Fragmented regulatory regimes are limiting stablecoin adoption in international trade, according to Juan Marchetti, director of the trade in services and investment division at the World Trade Organization (WTO).

“The constraint is not technology. It is actually regulation and the lack of development of regulatory frameworks,” said Marchetti during a Monday speech in Geneva, at the launch of WTO’s study on stablecoins in world trade.

He cited an October 2025 report from the Financial Stability Board which found that only 39%, or 11 out of 28 surveyed jurisdictions, have finalized their stablecoin regulatory frameworks.

Marchetti added that stablecoins may improve some of the main friction points of trade finance, but currently only account for 3% of total international payments due to fragmented regulatory regimes. 

The WTO’s report identified five friction points that may be improved by stablecoin adoption, including high costs, low speed, limited access, insufficient transparency and foreign exchange limitations.

Stablecoins ability to ease friction in international payments. Source: Cointelegraph/WTO

The report also revealed that stablecoin payments in cross-border payments grew 35-fold between 2020 and mid-2024.

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