Gig Economy Needs New Payroll Tools
Summary
Companies hiring freelancers and contractors worldwide face challenges using old payroll systems designed for local, full-time employees. New stablecoin payroll tools use digital money tied to a fixed value, like the U.S. dollar, to help pay gig workers faster and more cheaply across borders.Key Facts
- Traditional payroll was made for full-time employees paid locally on regular schedules.
- The gig economy was valued at about $556.7 billion in 2024 and may grow to $1.847 trillion by 2032.
- About 16% of U.S. adults earned money through online gig platforms; 28% of skilled U.S. workers have freelanced.
- Current payroll systems cause delays, high costs, and payment difficulties for global freelance workers.
- Paying contractors worldwide often involves multiple banks, currency exchanges, and delays.
- Stablecoins are digital currencies designed to keep a steady value equal to a real dollar or euro.
- Stablecoin payroll uses blockchain technology to send payments quickly and directly across countries.
- These new tools reduce operational hassles and speed up payments for companies and workers.
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