WTO official Juan Marchetti said fragmented regulation, not technology, is limiting stablecoin adoption in international trade. Speaking at the release of a WTO study in Geneva, he cited an October 2025 Financial Stability Board report showing only 11 of 28 surveyed jurisdictions, or 39%, had finalized stablecoin regulatory frameworks. Marchetti said stablecoins could reduce trade finance frictions, but currently account for only 3% of total international payment volume due to fragmented regulatory systems. The WTO report identified five areas where stablecoins could help: high costs, low speed, limited access, insufficient transparency, and foreign exchange restrictions. The report also found stablecoin payments in cross-border transactions grew 35-fold from 2020 to mid-2024.