Stablecoins Could Be Reshaping Global Commodity Flow

Miles Mok
2-11-2026
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Stablecoins Could Be Reshaping Global Commodity Flow

The Stablecoin Era: Is Precious Metals Trading Going Digital?

As the world faces growing geopolitical and economic uncertainty, precious metals like gold are once again attracting investor attention. Prices have reached new highs, fueled by demand for safe-haven assets, ongoing inflationary pressures, and strong central bank buying. Trading activity is accelerating, but many current settlement processes still rely on traditional financial infrastructure.

 

When trading across borders, settlements often take between T+2 to T+5 days. Combined with exchange rate fluctuations and high transaction costs, each deal comes with added uncertainty. In gold markets, where daily price swings can exceed USD 100, these settlement delays create significant financial risk, effectively becoming hidden costs for traders.

 

For instance, during late 2025 to early 2026, the CBOE Gold Volatility Index (GVZ) surged above 48, nearing its pandemic peak levels1. This level of volatility means a one-day delay in settlement can lead to real, material losses.

 

Stablecoins Are Emerging as a Practical Solution

As digital assets pegged to fiat currencies, stablecoins not only operate 24/7 but also enable T+0 real-time settlement. This significantly reduces market risk arising from delayed settlement while eliminating cumbersome procedures and intermediary costs.

 

From a data perspective, the rate of growth underscores rapidly expanding market demand. In 2025, total stablecoin transaction volume surpassed USD 33 trillion, a 72% year-on-year increase, exceeding even Visa’s total annual settlement volume². Specifically, USDC and USDT accounted for USD 18.3 trillion and USD 13.3 trillion respectively³, with their application potential in physical trade scenarios being progressively validated.

 

This scale advantage, combined with the demand for integration with existing precious metals trading, allows stablecoins to offer a more practical alternative for capital deployment. Particularly in scenarios involving high-frequency trading and immediate delivery, the use of stablecoins not only enhances capital turnover efficiency but also helps mitigate funds-in-transit risk.

 

As the most traditional safe-haven asset, when gold is combined with innovative tools such as blockchain and stablecoins, the significance extends far beyond a mere technical upgrade. It signifies that the settlement architecture of the global commodities market is moving towards a deep restructuring. This will not only transform how capital flows but also reshape the trade finance landscape between nations.

 

ZA Bank: A Pioneer in Stablecoin Reserve Services

With the Hong Kong Monetary Authority (HKMA) advancing the stablecoin regulatory framework, the market expects the first batch of issuer licences to be granted as early as March 2026. As the first digital bank to offer stablecoin reserve banking services, ZA Bank is actively exploring the application potential of stablecoins. We believe that, driven by clear regulation and innovative financial services, stablecoin reserve banking services will become an integral part of the new generation of digital trade infrastructure.

 

Author: Miles Mok, Head of Business Client Coverage, ZA bank

Remarks:

  1. Source: Yahoo Finance, Reuters (Jan–Feb 2026)
  2. Source: Bloomberg, Artemis Analytics (2025 data)
  3. Source: Artemis Analytics
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