International trade is increasingly utilizing stablecoins and CBDCs to bypass traditional dollar-based correspondent networks. According to Swift, the dollar handles over 57% of global payments, but businesses in countries like Bolivia, Nigeria, and Venezuela are turning to USDT and USDC to settle transactions, avoid sanctions, or mitigate local currency volatility.
Data from DefiLlama shows USDT holds over 60% of the stablecoin market, while USDC accounts for 24%. Mizuho analysts noted that in March 2026, USDC reached a transaction volume of $2.2 trillion, surpassing USDT's $1.3 trillion. Meanwhile, Tether has expanded its own holdings, acquiring 14 tons of physical gold in Q2 2026, bringing its reserves to 146.2 tons.
Regulatory pressure is intensifying. The US GENIUS Act, passed in July 2025, mandates that stablecoin issuers must be capable of freezing or burning tokens upon legal request. Tether has reportedly blocked approximately $4.9 billion in assets to date. Additionally, Brazil and other nations are tightening oversight, with the Brazilian Central Bank classifying cross-border digital asset operations as currency transactions.
China is actively promoting the e-CNY through the mBridge platform, which has processed over 4,000 transactions totaling $55.5 billion. While mBridge facilitates interbank settlements, China maintains strict control over private stablecoin issuance, having halted projects by Ant Group and JD.com in 2025. The country continues to integrate its digital currency into trade routes across Asia, the Middle East, and Brazil.
