In Colombia, the surge in crypto payments and cross-border transfers is reshaping how businesses handle international transactions. According to Statista, Colombia processed over $25 billion USD in crypto transactions in 2023, reflecting a 25% year-over-year increase—making it one of Latin America’s leaders in digital asset adoption (Statista, 2024). This change is driven by the demand for faster, more affordable solutions compared to traditional banking. Mural Pay, a stablecoin payments infrastructure, has become a leading choice for businesses seeking efficient USD to COP conversion and stablecoin to COP conversion, enabling instant, low-cost settlement for international transactions.

Growth of Stablecoins and Crypto Payments in Colombia

The adoption of digital assets in Colombia is now a clear trend, not a prediction. Colombia ranks among the top five countries for crypto adoption in Latin America, with stablecoins like USDT and USDC playing a growing role in remittances and business payments (Invezz, 2024).

Global payments experts report that “stablecoins reduce fees by up to 80% for cross-border payments,” and over 30% of Colombian fintechs now support stablecoin integrations (Kirby, 2023; Phemex Academy, 2025).

In addition to USD-backed stablecoins, new assets such as COPW and nCOP—both pegged to the Colombian Peso—are emerging to meet local user needs and support remittance markets.

For a detailed look at how fintechs are driving this change, see our discussion on API-first payments in Colombia.

Understanding the Regulatory and Compliance Landscape

Is it legal to use stablecoins for business payments in Colombia?

This is a question many businesses with international clients face. While Colombia does not recognize cryptocurrencies as legal tender, the Superintendence of Finance (SFC) allows their use as long as compliance requirements are met. As clarified by the SFC in its 2024 regulatory sandbox summary: “Entities engaging in crypto transactions must adhere to KYC, AML, and tax reporting obligations, even as comprehensive legislation evolves” (SFC, 2024).

Businesses must also perform customer due diligence and report their crypto holdings to DIAN for taxation (CMS Law, 2024).

Digital asset compliance Colombia is a moving target, so it’s critical for companies to consult legal and tax experts and review the complete guide to Colombian cross-border payment compliance.

Colombia’s SFC has established a regulatory sandbox to test new digital asset solutions, while some Colombian financial institutions operate crypto services offshore for added flexibility.

Comparing USD and Stablecoin Conversion Methods: Platforms, Speed, and Fees

When choosing a method for USD to COP conversion or stablecoin to COP conversion, businesses need to consider platforms, costs, and compliance.

Recent studies show that stablecoin-enabled platforms can reduce average cross-border payment fees by 60–80% and settle transactions in under one hour, while traditional SWIFT payments may take up to three days (Kirby, 2023; Colson, 2025).

While P2P exchanges offer flexibility, businesses should carefully evaluate counterparty reliability and be mindful of market volatility risks impacting exchange rates.

For the latest rates, see our currency conversion page.

Step-by-Step: How to Convert USD and Stablecoins to COP in Colombia

Converting digital assets to Colombian Pesos can be straightforward for businesses that follow a clear process.

1. Choose the Right Platform: Select a reputable provider such as a P2P exchange or a regulated platform like Mural Pay. For automation, learn how to integrate a payment API for Colombian businesses.

2. Complete KYC/KYB Verification: Ensure your business profile and identity are verified to comply with Colombian AML laws.

3. Initiate the Transfer: Send USD or stablecoins (USDT/USDC) to your platform wallet. Double-check recipient and payment details.

4. Sell or Convert to COP: Use the platform’s interface to exchange your assets at the current market rate. On P2P platforms, negotiate the rate and confirm settlement.

5. Withdraw to Bank Account: Transfer COP to your Colombian business bank account. Most regulated platforms process withdrawals within hours, while P2P settlements can take minutes to several hours depending on counterparty speed (Binance P2P FAQ, 2024).

Tip: Always confirm bank compatibility with crypto platforms, proactively clarify with your bank about their crypto policy, and monitor for real-time compliance updates.

Real-World Case Studies: Stablecoin Payments in Action

Industry examples show the impact of digital asset conversion on business efficiency.

Case Example: A LATAM Exporter’s Cost Savings
A logistics company in LATAM reported reducing cross-border payment fees from 4% to less than 1% after switching to stablecoin settlements, cutting settlement times from several days to under one hour (Phemex Academy, 2025).

Case Example: Payroll with Stablecoins
A global payroll provider serving remote employees in Colombia and Peru was able to pay staff in local currency within minutes, compared to days via wires, while also gaining full transaction transparency (Blocktelegraph, 2024).

In solutions like COPW, transparency is supported by using Chainlink’s Proof of Reserve to verify asset backing.

For more, explore the nuances of cross-border transactions with stablecoins.

Risks, Compliance, and Best Practices for Businesses

Key Takeaway: Regulatory compliance and security must be priorities in every step of digital asset conversion.

A 2024 industry report from the UIAF noted that over 15% of crypto businesses in LATAM were flagged for potential AML compliance issues in the past year (UIAF, 2024).

Additional risks include reputational exposure if compliance protocols are not strong, and tax reporting can be complex due to asset volatility and changing DIAN guidance.

To address these risks, businesses should:

• Implement KYC/KYB processes.

• Regularly train staff on regulatory shifts.

• Use platforms with automated compliance and transparent reporting.

• Consult the compliance and tax FAQs for Colombian businesses.

The Future of Cross-Border Payments in Colombia

Experts agree: stablecoins are set to become the backbone of international payments in Latin America. As Chris Colson of the Federal Reserve Bank of Atlanta stated in 2025, “With stablecoins steadily integrating into mainstream finance and demonstrating their potential—both in cost savings and transaction speed—the traditional wire transfer may soon be relegated to a niche role” (Colson, 2025).

Twelve countries, including the US and several in LATAM, now have stablecoin-focused regulatory frameworks—pointing to rapid worldwide mainstreaming.

For guidance on future-proofing your payment strategy, see our article on managing FX risk for Colombian businesses.

References

• Statista. (2024). Cryptocurrency adoption in Colombia. https://www.statista.com

• Invezz. (2024). LATAM Crypto Trends 2024: Brazil Regulates Stablecoins, Colombia Ranks Fifth in Crypto Adoption. https://invezz.com/news/2024/12/25/latam-crypto-trends-2024-brazil-regulates-stablecoins-colombia-ranks-fifth-in-crypto-adoption/

• Kirby, P. (2023). Blockchain Identity and Stablecoins: Simplifying Cross-Border Payments for Fintech. https://medium.com/@petermkirby/blockchain-identity-and-stablecoins-simplifying-cross-border-payments-for-fintech-90fb043c5087

• Colson, C. (2025). End of Wire Transfers: How Stablecoins Are Changing Cross-Border Payments. Federal Reserve Bank of Atlanta. https://www.atlantafed.org/blogs/take-on-payments/2025/03/17/end-of-wire-transfers-how-stablecoins-are-changing-cross-border-payments

• Phemex Academy. (2025). Stablecoin Trends in 2025. https://phemex.com/academy/stablecoin-trends-in-2025

• Blocktelegraph. (2024). Cross-Border Transactions with Digital Currencies. https://blocktelegraph.io/cross-border-transactions-digital-currencies/

• CMS Law. (2024). CMS Expert Guide to Crypto Regulation: Colombia. https://cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/colombia?utm_source=openai