KARACHI: Pakistan’s freelancers earned a record USD197 million in September 2026, taking first-quarter earnings to around USD550 million, up 46 percent year-on-year, as a new Payoneer report highlighted the growing use of stablecoins by international marketplaces and businesses for cross-border payments and financial operations.
The report, titled Stablecoin Steps Up, was unveiled at Money20/20 in Las Vegas and is based on a survey of 265 senior payments, treasury and finance leaders at US-based marketplaces, platforms and enterprises with annual revenues of at least USD100 million.
According to the report, 69 percent of respondents were already using stablecoins in live operations, while 41 percent said adoption had reached meaningful scale. Faster settlement was identified as the leading realised benefit by 50 percent of respondents, followed by improved access to markets and currencies at 41 percent and a better recipient experience at 40 percent.
The findings also point to plans for broader adoption. Around one-third of surveyed businesses already offer stablecoin capabilities to their customers, while half plan to introduce them within three years. In total, 82 percent expect stablecoins to form part of their financial infrastructure over the same period.
Payoneer said adoption can begin with recipients seeking to hold dollar-denominated balances, a demand the report links to the needs of Pakistan’s estimated three million freelancers. However, it identified several challenges, including the “last mile” of converting digital dollars into spendable local currency, regulatory requirements, reconciliation and integration with existing systems.
The findings come as Pakistan develops a regulatory framework for virtual assets. The Virtual Assets Act 2026 established the Pakistan Virtual Assets Regulatory Authority (PVARA) to license and supervise the sector. The regulator estimates that reducing transfer costs by one percentage point on approximately USD40 billion in annual remittances could save the country around USD400 million a year.
“Our research shows how marketplaces and enterprises are putting stablecoin to work to improve cross-border payments, manage treasury operations and build new financial experiences for their customers,” said Rowland Berry, Payoneer’s vice president for stablecoin.
Berry said businesses expanding beyond pilot projects would need to integrate stablecoins into existing systems, comply with regulatory requirements and ensure recipients could access and use the funds they received.
Copyright Business Recorder, 2026