Stablecoins and DeFi gain ground in cross-border payments boom

By Puja Sharma

Global payments are undergoing a dramatic overhaul, becoming faster, smarter, and more decentralised. According to The Payments Pulse Report Part 2 by Convera, three core innovations—real-time payments (RTP), stablecoins, and decentralised finance (DeFi)—are driving a major shift in how money moves across borders.

At the heart of this transformation is the rapid rise of RTP systems. The report forecasts global RTP volumes will grow 161% to reach $58 trillion by 2028. That’s not just a technological upgrade—it’s a redefinition of expectations. Businesses are increasingly demanding 24/7, instant payments that cross time zones and public holidays without delay.

Currently, over 80 countries operate domestic RTP networks. The next challenge is connecting these systems internationally. Initiatives such as the European Central Bank’s expansion of the TIPS platform and Canada’s Real-Time Rail are working toward cross-border interoperability. Asia-Pacific markets like Australia, India, and Hong Kong are already showing strong adoption, while Africa and the Middle East are turning to RTPs as tools for financial inclusion.

Alongside RTPs, the report tracks the growing popularity of stablecoins—digital currencies tied to traditional fiat currencies. Their appeal lies in combining blockchain speed and transparency with price stability. For businesses, stablecoins offer a potential hedge against currency swings and a faster, cheaper way to settle global transactions. Convera notes a clear rise in their usage, suggesting stablecoins are no longer niche products but are edging into the mainstream.

However, stablecoin adoption isn’t without friction. Regulatory frameworks remain inconsistent across jurisdictions, and until more clarity is provided, businesses may be cautious. Policymakers will need to strike a balance between fostering innovation and protecting financial systems.

Perhaps the most intriguing development flagged in the report is the role of decentralised finance in modern treasury management. DeFi, built on blockchain protocols, enables automated, transparent financial operations—ideal for companies managing complex global cash flows. From real-time visibility to automated liquidity pooling and FX hedging, DeFi tools could streamline traditionally cumbersome treasury processes.

This potential has caught the attention of multinational corporations, especially those with high transaction volumes and exposure to multiple currencies. With DeFi, they can reduce counterparty risk and move toward more agile treasury systems.

Still, the road ahead is far from straightforward. The report points to several barriers, including cybersecurity threats, lack of regulatory alignment, and the need for technical interoperability. Public-private collaboration will be crucial. Global efforts, such as the BIS Innovation Hub’s Project Nexus, which aims to link national payment systems, are promising steps forward.

The overarching message from the findings is clear: the global payments ecosystem is evolving quickly, and those who adapt early stand to benefit. The convergence of RTPs, stablecoins, and DeFi isn’t just reshaping the infrastructure of payments—it’s changing the rules of global commerce.

As new technologies redefine what’s possible, financial institutions, corporates, and regulators must prepare for a future where speed, transparency, and accessibility aren’t optional—they’re expected.