From the dollar to blockchain: how the international payment system is changing

International trade is gradually shifting towards new payment methods. Companies are using stablecoins to buy oil, cars, and electronics; banks are transferring funds through blockchain networks; and central banks are developing their own digital currencies. However, alongside faster and more convenient payments, new mechanisms of financial control are emerging.

Stablecoins as an alternative to bank transfers

The US dollar continues to dominate international trade. According to SWIFT data for February 2026, the American currency accounted for more than 57% of international payments excluding transactions within the eurozone. The euro accounted for about 14%, while the Chinese yuan accounted for just over 2%.

This system gives the United States considerable influence over global financial transactions. Even when two companies are located outside the US, dollar-denominated payments often pass through American banks. As a result, such transactions may be subject to US legislation and sanctions restrictions.

Stablecoins offer an alternative way to transfer money.

USDT and USDC are pegged to the US dollar but operate on blockchain networks. Transferring them does not always require traditional banking intermediaries, and transactions can be completed within minutes.

USDT remains the market leader, accounting for more than 60% of total stablecoin market capitalization. USDC holds approximately 24%.

However, the picture is changing when it comes to actual transaction volumes. According to research by Mizuho, USDC surpassed USDT in adjusted transaction volume in early 2026, reaching approximately $2.2 trillion compared with $1.3 trillion.

Stablecoins are particularly popular in countries where businesses face sanctions, currency restrictions, or difficulties making international bank transfers.

How cryptocurrencies are used in the oil trade

Venezuela provides one of the clearest examples. Under pressure from US sanctions, state-owned oil company PDVSA began conducting some of its transactions in USDT. In 2024, the company started requiring certain buyers to make advance payments in stablecoins, sometimes amounting to half the value of an oil shipment.

The primary objective was to reduce the risk of funds being frozen in overseas bank accounts.

By the end of 2025, as much as 80% of Venezuela's oil revenues may have been processed through stablecoins.

The situation subsequently changed. After political developments, US authorities took control of a significant portion of oil-related payments, and transactions began being processed through bank accounts under their supervision.

Cryptocurrencies are also used in Russia's foreign trade. According to Reuters, some Russian oil companies use Bitcoin, Ethereum, and USDT to settle transactions with partners in China and India. However, such transactions still account for a relatively small share of Russia's total oil exports.

Iran offers another interesting example. In 2026, reports emerged of a payment system for vessels passing through the Strait of Hormuz. Shipowners could make payments in yuan or stablecoins through intermediaries linked to Iranian authorities.

Transit fees reportedly started at approximately $1 per barrel of oil and could reach $2 million for large tankers.

In addition, a service called Hormuz Safe began operating in Iran, offering ship insurance payable in Bitcoin. The US Treasury later sanctioned the service.

These examples demonstrate that cryptocurrencies are already being used in trade involving strategically important commodities. However, blockchain technology does not guarantee protection against sanctions or financial losses.

Why USDT does not guarantee complete independence

Although stablecoin transfers occur on blockchain networks, the tokens remain subject to the control of their issuing companies.

For example, Tether can freeze USDT held at specific addresses in response to requests from authorized government agencies.

Over time, the company has frozen approximately $4.9 billion in assets, including around $550 million in 2026 in cases linked to Iran.

In the United States, this type of oversight is gradually being incorporated into legislation.

The GENIUS Act, passed in July 2025, establishes requirements for stablecoin issuers, including the ability to comply with lawful orders to freeze assets and block transactions.

At the same time, US authorities have chosen to support privately issued dollar-backed stablecoins. In 2026, Congress restricted the Federal Reserve's ability to launch its own digital currency until the end of 2030.

Therefore, while USDT and USDC allow funds to be transferred without traditional banking chains, they do not make payments entirely independent. Instead, control shifts from banks to digital asset issuers.

Cars, electronics, and fuel purchased with cryptocurrency

Stablecoins are not limited to major international transactions. In some countries, they have already become a practical payment tool for everyday business operations.

Bolivia: buying a Toyota with USDT

Bolivia is experiencing a US dollar shortage because revenues from natural gas exports have declined. As a result, local businesses are finding it increasingly difficult to purchase foreign goods and pay international suppliers.

In September 2025, the country's first vehicle purchase using USDT was completed. Later, local distributor Toyosa, which represents Toyota, Lexus, Yamaha, and BYD, expanded its cryptocurrency payment options.

Interest in digital assets is growing rapidly across the country. According to the Central Bank of Bolivia, cryptocurrency transaction volumes reached $294 million in the first half of 2025, compared with $46.5 million during the same period a year earlier.

Authorities have even begun discussing broader use of USDT for trade, payments, and savings.

Bolivia also attempted to use cryptocurrency for fuel imports. In March 2025, state-owned company YPFB received authorization to purchase oil, diesel, and additives using digital assets.

However, the initiative was never successfully implemented. Among the obstacles were insufficient liquidity and the lack of a clear regulatory framework. Furthermore, cryptocurrencies did not solve the underlying economic problem: the country still needed US dollars to acquire them.

Nigeria: importing electronics

In Nigeria, USDT has become an important tool for electronics importers.

Thousands of businesses operating in Lagos's Computer Village market purchase smartphones, laptops, and components from China.

Traditional international bank transfers can take between 7 and 21 days. To avoid these delays, entrepreneurs use an alternative payment arrangement.

A Nigerian intermediary purchases USDT with local currency through a P2P platform and transfers the tokens to a partner in China. The stablecoins are then converted into yuan and used to pay the supplier. In some cases, the entire process takes less than an hour.

However, this approach carries risks. If an intermediary or overseas partner acts dishonestly, recovering the funds can be difficult.

According to IMF estimates, Nigeria has accounted for approximately 60% of stablecoin inflows into sub-Saharan Africa since 2019.

Brazil: convenient transfers and tax challenges

Brazil has become one of the largest stablecoin markets in Latin America.

According to Reuters, cryptocurrency transaction volumes in the country reached 227 billion reais, or approximately $42.8 billion, during the first half of 2025. Dollar-backed stablecoins accounted for roughly two-thirds of that amount. Local entrepreneurs actively use them for international purchases.

However, authorities are concerned that such payments could be used to evade taxes and customs duties. For example, an importer might declare only 20% of a product's actual value in customs documents and transfer the remaining amount to the supplier in USDT.

As a result, Brazil is gradually tightening its regulations. Since October 2026, restrictions on stablecoin use have applied to international online payment services.

Despite the popularity of these transactions, their actual share of the global payment system remains relatively small. According to estimates by McKinsey and Artemis, annual stablecoin payment volumes amount to approximately $390 billion, representing around 0.02% of global payment turnover.

China is building an international payment system based on the digital yuan

While private companies are developing stablecoins, China is focusing on a central bank digital currency: the digital yuan, or e-CNY.

Unlike USDT, the government issues the digital yuan directly. It aims to simplify payments, speed settlements, and reduce international trade's dependence on dollar-based infrastructure.

One of the first major examples of e-CNY adoption occurred in December 2023, when China's Baosteel Group paid 24 million digital yuan for imported iron ore.

Since then, China has continued expanding its infrastructure. In September 2025, an international digital yuan operations center opened in Shanghai. In June 2026, 26 participants joined the cross-border payment system, including major Chinese banks and Standard Chartered China.

The platform is designed to support round-the-clock transfers and facilitate cooperation with financial institutions in other countries.

Meanwhile, the mBridge project is also developing, enabling central banks to use digital currencies for international settlements.

According to the Atlantic Council, more than 4,000 transactions totaling $55.5 billion have been processed through the platform. Approximately 95% of these transactions involved the digital yuan.

This demonstrates that China is gradually establishing its own international trade payment infrastructure.

At the same time, Chinese authorities remain cautious about privately issued stablecoins. In 2025, Ant Group and JD.com suspended their projects in Hong Kong following regulatory intervention.

The government is therefore seeking to maintain control over digital money and prevent the emergence of overly influential private alternatives.

Other countries are developing their own digital payment systems

Russia is expanding the use of cryptocurrencies in foreign trade. Since September 2026, legislation has permitted the use of digital currencies in settlements with foreign counterparties, subject to established requirements.

However, cryptocurrency payments for goods and services within the country remain prohibited.

Russia's Sberbank has already announced the launch of international cryptocurrency settlements for businesses. According to the bank, the average transaction fee is approximately 0.3%, while transfers can be completed within minutes.

Meanwhile, the rollout of the digital ruble continues. In the future, it is expected to be used not only domestically but also for payments involving foreign partners.

Belarus has authorized certain types of international cryptocurrency settlements through local banks.

The UAE is developing stablecoins pegged to the dirham. In May 2026, IHC completed a transaction involving 110 million dirhams, or approximately $30 million, using DDSC.

Kazakhstan is testing stablecoins pegged to the tenge. In October 2026, the National Bank of Kazakhstan, Tether, and the Alatau administration agreed to explore the possibility of issuing such an asset.

Malaysia is also considering using a digital version of its national currency for foreign trade settlements.

The overall trend is clear: more and more countries want their own international payment instruments that do not depend entirely on the US dollar or traditional banking channels.

Major banks are moving to blockchain

For a long time, blockchain was primarily associated with the cryptocurrency market. Today, however, some of the world's largest financial institutions are actively adopting the technology.

One of their main objectives is to accelerate international settlements, which can take several business days through traditional banking systems.

For example, Citi has developed Citi Token Services, a platform that allows businesses to transfer tokenized bank deposits*.

* Tokenized deposits are funds held in bank accounts and represented as digital tokens on a blockchain. Each token corresponds to a specific amount of money deposited with a bank. Unlike stablecoins, tokenized deposits are directly linked to bank accounts and are regulated within the banking system.

In 2023, Citi tested this technology with logistics company Maersk. The system made it possible to replace certain traditional procedures involving bank guarantees and transit fee payments with automated blockchain transactions. As a result, payments that previously took days could be completed in minutes.

JPMorgan is developing similar infrastructure. In June 2026, the bank reported that more than $4 trillion had been processed through its corporate blockchain platform, Kinexys. Average daily transaction volumes exceeded $7 billion. The technology is used by commodity and energy traders, among others.

Swift is also moving in this direction. In July 2026, the organization announced plans to develop blockchain infrastructure for 24/7 international transfers involving major banks.

Meanwhile, European financial institutions are working on their own euro-denominated stablecoins that comply with MiCA* requirements. Essentially, banks are attempting to bring familiar financial instruments onto a new technological foundation.

* MiCA (Markets in Crypto-Assets) is a European Union regulation establishing a unified regulatory framework for the cryptocurrency market across the EU. Its primary objective is to make the digital asset market more transparent and secure for users. MiCA sets requirements for companies issuing stablecoins and other cryptoassets, as well as cryptocurrency exchanges, exchange services, and digital asset custody providers.

Who controls international payments in the new system?

At first glance, the transition to blockchain appears to offer greater financial freedom. Money can be transferred directly, without lengthy delays or complicated chains of intermediaries. However, the new payment systems cannot be considered entirely independent.

Each instrument has its own control mechanisms:

• USDT and USDC: Issuers can freeze assets at specific addresses and comply with regulatory requirements.
• Central bank digital currencies*: Issuance and usage rules are determined by governments.
• Bank-operated blockchain platforms: Transactions take place within infrastructure controlled by financial institutions.
• National stablecoins: Their circulation is governed by domestic legislation.

* Central Bank Digital Currencies (CBDCs) are digital forms of national currencies issued and controlled by a country's central bank. Their value is equivalent to that of the country's traditional currency. CBDCs are designed to facilitate digital payments and transfers, including transactions that do not rely on conventional banking payment chains. Unlike cryptocurrencies and privately issued stablecoins, CBDCs represent liabilities of the central bank, while the rules governing their circulation are established by the state.

The development of digital payments therefore does not mean that financial intermediaries are disappearing. Rather, their roles are changing.

Where international settlements once depended primarily on correspondent banking networks, influence is now being distributed among banks, governments, cryptocurrency companies, and digital platform operators.