Most people treat international payments as a single problem with a single category of solutions, but that framing misses what is actually happening in the market.

The world is not converging into one universal financial product; instead, it is fragmenting into tools optimized for different regional realities, with different assumptions about currency stability, user behavior, and what “great” looks like.

That is why comparing multi-currency wallets to global accounts matters, because while they can appear similar on the surface, both let you hold and move money across currencies, their underlying purpose, economics, and long-term trajectory are meaningfully different.

Multi-currency wallets: Designed for movement between currencies

Multi-currency Wallets became popular in regions where people constantly move between currencies, primarily in Europe, where travel and cross-border living are common. 

In this region, holding balances in EUR, GBP or some other European currency is not a niche need, it is normal behavior for individuals and small businesses.

Apps like Wise and Revolut captured this demand by providing a convenient interface for holding multiple currencies and transferring between them, and in many cases, they expanded into broader services such as debit cards, loans and other banking services.

- Wise low-cost international transfers and multi-currency accounts using mid-market exchange rates.

- Revolut an all-in-one multi-currency wallet that evolved into a "financial superapp" including banking, currency exchange, and investment tools.

However, the wallet structure often means the provider remains deeply involved in conversion, timing, and rate-setting, which is where users can still encounter spreads, forced conversion moments, or pricing that is not optimal.  Additionally, the interface starts becoming complicated with many currency options.

The U.S.: A different category of “finance apps”

In the United States, the dominant trend is not multi-currency living; it is convergence between payments, banking, and investing, all denominated in USD. The most interesting products tend to be “financial hubs” that move beyond simple transfers, like Chime for digital banking, Cash App for payments, and Robinhood for investing with expanded consumer features.

- Chime fee-free digital banking and early direct deposit features.

- Cash App peer-to-peer payments, Bitcoin trading, and simple banking.

- Robinhood commission-free stock investing and growing financial services.

These are excellent products for their market, but they do not solve the key emerging-market need: stable currency access as a core feature rather than an add-on.

Global accounts: Built for emerging markets

In emerging markets, the need is fundamentally different. People are not managing a lifestyle across currencies. They are not digital nomads. In emerging markets, the primary goal is to preserve the value of earnings via conversion and access to the USD, while still being able to transact locally. In sum, locals do not want to hold local currency, as local currency historically will devalue relative to the USD.

This is where global accounts come in.

A global account is a USD account, denominated in stablecoin to make transfers fast and low-cost, while maintaining the US dollar parity. It gives a professional in Brazil, the Philippines, Mexico, or India the ability to earn and receive dollars, hold dollars, earn yield, and then move money into local rails when needed without accepting the traditional friction and FX costs that are common in legacy systems. Global accounts also allow locals to buy USDC stablecoin for foreign investment, yield and savings. 

Category leaders and the next decade

This global account category is still early in development, but it is where we expect outsized growth over the next decade, as emerging market populations grow and have higher expectations of financial stability.

The critical feature of a global account is its deep integration with local banking systems, allowing users to move money seamlessly between their bank, stablecoins, and the payments they need to make. All 24*7*365. It is far more than just a crypto wallet. The true value lies in that seamless local integration.  

Higlobe is a leader in global accounts, and other regional players have helped validate the model, such as DolarApp in Mexico, which is a strong and focused example of how this product category is taking shape.

- Higlobe provides overseas professionals and SMBs with a USD account where they can receive payments. Users can then transfer funds home instantly at the lowest cost guaranteed.

- DolarApp serves Mexican consumers who want to travel, by providing them with a dollar denominated travel card. Dolarapp also provides access to US equities. 

Summary: Multi-currency wallets vs global accounts

The market is evolving in a way that makes this clearer every year: multi-currency wallets are optimized for regions that already have stable financial rails and multi-currency needs. On the other hand, global accounts are optimized for regions where stable currency access is a primary user need, as a hedge against local volatility. 

Here at Higlobe, we see global account penetration growing significantly. 

Join the evolution of global banking. Create your Higlobe account today and bridge the gap between USD and your local bank.