Pakistan’s freelance boom highlights stablecoin potential for cross-border payments

Pakistan’s record freelance earnings highlight the potential for stablecoins to improve cross-border payments, as international marketplaces increasingly adopt digital currencies to accelerate settlements and lower transaction costs, according to a report by financial technology company Payoneer.

Pakistani freelancers earned a record $197 million in September 2026, taking earnings in the first quarter of fiscal year 2027 to about $550 million, up 46% from a year earlier, according to State Bank of Pakistan data.

In its report, Stablecoin Steps Up, Payoneer said stablecoins were moving beyond experimental applications to become an increasingly important part of the financial infrastructure supporting international marketplaces, platforms and businesses.

The report, unveiled at Money20/20 in Las Vegas, surveyed 265 senior payments, treasury and finance executives at US-based marketplaces, platforms and enterprises with annual revenue of at least $100 million.

Some 69% of respondents said they were already using stablecoins in live operations, while 41% reported deploying them at meaningful scale.

Faster settlement was the most commonly cited benefit, reported by 50% of respondents. Improved access to markets and currencies followed at 41%, while 40% cited a better experience for recipients.

Stablecoin use is also expanding beyond business payments. About one-third of respondents already offer stablecoin capabilities to their customers, while half plan to introduce them within three years. Overall, 82% expect stablecoins to become part of their financial infrastructure over the same period.

The findings could be relevant to Pakistan, where an estimated three million freelancers earn income from overseas clients and digital platforms.

Recipients often begin using stablecoins to hold dollar-denominated balances, the report said. But converting digital dollars into usable local currency remains a significant hurdle, alongside regulatory requirements, payment reconciliation and integration with existing financial systems.

“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.

As businesses move beyond pilot projects, success will depend on integrating stablecoins into existing systems, meeting regulatory requirements and ensuring recipients can access and use the funds they receive, Berry said.

Pakistan is developing 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.

PVARA estimates that cutting transfer costs by one percentage point on about $40 billion in annual remittances could save Pakistan roughly $400 million a year.

For the country’s growing freelance and digital services sector, stablecoins could provide another channel for receiving international payments and holding dollar-denominated earnings. Their practical value, however, will depend on regulatory clarity, access to compliant conversion services and the ability to convert funds into local currency for everyday spending.

The report points to a broader shift in how businesses view stablecoins: increasingly, not simply as an alternative payment method, but as part of the financial infrastructure supporting cross-border commerce.