Stablecoins offer new payment route

Expert says limited banking channels cost freelancers up to 30% of their earnings

KARACHI:

Stablecoins, collateralised by traditional currencies such as the US dollar, could give Pakistani freelancers alternative channels for receiving international payments, managing foreign currency earnings and potentially reducing transaction costs and settlement delays, thereby reducing their reliance on conventional payment gateways and commercial banks, experts said.

A 2026 global survey found that stablecoins accounted for an average of 35% of annual earnings among freelancers, gig workers and marketplace sellers who received cryptocurrency payments.

The growing use of stablecoins is transforming the way independent professionals receive, hold and transfer their earnings, potentially creating new opportunities for Pakistan's expanding freelance workforce as the country develops its regulated digital asset economy, said Gracy Chen, CEO of Bitget.

Traditional cryptocurrencies like Bitcoin or Ethereum can experience high price volatility day-to-day, so stablecoins are designed to maintain a stable value. This stability makes them practical for everyday transactions, trading, cross-border payments and decentralised finance (DeFi).

As stablecoins gain traction in the global freelance economy, Pakistani freelancers could use dollar-backed digital currencies to receive international payments and manage cross-border payments where legally permitted. However, regulatory uncertainty, limited banking integration, taxation and consumer protection remain key challenges, she said.

"Pakistan's freelancers should have more options when it comes to receiving payments from international clients. Stablecoins could help reduce some of the costs and delays involved in cross-border payments. But clear regulations and proper safeguards are important if these options are going to work for freelancers," Gracy Chen said.

Chen said Pakistan's large, tech-savvy youth population was exploring new digital platforms and investment opportunities to diversify and grow their savings.

She added that this shift towards digital finance was also changing how people access global financial markets. Bitget's Universal Exchange (UEX) model brings cryptocurrencies, tokenised equities, commodities, foreign exchange products and AI-assisted trading tools together on a single platform for eligible users.

"People increasingly want access to different markets without having to move between several platforms," Chen said. "That's what we are building with Bitget's Universal Exchange. For freelancers, the first priority is getting paid efficiently, while broader access to financial markets gives them more options for managing their money."

Meanwhile, a survey conducted by Payoneer in partnership with Ascend2 in September 2026 highlighted growing engagement with stablecoins among businesses involved in cross-border payments.

The survey covered 265 senior payments, treasury and finance executives at US-based marketplaces, platforms and enterprises with annual revenues of $100 million or more. All respondents were at senior-manager level or above and had either used, piloted, evaluated or previously explored stablecoins.

The survey found that around 70% of respondents managed supplier and vendor payments, two-thirds handled payroll, 62% received customer payments, 57% paid contractors, freelancers, sellers or creators, while 52% managed collections and receivables.

However, the findings reflect businesses already engaged with stablecoins and should not be considered representative of the wider market.

Dr Noman Said, a freelancing coach, said Pakistani freelancers faced limited banking and payment channels, which could reduce their earnings by 25 to 30%, resulting in substantial losses for the national economy.

He urged the government to explore multiple avenues, including banks, payment gateways and fintech companies, to facilitate the inflow of freelance earnings through formal channels.

The banking regulator and relevant ministries should adopt an innovative approach to developing new payment options for freelancers, he said.

Pakistan is estimated to have nearly three million full-time and part-time freelancers. They earned a record $1.7 billion in foreign exchange during FY26, making a significant contribution to the country's external receipts. Their earnings further increased to $549 million in the first quarter of FY27, with annual receipts projected to reach $2.5 billion by the end of the current financial year.

Experts believe that expanding access to regulated digital payment channels, including stablecoins where legally permitted, could help freelancers improve payment efficiency, reduce transaction costs and strengthen Pakistan's formal foreign exchange inflows.

Pakistan Virtual Assets Regulator Authority (PVARA) is working to regularise digital exchanges in Pakistan, claiming to have received nearly 70 applications from different global companies to operate as a legal entity in Pakistan to offer trading in digital currencies.