Stablecoins and Paysafe Drive Growing Crypto Use in iGaming Payments

Cryptocurrencies are becoming a regular payment option in online casinos, led now by stablecoins rather than Bitcoin. Blockchain intelligence firm TRM Labs reported on-chain gambling transaction volumes of $51 billion in 2025 and an additional $14 billion in the first quarter of 2026, and Paysafe launched a crypto payment solution for eligible US iGaming operators in April 2026.

Where the volumes come from

TRM Labs' analysis covering 2022 through Q1 2026 found that stablecoins represented about 70% of the on-chain gambling volume in that period. That equates to $117 billion of stablecoin activity out of a total $169 billion tracked on-chain. The firm identifies Tether's USDT and Circle's USDC as the main drivers of that stablecoin share.

The data shows two concentrated periods in recent reporting: $51 billion of on-chain gambling transactions occurred during 2025 alone, and activity continued into 2026 with $14 billion recorded in Q1 2026.

Commercial integration and operator options

Paysafe introduced a crypto payment product for eligible US iGaming and daily fantasy sports companies in April 2026. The feature, branded as “Pay with Crypto” and backed by MoonPay, allows customers to top up accounts with supported cryptocurrencies and stablecoins; Paysafe's service converts those funds into US dollars so players can use balances immediately. Operators can enable the option via Paysafe’s existing payment gateway rather than building a bespoke crypto payments stack.

The trend towards integrating crypto payments is visible beyond processor launches. Panama offers a practical case because the US dollar is already legal tender in everyday use there. Panama City’s municipal council approved a measure in April 2025 permitting residents to pay municipal taxes and fines in cryptocurrencies, including USDT and USDC, through partner banks.

How crypto deposits and withdrawals function in practice

A typical flow starts with a player sending cryptocurrency from a compatible wallet to a casino’s deposit address. The platform credits the player's account once the transaction gains the confirmations it requires and the operator’s checks clear. A deposit of $100 in Bitcoin, for example, is converted and credited according to the casino’s exchange-rate policy. Withdrawals are subject to the platform’s verification and payment procedures and may be returned as cryptocurrency or as a converted currency depending on the operator’s policy.

Operators need to present clear terms to customers: the exchange rate applied to incoming funds, who pays network fees, expected confirmation times, the right token and blockchain to use, and the withdrawal verification and processing times. Clear deposit and withdrawal instructions reduce disputes and help customers understand how funds move on and off the platform.

Why stablecoins matter to players and operators

Stablecoins address the price volatility problem seen with Bitcoin and Ethereum. Tether’s USDT and Circle’s USDC aim to track the US dollar, making deposited balances easier to value between deposit and withdrawal. This is especially relevant in Panama, where the US dollar circulates as legal tender alongside the balboa; a Panamanian player holding USDT or USDC does not face an extra conversion step between stablecoin balances and everyday expenses.

TRM Labs’ finding that stablecoins made up roughly 70% of the on-chain gambling volume from 2022 to Q1 2026 underlines the preference for predictable transaction values in crypto gambling. The TRM figures refer to blockchain activity included in their research, not the total global gambling market.

Costs, compliance and regulatory moves

Accepting crypto expands optionality for customers but introduces a set of operational costs and risks. Operators must factor network fees, processor charges, currency conversion, liquidity management, compromised wallets, erroneous transfers, fraud and customer disputes into the true cost of offering crypto payments. Blockchain transfers lack a standard card chargeback mechanism, so prevention and transaction monitoring are essential.

Regulators are watching. The UK Gambling Commission published an assessment of money laundering and terrorist financing risks in July 2026, addressing risks for licensed gambling businesses. Panama moved to tighten gambling controls in June 2026 when local press reported the enactment of Law No. 527. The law requires online operators to offer time and spending limits, strengthens age verification, and assigns the Junta de Control de Juegos responsibility for issuing rules on biometric identification and controls on payment methods.

Crypto’s legal status in Panama remains mixed: by early 2026 none of the roughly seven crypto and fintech bills proposed in the National Assembly had become law, according to the Chambers Fintech 2026 guide. Operators therefore remain responsible for assessing their payment providers, monitoring suspicious activity and complying with gambling and financial rules that apply in each market where they operate.

Practical implications for operators

Operators that add crypto must ensure: clear exchange-rate disclosures; explicit assignment of network fees; precise deposit token and blockchain instructions; and transparent withdrawal verification and processing terms. Using a third-party gateway such as Paysafe’s April 2026 product can reduce development overhead, but operators retain compliance responsibilities in their jurisdictions.

The combination of large on-chain volumes, stablecoin dominance and processor integration indicates that cryptocurrencies — particularly USDT and USDC — are increasingly embedded in how some online casinos accept and manage customer funds.