Stablecoins and Tokenisation Are Becoming the New Financial Rails for Global Trade

SINGAPORE, July 16, 2026 – Stablecoins, tokenisation and digital settlement infrastructure are moving from the edges of the crypto economy into the centre of global trade finance, as companies seek faster, cheaper and more programmable ways to move money, unlock liquidity and settle cross-border transactions.

That is one of the key technology and finance themes emerging from DMCC’s Future of Trade 2026: Rebuilding Through Rupture report, launched in Singapore. The report argues that global trade is entering a new era in which financial infrastructure will be reshaped by distributed ledger technology, stablecoins, tokenised deposits, real-world asset tokenisation and wholesale central bank digital currencies.

For businesses, the significance lies not in speculation around crypto assets, but in the potential to improve the basic plumbing of international trade: payments, settlement, working capital, collateral and cross-border liquidity.

The report notes that traditional correspondent banking remains costly, slow and often difficult to navigate, especially for smaller businesses and exporters in emerging markets. At the same time, domestic instant payment systems, fintech rails, stablecoins and tokenised financial instruments are creating a more layered financial architecture.

As one roundtable participant cited in the report put it, stablecoins can act as a payment intermediary that allows users to send value across borders instantly and at low cost, without going through a traditional bank.

Stablecoins Move Beyond Crypto Trading

Stablecoins were once viewed mainly as instruments used by crypto traders to move in and out of digital assets. That perception is changing. According to DMCC’s report, global stablecoin supply exceeded US$300 billion in early 2026, up from less than US$30 billion in 2020. By 2030, Citi estimates stablecoin issuance could reach US$1.9 trillion in its base-case scenario and up to US$4 trillion in a bull-case scenario.

Stablecoin transaction volumes reached a record US$33 trillion in 2025, although much of that activity still reflected trading and automated blockchain transactions rather than real-world payments. Actual stablecoin payment volumes were estimated at around US$390 billion in 2025, more than double the previous year but still a tiny share of global payment volumes.

What is changing rapidly is business adoption. The report notes that businesses were the most prominent adopters of stablecoin payments, using dollar-backed stablecoins to settle invoices, manage treasury flows and move funds in corridors where traditional banking remains slow, costly or unreliable. B2B payments accounted for around 60% of stablecoin payment activity, up 733% year-on-year.

This matters for global trade because cross-border settlement is one of the most persistent pain points for exporters, importers, SMEs and logistics-linked businesses.

Traditional bank transfers can involve multiple intermediaries, delays, foreign exchange friction and limited transparency. Stablecoins offer an alternative model built around near-instant settlement, 24/7 availability and potentially lower transaction costs.

At the Singapore launch, Anson Zeall, Founder and Managing Director of Azentiq Nexus Consulting and Chair Emeritus of the Singapore Crypto Association, said stablecoins are likely to become increasingly important in trade as more jurisdictions develop their own regulated frameworks.

Anson Zeall

“I do see that stablecoins will become a big player for different countries, having their own stablecoins in their own currencies,” Zeall said. His observation points to one of the most important questions now facing digital finance: whether the future of stablecoins will remain overwhelmingly dollar-denominated, or whether local-currency and regional stablecoins will emerge across trade corridors.

Local-Currency Stablecoins Could Matter for Emerging Markets

Today, stablecoin markets are dominated by US dollar-pegged instruments. The DMCC report notes that 99% of stablecoins are pegged to the US dollar, reinforcing dollar dominance in digital payments.

However, this may not remain the only model. Zeall said his work on stablecoin model law discussions for Commonwealth countries had shown that several emerging markets, including African nations, are considering stablecoin regulation as a way to build new payment systems and wallet infrastructure without starting entirely from scratch.

Such frameworks could allow countries to issue or support stablecoins that serve local needs, rather than relying only on foreign-currency instruments.

For emerging markets, this could be significant. Many countries face persistent challenges around cross-border settlement, remittances, foreign exchange access, financial inclusion and SME financing. Properly regulated local-currency stablecoins could provide new payment options, especially when integrated into digital wallets, trade platforms and domestic payment applications.

Zeall noted that as countries adopt stablecoin regulations, “you will see local stablecoins going through different regions”, creating a role for intermediaries that can convert between local stablecoins, US dollar stablecoins and other digital instruments.

For Asia, this is especially relevant. The region includes some of the world’s most active manufacturing, commodity, e-commerce and export corridors. If regulated stablecoins can be made interoperable across markets, they could become part of the next generation of trade settlement infrastructure.

Yield, Custody and the Shift Towards Licensed Entities

Stablecoin adoption is also being shaped by questions of safety, yield and institutional trust. In the early crypto market, stablecoins often moved through decentralised finance platforms and exchanges. As the market matures, users are increasingly looking at custody, compliance and the credibility of the entity holding or managing those assets.

Zeall said many users will naturally look for places where stablecoins can generate returns, especially when widely used stablecoins provide little or no yield.

“A lot of players now would rather put their stablecoins with licensed entities, at least in a safer place where they do not need to think about it, or find a place where these stablecoins also allow higher yield,” he said.

This reflects a broader transition in digital assets. The early stablecoin market was driven by crypto trading and decentralised liquidity. The next phase is likely to be driven by regulated custody, treasury management, institutional payment rails, tokenised deposits and business-to-business settlement.

For financial centres such as Singapore, Hong Kong and Dubai, this creates a strategic opening. Jurisdictions that can combine regulatory clarity, financial market credibility and digital asset infrastructure may be better positioned to attract institutional stablecoin use cases.

The report notes that regulatory frameworks are already developing. The US GENIUS Act, signed in 2025, sets out reserve and licensing requirements for stablecoin issuers. Hong Kong has introduced its own stablecoin regime, the EU’s MiCA framework is in force, and Singapore, the UAE and the UK have introduced or are developing stablecoin regulatory frameworks.

Greater regulatory clarity could accelerate adoption by banks, payment companies, trading firms, logistics platforms and enterprise users.

Tokenisation Opens a New Route for SME Finance

Stablecoins address the payment side of trade. Tokenisation could address another long-standing problem: access to liquidity. The DMCC report defines tokenisation as the conversion of financial assets and physical goods into tokens on a blockchain. Once tokenised, assets can be traded in real time, with blockchain records providing proof of ownership.

This has direct implications for trade finance because many trade-related assets are valuable but illiquid. Invoices, receivables, warehouse receipts, commodities and future cash flows can be difficult to finance through traditional channels, particularly for SMEs.

Tokenisation could make these assets easier to verify, transfer, divide and collateralise. The report states that the real-world asset tokenisation market has grown 380% in three years, reaching US$24 billion in 2025. McKinsey estimates that total tokenised market capitalisation, excluding cryptocurrencies and stablecoins, could reach US$2 trillion by 2030.

At the Singapore launch, Zeall referred to examples where companies are already tokenising cash flows to create investment products. Instead of an SME borrowing only through a bank, a platform can structure SME borrowing into a product that investors can participate in, with returns based on the interest paid by the borrower.

He said such models are “actually working”, although adoption remains gradual because SMEs still need to decide whether it is worth switching from familiar banking relationships to newer digital providers.

That hesitation is important. Technology may make tokenised finance possible, but adoption depends on ease of use, trust, cost, speed and whether businesses see clear advantages over existing bank channels.

For SMEs, the value proposition will need to be practical: faster access to funds, lower financing costs, simpler documentation, more flexible collateral and quicker settlement.

Trade Finance Still Has a US$2.5 Trillion Problem

The broader context is the global trade finance gap. DMCC’s report notes that the trade finance gap has stabilised at US$2.5 trillion. While that is better than a further widening, it remains a structural constraint for SMEs and exporters, particularly in developing economies.

This is where stablecoins and tokenisation could intersect. Stablecoins can improve the speed and efficiency of payment. Tokenisation can improve the financeability of assets. Together, they could support new forms of trade finance where invoices, receivables, commodities or cash flows are digitised, financed and settled through interoperable rails.

Alecia Quah, Director at Temasek, described a future where an SME could organise and rationalise its entire book of trade receivables and access a broader pool of investors rather than waiting 90 days for payment.

Alecia Quah

She also pointed to a future in which an investor could pledge tokenised gold as collateral in a market that operates 24/7. Such examples show how stablecoins and tokenisation could become part of a wider financial stack rather than isolated technologies.

In her remarks, Quah described stablecoins as “the currency of distributed ledgers” and said their use case is broadening beyond simple entry and exit from digital assets.

Regulation Is the Price of Trust

The main barrier to scale is no longer only technology. It is trust. Stablecoins and tokenised assets need clear rules around reserves, redemption, custody, anti-money laundering controls, accounting treatment, settlement finality, investor protection and cross-border recognition.

Quah captured the issue clearly when she said: “Regulation is the price of trust.” That is especially true in trade finance, where banks, insurers, logistics firms, regulators and corporates need certainty before using new rails for large-value transactions.

The report also warns that fragmentation remains a risk. Stablecoins, tokenised deposits, wholesale CBDCs, domestic instant payment systems and traditional correspondent banking may all operate in parallel, but without sufficient interoperability. Larger firms may be able to manage this complexity, while SMEs could face higher costs if systems remain fragmented.

This is why policy and technical architecture must move together. Financial innovation may create new rails, but adoption will depend on whether those rails are connected, regulated and recognised across borders.

Asia’s Role in the Next Financial Infrastructure Shift

Asia is well positioned to play a major role in the next stage of stablecoin and tokenisation adoption. The region combines large trade corridors, export-driven economies, advanced financial hubs, strong digital payment adoption and growing experimentation in digital assets.

Singapore brings regulatory credibility, institutional finance and a deep ecosystem of banks, fintechs, payment firms and digital asset companies. Hong Kong is moving quickly on stablecoin regulation and tokenised finance. The UAE is building digital asset and trade finance infrastructure from Dubai and Abu Dhabi. China’s trade footprint could shape demand for offshore RMB-based instruments, especially across Southeast Asia, the Middle East and Africa.

The future is unlikely to involve stablecoins replacing the banking system entirely. Instead, the next phase will be layered. Correspondent banking, instant payment systems, stablecoins, tokenised deposits and CBDCs will operate side by side. The winners will be the jurisdictions and institutions that make these systems interoperable, compliant and commercially useful.

For global trade, the direction of travel is clear. Stablecoins are moving from crypto trading into B2B payments and settlement. Tokenisation is moving from concept into real-world asset finance. Together, they could reshape how trade is funded, collateralised and settled.

The opportunity is especially significant for SMEs and emerging-market exporters, but only if the technology is made trustworthy, regulated and easy to use.

The next financial rails of global trade are being built. The question is which markets, banks, fintechs and businesses will move early enough to benefit.