Stablecoin Boom: 60x B2B Growth Could Deepen Dollarization Faster Than Local Currencies Recover

Stablecoin scale is making dollar access more routine in emerging markets

Stablecoins are no longer a small crypto side market. They reached over USD 4 trillion for the year so far, and corporate payment usage is accelerating quickly. B2B stablecoin payments rose from under $100 million per month in early 2023 to more than $6 billion per month by mid-2025. In emerging markets, that scale can mean more routine dollar use, not less.

The old payment system helps explain why volume could turn into habit. Correspondent banking can still take 3–5 business days to settle and may cost 2–7% once wire fees, FX markups, and intermediary deductions are included. That keeps open the door to a familiar tradeoff: better cross-border payments and financial access on one side, and digital dollarization on the other, especially where banks already provide limited solutions.

Why easier dollar payments can deepen dollar dependence

Latin America shows how payment use can expand into broader dollar access

Latin America is a useful example because stablecoin adoption there is tied to both payments and currency stress. The region recorded roughly $1.5 trillion in cryptocurrency transactions from 2022 to 2025, with US dollar-backed stablecoins making up the majority of activity. 71% of Latin American institutions had already begun using stablecoins for cross-border payments. In markets where stablecoins are also used for wealth preservation, the same tool can move from speculation to operating cash.

The deeper macro signal is in the currency flows. The IMF finds that more than 70 percent of cumulative net inflows from fiat into stablecoins come from non-USD currencies. That suggests stablecoins are not just moving existing dollars around; they are creating an additional channel for accessing dollar exposure. For businesses and households, that can mean cheaper and faster dollar access. For policymakers, it can mean weaker linkage between local payment activity and the domestic monetary system.

Nigeria shows the pattern outside Latin America

Nigeria shows this is not only a Latin America story. The country received about $59 billion in crypto-asset inflows between July 2023 and June 2024, and accounts for roughly 60% of stablecoin inflows in sub-Saharan Africa since 2019. That supports the broader idea that stablecoins can become a meaningful cross-border payments channel in emerging markets.

What would strengthen or weaken the dollarization angle

Treasury and payment infrastructure may benefit first

If more cross-border dollar activity shifts on-chain, the first beneficiaries may be the firms connecting treasury workflows with payment execution. Corporates already flag cross-border supplier payments as the most compelling stablecoin use case, and 70% say adoption would be faster if stablecoins integrated with existing ERP and treasury platforms. That points toward treasury management providers, core banking vendors, and regulated issuers that can handle corporate workflows smoothly.

Regulation matters only if it deepens commercial use

The thesis is strongest if regulation helps lock in commercial usage rather than just stabilize the asset class. The U.S. GENIUS Act and a wave of regional frameworks in LATAM could matter for that reason. In Latin America, the clearest sign of maturation is commercial adoption: stablecoins already account for more than 90% of crypto flows in Brazil. The same signal shows up in the region's broader use of stablecoins for payments, payroll, and merchant settlement.

What would weaken the argument

The dollarization view depends on stablecoins staying focused on payments and working capital. If adoption slides back toward trading and speculation, or if regulation and custody friction slow corporate uptake, the macro dollar-use effect becomes harder to pin down. In that case, stablecoins may still be important for payments, but less decisive as a channel for deeper dollar dependence.