Stablecoin card spending has crossed $10.9 billion in cumulative volume as RedotPay projected that annual spending through the products could quadruple to $50 billion by 2028.

RedotPay said in an Aug. 25 blog post that the industry recorded more than $1 billion in card spending during July for the first time, citing independent payments data provider Paymentscan, as usage continued to rise across markets in Latin America, Africa and Asia-Pacific.

The stablecoin payments company expects the industry to process its next $10 billion in eight months after taking roughly three years to reach the first $10 billion. By 2028, RedotPay expects stablecoin-powered cards to be handling $50 billion in annualized spending.

“When you consider that over $20 trillion will be spent this year on traditional cards, $50 billion per year no longer seems unattainable,” the company said.

Paymentscan data showed July 2026 as the largest month recorded for the sector. Its headline dataset put stablecoin card spending at about $1.04 billion during the month, compared with roughly $339 million in July 2025.

RedotPay attributed its forecast to its own operating data, adoption patterns in several developing markets, clearer rules for stablecoin businesses and increasing use of digital dollars for payments, remittances and foreign exchange services.

Stablecoin card spending has accelerated in 2026

Stablecoin cards connect cryptocurrency balances to existing card networks, allowing users to pay merchants while stablecoins or other digital assets are converted or settled through the infrastructure behind the transaction.

RedotPay said the products have moved from an experimental payment method toward regular consumer use. When the company launched its first card about three years ago, it estimated that the entire industry was processing around $60,000 each month. Current volumes can reach the same amount in roughly four minutes, according to its blog.

Jonathan Chan, RedotPay’s head of partnerships and co-founder, said the company was seeing demand from customers who use stablecoins to handle ordinary financial needs instead of cryptocurrency trading.

“Stablecoin-powered cards have reached their mainstream moment, hitting all-time highs in spending volume on the strength of their utility in daily life,” Chan said.

“Our users are not necessarily crypto traders. They are people who found a better way to manage their finances because the previous options they had weren’t good enough. This is where the growth will come from.”

The company pointed to customers using the cards for expenses such as groceries, subscriptions, travel and rent across more than 100 countries. RedotPay also cited examples of users who need access to international digital services, mobile wallets or dollar-denominated balances where local banking products do not provide the same options.

Consumer card products have also become a larger part of RedotPay’s own business. In July, crypto.news previously reported that the company had launched an XRP Ledger-powered product allowing customers to pledge XRP as collateral and access a credit line settled in Ripple USD.

The product uses a 50% loan-to-value ratio and allows the borrowed value to be spent through Visa merchants while customers retain exposure to their pledged XRP. At the time, RedotPay reported more than 8 million users in over 100 countries and roughly $12 billion in annualized payment volume.

RedotPay now puts its annualized payment volume at approximately $14 billion and annualized revenue at more than $180 million. The company said it has built a profitable business while expanding its stablecoin payment services.

Clearer rules and better products are supporting card use

Explaining the increase in card activity, RedotPay identified regulatory developments as one of the factors that have made consumers and payment companies more willing to use stablecoin-based services.

The company said clearer requirements in important markets have given established operators a more defined framework for licensing and compliance while giving potential customers more confidence in stablecoin products.

Product improvements have played a role as well, according to RedotPay. Interfaces have become easier to use, fiat-to-crypto and crypto-to-fiat services have expanded their coverage, conversion pricing has improved and customer support has become more developed.

RedotPay expects fast-growing payment companies to spend more on licenses and compliance as transaction volumes rise. It also expects traditional financial companies to make more use of stablecoin settlement infrastructure, while additional providers connect blockchain networks with existing banking rails.

The company has begun building its own U.S. regulatory footprint. RedotPay said it recently obtained its first U.S. money transmitter license and has applications pending in more than 20 additional states.

Card networks have been adding stablecoin settlement services at the same time. In June, Mastercard added support for settlement using six regulated dollar-backed stablecoins, including USDC, PayPal USD, Ripple USD, Global Dollar, Pax Dollar and SoFiUSD.

Mastercard said the system can settle transactions outside normal banking hours, including weekends and holidays, while retaining existing card payment processes. Supported blockchain networks included Ethereum, Solana and the XRP Ledger.

Stripe has also been building stablecoin card infrastructure through Bridge. A July report detailed how the program expanded into more than 100 markets after Stripe acquired the stablecoin infrastructure company.

Former Stripe stablecoin partnerships head Connor Fitzgerald said the team established sponsor bank and card network relationships, built stablecoin settlement infrastructure in the United States and took annualized payment volume from zero into the tens of millions of dollars.

Stablecoin payments extend beyond consumer checkout

Card spending represents one part of the stablecoin payments market, with cross-border settlement, remittances and business payments accounting for other use cases that RedotPay expects to support future adoption.

In May, BridgerPay co-founder and CEO Ran Cohen said stablecoin payment demand remained concentrated in cross-border settlement, business-to-business payouts and treasury operations. Cohen expected stablecoins to expand through business payment flows without displacing conventional cards at merchant checkouts.

RedotPay’s model connects the two systems by allowing users to fund spending from digital assets while relying on existing card networks for merchant acceptance.

The company identified Latin America, Africa and Asia-Pacific as important markets in its forecast. RedotPay said customers in such regions can use stablecoins for dollar savings, international purchases, travel spending and access to payment products that may not be available through their local banks.

Cross-border use also gives stablecoin cards a role in remittances and foreign exchange, according to the company, particularly where customers already hold digital dollars and need to convert or spend them without moving funds through several financial services.

RedotPay said competition among companies connecting traditional banking systems with stablecoins could reduce costs as more providers enter the sector. The company expects established financial institutions to increase their use of stablecoin rails as payment infrastructure develops.

Its 2028 projection would put annual stablecoin card spending at $50 billion, roughly four times the current annualized level cited by the company, while remaining a small fraction of the more than $20 trillion RedotPay expects consumers to spend using traditional cards this year.

The company currently serves more than 8 million users globally, with pending money transmitter license applications in more than 20 U.S. states alongside the first state license it has already received.

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WTI crude fell more than 2% on Monday, 24 August, as market participants took profits amid expectations that the US could announce a new round of sanctions against Iran. Additional pressure came from a warning by the Iranian authority responsible for the Persian Gulf and Strait of Hormuz, which said vessels violating transit rules could face fines or detention.

At the same time, the US Energy Information Administration (EIA), in its 11 August forecast, expects the average Brent price to remain around $85 per barrel in the third quarter. Persistently low commercial crude inventories in the US could also help limit the downside and prevent a deeper decline.

Technical Analysis of WTI

On the four-hour XTI/USD chart, prices had been moving within a short-term uptrend since the beginning of August. The trendline repeatedly acted as support during previous pullbacks, but the price is now attempting to break below it while also moving beneath the lower boundary of the current market profile at $86.05.

If the downside move gains traction, the next potential support area is around $84.40.

A false breakout followed by a renewed advance would bring several technical levels into focus. The first is the Point of Control (POC) at $87.20, followed by the upper profile boundary at $87.95. The overall depth of the market profile is also worth monitoring: the narrower the profile, the less buying pressure may be required to overcome it.

Above the main concentration of trading activity lies the red resistance zone at $91.30.

The RSI + MAs indicator currently shows readings of 48, 57 and 57. RSI has returned to the neutral area following the pullback, but notably remained below the overbought zone throughout virtually the entire uptrend. At the same time, both moving averages remain positive and are holding above the neutral threshold.

Key Takeaways

The break below the ascending trendline has yet to receive confirmation from the momentum indicators. The moving averages remaining above the neutral zone cast some doubt on the sustainability of the current decline.

The next move could depend heavily on the scale and severity of any new US sanctions against Iran. A stronger-than-expected sanctions package could increase pressure on oil prices, while more limited measures may allow the market to refocus on tight US inventories and provide support for WTI.

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A federal jury has convicted Las Vegas businessman Brent Kovar of fraud and money laundering after prosecutors said his Profit Connect operation collected $24 million from at least 400 investors through false claims about cryptocurrency mining, investment returns and company reserves.

The U.S. Attorney’s Office for the District of Nevada said on Aug. 24 that Kovar was found guilty after a nine-day trial on 11 counts of wire fraud, two counts of mail fraud and two counts of money laundering. He is scheduled to be sentenced on Nov. 30 and faces a statutory maximum penalty of 280 years in prison.

Kovar owned Profit Connect from late 2017 through July 2021, presenting the Las Vegas company as a profitable operation that used artificial intelligence software running on a supercomputer to mine cryptocurrency and verify crypto transactions, according to prosecutors.

Investors were promised fixed annual returns of between 15% and 30%, along with a 100% money-back guarantee. Prosecutors said Kovar also claimed Profit Connect was supported by hundreds of millions of dollars in cryptocurrency reserves, despite knowing the company had no such reserves and could not generate the returns being offered.

Brent Kovar used new investor funds for repayments

Federal prosecutors said Profit Connect was not profitable and had no legitimate source of income capable of supporting its promised returns or guarantee.

Instead, Kovar used money received from investors to keep the business operating, purchase gifts for employees and buy a house for himself, the U.S. Attorney’s Office said. Part of the money was also sent back to existing investors while being presented as proceeds generated through cryptocurrency mining and transaction verification.

The structure allowed Profit Connect to continue making payments despite lacking the investment activity and reserves Kovar had described to customers, according to prosecutors. By the time the operation ended, authorities said at least 400 people had invested a combined $24 million.

During the earlier criminal case, federal prosecutors said Kovar used a website, YouTube video and PowerPoint presentation to market Profit Connect and persuade customers to invest. The business also leased space for a sales office and a warehouse that was presented as a data center. Investments were sold through an entity called Profit Connect Wealth Services.

The original February 2025 indictment charged Kovar with 12 wire fraud counts, three mail fraud counts and three money laundering counts and carried a maximum statutory exposure of 330 years if he were convicted on every charge. Following the trial, the jury returned guilty verdicts on 15 counts, leaving him with a maximum statutory exposure of 280 years.

Prosecutors say Profit Connect sold false guarantees

Investigators focused on several claims used to market the business, including Profit Connect’s stated investment returns and the assertion that investors could recover all of their money.

Federal Deposit Insurance Corporation Office of Inspector General Special Agent in Charge Ryan Korner said Kovar also lured victims with false claims that the investment was insured by the FDIC.

“Mr. Kovar defrauded investors to enrich himself,” Korner said, adding that investigators would continue working with other agencies to pursue financial fraud cases.

David Lowe, acting special agent in charge of IRS Criminal Investigation’s San Francisco Field Office, said the operation relied on “false guarantees, fabricated profits and nonexistent reserves,” which left investors facing financial losses.

FBI Las Vegas Special Agent in Charge Christopher S. Delzotto said victims believed they were investing in new technology, while prosecutors determined that the investment operation had been built on false representations.

First Assistant U.S. Attorney Sigal Chattah said the verdict demonstrated prosecutors’ commitment to pursuing financial fraud involving manipulated records and millions of dollars in investor funds.

IRS Criminal Investigation, the FBI and the FDIC OIG investigated the case. Assistant U.S. Attorneys Joshua Brister and James Gaeta are prosecuting it, according to the Nevada U.S. Attorney’s Office.

Crypto Ponzi prosecutions have produced mixed outcomes

Kovar’s conviction follows several other U.S. criminal cases involving investment businesses that prosecutors said used cryptocurrency claims to attract investors while directing incoming money toward earlier customers or personal expenses.

A July crypto.news report on the BitClub Network case detailed the Justice Department’s reported move to dismiss charges against founder Matthew Goettsche despite allegations that the crypto mining operation defrauded investors of $722 million. The reported decision would end the prosecution with prejudice if approved by the court.

BitClub had been accused of selling shares in cryptocurrency mining pools while overstating mining returns and using investor money to pay existing participants. The reported move to dismiss the case followed a 2025 Justice Department policy directing prosecutors not to use criminal enforcement as a substitute for digital-asset regulation.

Federal authorities have continued filing fraud cases where prosecutors allege conventional financial crimes involving digital assets.

In February, a report on the Goliath Ventures case covered the arrest of founder and CEO Christopher Alexander Delgado over an alleged $328 million Ponzi scheme. Prosecutors accused Delgado of promoting cryptocurrency liquidity pools that promised consistent monthly returns while directing investor funds toward earlier investors and personal spending.

The Justice Department alleged that Goliath Ventures collected more than $300 million even though only about $1 million was placed into legitimate cryptocurrency assets. Prosecutors said other funds were spent on expenses that included luxury travel, corporate events and multimillion-dollar homes.

Other cases have centered on promised crypto returns

Federal prosecutors brought another case in June against Tennessee resident Misam Abidi over an alleged $1.9 million scheme operated through Star Credit Holdings.

Court documents cited in coverage of the Star Credit Holdings case accused Abidi of making false statements about investment returns, company reserves and assets under management between 2020 and 2024. The charges included wire fraud, money laundering, operating an unlicensed money-transmitting business and filing false tax returns.

Separate federal actions have also moved from prosecution toward victim recovery. In April, the Justice Department opened a compensation process backed by more than $40 million in forfeited assets for people who lost money in OneCoin, according to coverage of the OneCoin victim fund.

Federal prosecutors have estimated that OneCoin took more than $4 billion from roughly 3.5 million people between 2014 and 2019. Co-founder Karl Sebastian Greenwood received a 20-year federal prison sentence in 2023, while fellow founder Ruja Ignatova remains a fugitive and is listed among the FBI’s Ten Most Wanted.

Kovar’s sentence will be determined by a federal district court judge after consideration of the U.S. Sentencing Guidelines and other statutory factors, with the sentencing hearing currently set for Nov. 30, 2026.