With Financial Inclusion Week underway, Orbital – a global payment orchestration platform across stablecoins and traditional payment rails – has released its new Stablecoin Premiums Dashboard* which offers insights into stablecoin market data that reveals that the countries with the highest stablecoin premiums are those with populations that, on average, are more financially excluded.

The Dashboard shows how much extra a retail user pays to buy US-dollar backed stablecoins compared to the local US dollar exchange rate. 

The top 10 markets that have the highest incremental cost for stablecoins above the official FX rate pay on average a 12.5% premium. These markets predominantly have low levels of financial inclusion when compared to the 79% global average. The biggest disparity is India where 65% of the population are financially excluded yet they pay a 7.14% premium for stablecoins. 

The findings, based on peer-to-peer crypto exchange market data and the World Bank’s Global Findex Database, highlight the ‘premium’ consumers pay to buy stablecoins compared to local spot USD FX rates. They enable access where local currencies are volatile and traditional banking access is low, but at a cost. 

Stablecoin premiums are an indicator of shadow FX rates

Emerging markets are leading the way in stablecoin adoption. Four of the top five countries in Chainalysis’ latest 2025 Global Crypto Adoption Index are in emerging markets.

Arguably its primary use-case, stablecoin adoption is being driven by more efficient cross-border payments to and from the Global South as well as for savings and inflation hedging. However, emerging markets also face the highest costs to access USD-backed stablecoins. 

These premiums are where the cost of buying USDT and USD varies, with some markets having a significant premium on USDT bought and sold. This is an indication of the “shadow FX” market in these countries, and how they differ from the official rate. Unlike official FX rates, stablecoins pricing is heavily influenced by informal peer-to-peer markets. Limited liquidity and infrastructure may also make access more expensive for smaller user bases. 

Countries with the highest stablecoin premiums 

As of 28th September 2025

The double penalty, and closing the gap 

Stablecoin premiums are functioning as a de facto shadow FX market across emerging economies. They create a double penalty for consumers - a lack of access to traditional financial services and a higher cost for accessing stablecoins which act as a proxy Dollar. 

“Stablecoins have the potential to help drive financial inclusion, particularly for retail users excluded from formal FX channels. But high premiums and reliance on informal markets risk limiting that potential,” said Luke Wingfield Digby, Co-Founder & Head of Corporate Development, Orbital.

“To ensure stablecoins realise their promise, clear local regulation and reliable banking access for local issuers and liquidity partners are essential. With the right frameworks in place, local currency (non-USD) stablecoin issuers can emerge, making on-chain FX possible, leading to institutional liquidity displacing informal P2P markets. Success ultimately depends on regulators, banks and digital asset providers working together to ensure stablecoins strengthen – not weaken – financial inclusion. At Orbital, our focus is on making them practical for global commerce, helping businesses move money faster and more efficiently, while expanding access in markets where it’s most needed,” Wingfield Digby added.