[WTO: Fragmented Regulation Limits the Application of Stablecoins in International Finance] According to a report by Cointelegraph, Juan Marchetti, Director of the Trade in Services and Investment Division at the World Trade Organization (WTO), stated in Geneva during the release of the WTO's study on the role of stablecoins in global trade that the factors limiting the adoption of stablecoins in international trade are not technological but rather the lack of regulatory frameworks and their development. He cited the Financial Stability Board's October 2025 report, which revealed that out of 28 surveyed jurisdictions, only 11 (39%) had finalized regulatory frameworks for stablecoins. Marchetti noted that stablecoins have the potential to address key friction points in trade finance, but due to fragmented regulatory systems, they currently account for only 3% of total international payments. The WTO report highlighted five friction points that stablecoins could improve, including high costs, low speed, limited access, lack of transparency, and foreign exchange restrictions.