecoin card infrastructure into more markets.

‎Beyond consumer checkout, industry executives have pointed to cross-border settlement and business payments as parallel, and possibly larger, growth areas for stablecoins, separate from card spending at the point of sale.

‎What would actually validate the $50 billion call

‎‎Even under RedotPay’s own math, $50 billion a year by 2028 would still be a small fraction of the more than $20 trillion in traditional card spending expected this year.

Whether the sector gets there likely depends less on consumer appetite, which the July numbers suggest is real, and more on whether issuer reporting becomes standardized and verifiable, whether the current handful of dominant platforms can keep growing without a legal or regulatory disruption, and how RedotPay’s own legal exposure in Hong Kong and Singapore resolves.

‎For now, the growth trend is real and accelerating. How much weight to put on the specific $50 billion figure is a separate question.