Strategic Guidance for Banks, Cross-Border Payment Companies,Governments, Corporates & InvestorsNavigating Stablecoin PaymentsInfrastructureFXC Intelligence is the global industry standard for cross-borderpayments fiat and digital asset data and intelligenceFXCINTEL.COMFXC Buyer’s Guide:Stablecoin PaymentsInfrastructureFebruary 2026Unlock full access to the industryʼs most comprehensive guide tostablecoin payments infrastructure DISCLAIMERDISCLAIMER: The information contained in this Buyers’ Guide (“Content”) isintended only to provide information to customers of FXC about stablecoininfrastructure. The Content contains references to a number of corporations orinstitutions. Some of those entities have provided FXC with information that hasbeen incorporated into the Content. Other material in the Content is derived frompublicly available sources, from interviews with industry participants or FXC’s ownproprietary data.None of Content constitutes financial or investment advice, and neither FXC norany of the named institutions intend to give financial or investment advice in theBuyers’ Guide. References in the text to named providers are made solely by wayof giving illustrative examples, and are not intended to be, nor should they beconstrued as, a recommendation of that named provider. Neither FXC nor anynamed institution (and nothing in the Content should be interpreted to)recommend, or intend to recommend, the buying or selling of any particularstablecoin asset, or choosing any specific stablecoin provider or only selectingproviders with the highest ratings or positionings, nor do they make anyrepresentations as to the suitability or reliability of stablecoin for a particularcustomer, nor do they attempt to evaluate any risks for any particular customer.FXC may earn revenue from subscriptions, referral agreements and licensingrights from this Content.In the event that a customer wishes to work directly with a provider, or buy or sellany asset, the customer must conduct its own due diligence on the provider, bein contact directly with the provider of their choice, and make the necessarycontractual relationship directly with that provider. © FXC INTELLIGENCE, FEBRUARY 2026 SECTIONS © FXC INTELLIGENCE, FEBRUARY 2026Sections in the full Buyer’s GuideEXECUTIVE SUMMARY1.0GLOSSARY OF TERMS2.0STABLECOIN INFRASTRUCTURE EXPLAINED3.0THE REGULATORY AND COMPLIANCE LANDSCAPE4.0THE BUYING PROCESS5.0POSITIONING MATRICES6.07.0PROVIDER PROFILESEMERGING SOLUTIONS8.0EVALUATION AND INCLUSION CRITERIA9.0APPLYING THIS GUIDE TO YOUR ORGANISATION10.0BITSO BUSINESS7.1BRIDGE7.2BVNK7.3CONDUIT7.4DFNS7.5FIPTO7.6FIREBLOCKS7.7ORBITAL7.8TRIPLE-A7.9YELLOW CARD7.10ZEROHASH7.11Access the full Buyerʼs Guide trusted by teams building and deploying stablecoin rails EXECUTIVESUMMARY1.1.0 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026 1.0 EXECUTIVE SUMMARY1.0 Executive summaryFXC Intelligence is the leading data and intelligence company for cross-border payments,having spent the last 10 years developing datasets in the fiat and digital asset market andworking with many of the leading players. This unique combination of expertise acrosscross-border payments and digital assets has led us to launch this guide to serve as thedefinitive source for organisations for whom cross-border payments are important and thatare now exploring the potential that stablecoins can offer.Over the past 18 months, the cross-border payment industry has undergone a significantshift with regards to stablecoins. Organisations across the industry have engaged with thetechnology, and many have begun to transition from experimental pilots to utility-drivendeployment. However, adopting stablecoin payments, whether for internal treasury, externalrecipients or as part of the delivery of services for end users, requires companies to engagewith an entirely new infrastructure stack. With this not only comes a different technologicallandscape, but also different vendors, standards and norms to negotiate. Organisations are faced with the challenge of building their expertise in the area from theground up and making decisions that meet their needs at a time when the industry ismaturing rapidly, and where they do not have a complete picture of the complexities andpitfalls of the sector. This guide provides detailed, strategic information for financial institutions, paymentscompanies, governments, corporates, investors and NGOs who are exploring or engagingwith the buying process. It can also help support investors looking to analyse the sector andconduct due diligence on the market; to enable governments, regulators and NGOs to betterunderstand the sector as they develop policy; and to help train and upskill payment teamson stablecoins, providing the context and depth not available in public sources, including AI. Built on highly granular in-depth research, interviews with buyers and both independentlycollected and vendor-supplied non-public data, it brings together the full range of need-to-know information on the buying process, including how the technology stack works,effective ways to engage with vendors and exhaustive benchmarking and profiles of leadinginfrastructure providers, as well as current applications of stablecoins in cross-borderpayments and regional dives. This has seen us work closely with many of the leadingproviders to benchmark their capabilities – including by validating data they shared with usthat is not available publicly – and also speaking to many buyers around the world, from awide variety of institutions, to understand how to help organisations navigate the buyingprocess. © FXC INTELLIGENCE, FEBRUARY 2026 1.1 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026A review of our analysis and benchmarking of leading vendors, including how they compareacross different areas and capabilities and how their suitability varies by use case, as well ashow they compare for regional coverage.Positioning matricesExhaustive, in-depth profiles of each of the 11 vendors focused on in this Buyer’s Guide,including in-depth information about their coverage, product range, strengths andweaknesses.Provider profilesA review of nascent stablecoin payments-related solutions that are gaining interest but arenot yet mature enough for exhaustive benchmarking.In this executive summary, we review the current state of stablecoins’ use in cross-borderpayments in 2026, including exclusive and newly updated data on the total addressablemarket for stablecoins, before highlighting some of the top-level takeaways from the widerguide.Emerging solutions for paymentsA detailed, strategic framework for organisations looking to adopt the technology, includinga breakdown of each step in the process and detailed due diligence questions to askpotential vendors.The buying processThe main sections in this guide are as follows:A breakdown of the stablecoin infrastructure stack, exploring how different parts of thetechnology fit together, from wallet infrastructure to liquidity and the on and off-rampingprocesses.Stablecoin infrastructure explainedA review of the rapidly evolving regulatory environment globally, including key differencesbetween the US’s GENIUS Act and the EU’s MiCA regulation.The regulatory and compliance landscapeUnlock full access to the industryʼs most comprehensiveguide to stablecoin payments infrastructure 1.1 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026The last year has seen adoption of stablecoins by the payments industry grow dramatically.While in 2024 the technology was largely a fringe element adopted by a small number ofspecialists, by the end of 2025 FXC Intelligence analysis shows that almost every majorcompany within the sector had either begun to make use of the technology or announcedplans to do so.Though much of the early discussion was focused on ‘stablecoin sandwich’-typeapplications, where a payment begins and ends in fiat currencies but stablecoin technologyis used for the middle part of the transaction, initial adoption has leaned more towardsinternal treasury applications, with many companies using the technology to reduce theneed for large numbers of liquidity pools in different markets and speed up reconciliationand settlement processes.This increased adoption has had a noticeable impact on the wider stablecoin industry. Themarket capitalisation of stablecoins has surged, with USDC, the second-largest stablecoinby volume globally and the largest that is GENIUS Act-compliant, seeing its total volumesclimb by around $20bn between the start of 2025 and the start of 2026, while the numberof transactions has also soared. BVNK, a leading provider of stablecoin paymentsinfrastructure solutions, saw its payments volume climb by around 180% YoY to $30bn in2025, having seen its growth rates accelerate over the preceding few years.This trend is by no means exclusive to BVNK, however: vendors across the space have seenthree-figure growth.Fireblocks, a provider of self-managed solutions that is widely used across the industry,including by both cross-border payments companies moving into the space and managedproviders harnessing the company’s orchestration or wallet capabilities, saw its paymentsvolume climb by more than 160% YoY in 2025, with wallet infrastructure provider Dfnsseeing growth topping 130%.Meanwhile, some previously smaller players saw their volumes surge even further. zerohash,a US-based provider of managed payments solutions, reports seeing active stablecoinusage on its platform climb by 146% YoY and transaction volume grow by 690%.1.1 The state of stablecoin payments adoption in 2026 1.1 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026Stablecoin infrastructure vendors have seen dramatic volume increasesYear-on-year increase in reported stablecoin payments volume, 2024-2025Source: FXC analysis, company announcements.Stablecoin payments volume 2025 YoY increaseThis is reflected by the fact that many different cross-border payments providers havelaunched stablecoin solutions. MoneyGram, for example, launched a number of stablecoin-focused products in 2025, including the release of a stablecoin-based app in Colombia anda crypto-to-cash on and off-ramping solution named MoneyGram Ramps.Cross-border payments network provider Thunes, meanwhile, has announced a variety ofstablecoin-based solutions over the last 18 months, including stablecoin payouts and itsstablecoin-based Liquidity Management Solution. Others include Worldpay (stablecoinpayouts), Remitly (fiat-stablecoin multicurrency wallet) and Zepz (stablecoin-linked cards).Notably, all of these companies’ stablecoin initiatives have seen them partner with at leasttwo stablecoin infrastructure providers of one form or another, a practice that is widespreadacross the space. At present, making use of multiple partnerships is highly commonplacewithin the sector, as companies combine multiple providers to either cover the entireinfrastructure stack or ensure sufficient geographic coverage for their needs. 1.1 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026In 2025, we assessed the base total addressable market (TAM) for non-wholesale moneymovement to be $16.5tn globally, however that has been revised upwards. Today, usingnew FXC Intelligence market sizing data for 2025, we assess the base stablecoin cross-border payments TAM to be $17.9tn, with the upside TAM now reaching $25.3tn. This represents a significant share of global non-wholesale cross-border payments volume,which FXC Intelligence market sizing data shows reached $43.9tn in 2025. This covers allnon-wholesale applications, sometimes referred to as retail payments, across business-to-business (B2B), consumer-to-business (C2B), business-to-consumer (B2C) and consumer-to-consumer (C2C) payments.The stablecoin TAM is based on the non-G20 share of total cross-border flows globally forthe base case, and the non-G10 share for the upside case, in recognition of stablecoins’outsized potential for emerging markets payments – something that remains as true todayas it was a year ago, and which is likely to continue to be so for the foreseeable future.How big is cross-border payments’ total addressable market for stablecoins?Stablecoins are now an $17.9tn+ cross-border payments opportunityBase and upside non-wholesale total addressable market, all use casesGlobal cross-border market size ($tn)Source: FXC Intelligence 2025 market sizing data and analysisG20 market size:$26.0tnG10 market size:$18.7tnNon-G20 marketsize, base stablecoinTAM: $17.9tnNon-G10 market size,upside stablecoin TAM:$25.3tn 1.1 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026Within this, B2B payments remain the largest opportunity in terms of flows, with the baseB2B TAM being $14.7tn and the upside being $20.4tn. C2B payments comes in second, at$1.6tn to $2.5tn.B2C payments, meanwhile, have a stablecoin TAM of $1tn, while C2C payments nowrepresent an opportunity of between $0.6tn and $1.4tn. However, much of that opportunity is still to be realised, suggesting that the industry maysee several years of very high growth yet. At present, we assess the share of cross-borderpayments being delivered using stablecoins to be significantly less than 1% of total non-wholesale flows, despite having grown significantly in 2025.B2B payments remain the biggest stablecoin opportunityBase and upside stablecoin cross-border payments TAM, by segmentStablecoin cross-border payments TAM ($tn)Source: FXC Intelligence 2025 market sizing data and analysisB2B: $14.7tnC2B: $1.6tnB2C: $1.0tnC2C: $0.6tnB2B: $20.4tnC2B: $2.5tnB2C: $1.0tnC2C: $1.4tnUnlock full access to the industryʼs most comprehensiveguide to stablecoin payments infrastructure Despite sometimes being discussed in monolith terms, stablecoin infrastructure is not asingle alternative rail, but a stack of interoperating systems. These include not only thestablecoins themselves and the processes that enable them to be issued, redeemed orexchanged, but also a host of other intersecting elements. These include the blockchain networks on which they move, of which there are a number ofhigh-liquidity default options, as well as less widely used options that provide differentchoices in terms of settlement and transaction fees. In some cases, networks will provideincentives to encourage their use, while some companies are increasingly making use of‘Layer-2’ networks that sit on top of widely used ‘Layer-1’ networks to reduce costs andincrease speeds.Wallets are another fundamental element, acting not as a kind of virtual pocket to storevalue, but as addresses from which transactions and other critical steps in the paymentsorchestration process can be initiated and managed. They are a foundational part ofstablecoin infrastructure, serving as essential nodes in the on-chain movement of funds aswell as being used to store value both for providers’ clients and their end users, and howthey are securely managed can be configured in a wide variety of ways depending on theirapplication, the client’s risk appetite and their regulatory requirements.Other elements include the on and off-ramping of funds from fiat to stablecoin and vice-versa, the provision of compliance solutions including KYC/KYB and liquidity solutions atboth ends of the payment process. However, how companies engage with this stack varies significantly depending on the typesof providers they opt to use. While the capabilities of each provider vary, they can bebroadly grouped into two types: 1.2 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 20261.2 The stablecoin infrastructure frameworkCombine multiple parts of the infrastructure stack into a combined solution, typicallyhandling many technical and compliance elements and reducing the technical and regulatoryburden on their clients. Typically, they offer faster time-to-market for companies with limitedstablecoin expertise.Managed payment providersProvide modular solutions that can be implemented as part of a broader technical stack,offering greater direct control and flexibility over areas including pricing and execution,although carry a higher technical and regulatory burden. Often favoured by companies withhigher volume requirements and technical capabilities. Self-managed payment providers 1.2 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026Sender accountOn-ramp providerOn-ramp liquidityproviderKYC/KYB providerFiat paymentproviderCrypto exchangeStablecoin issuerMINTSSTABLECOIN Off-ramp providerRecipient accountLocal fiat paymentproviderWallet/custodyproviderBlockchainnetwork providerOn-chainorchestration/settlement providerTravel Rulereporting providerOff-ramp liquidityproviderON-CHAIN MOVEMENTREGULATORY/COMPLIANCECUSTODY/WALLETSLIQUIDITY/MARKET MAKERSISSUERS/EXCHANGESFIATRAILSStablecoin infrastructure for cross-border paymentsFIATRAILSBRIDGES SETTLEMENT GAPSCONDUCTSCOMPLIANCECHECKSEXCHANGES FIATFOR STABLECOIN PROVIDESBLOCKCHAIN RAILSBRIDGES LOCAL LIQUIDITY GAPSA high-level overview of common steps and provider types involved in a typical stablecoinsandwich-type transactionPROVIDES COMPLIANTREPORTING PROCESSENSURES SAFE CUSTODYOF STABLECOIN FUNDSMANAGESMONEYMOVEMENTMOVES VALUE INTOSTABLECOINMOVES VALUE OUT OFSTABLECOINCrypto exchangeStablecoin issuerBURNSSTABLECOIN EXCHANGESSTABLECOINFOR FIAT 1.3 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 20261.3 The regulatory and compliance landscapeThe global regulatory landscape around stablecoins is far from settled, and variessignificantly from market to market. While there are growing numbers of regions with someform of regulatory regime, there are also many where this is not yet the case or whereregulations are still in the process of being developed.While initial legislation often focuses more broadly on cryptocurrencies, more recentadditions have been made to reflect the use of stablecoins and related assets for cross-border payments. These typically focus around areas including consumer protection,financial stability, market integrity, operational resilience and anti-money laundering.Two of the most notable recent regulations focused on stablecoins are the US’s GENIUS Actand the EU’s MiCA. However, while the former has arguably been the biggest catalyst forcross-border payments stablecoin adoption, it largely focuses on the issuance andmanagement of stablecoins. MiCA is more comprehensive, focusing additionally on aspectsincluding the providers of services relating to stablecoins and other crypto assets.Known as crypto asset service providers (CASPs) under the EU law, these are also morebroadly known as virtual asset service providers (VASPs). These definitions typically covercompanies that operate in areas including the custody, exchange, payment or receipt ofstablecoins and in many markets, such companies must be registered or licensed, underrecommendations by the Financial Authority Task Force (FATF). Around 40% of markets globally have some form of VASP regime in place, which can impactwhat services a provider can offer in a local market if they do not have the necessarylicence or registration. However, not all markets with such legislation have begun issuinglicences.The other critical aspect of stablecoin legislation is the Travel Rule, another FATFrecommendation, which requires certain information about a stablecoin payment’s senderand recipient to accompany the transaction, ensuring traceability to support anti-moneylaundering, fraud protection and sanction compliance efforts. Although not in place in allmarkets, the Travel Rule is widespread enough that it has become standard for mostcompanies within the space, with many providers integrating with third-party solutions toensure end-to-end compliance.Unlock full access to the industryʼs most comprehensiveguide to stablecoin payments infrastructure 1.2 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026The global state of stablecoin legislation, as of January 2026Some form of registration/supervision in placeSome form of licensing regime in placeLegislation currently in progressNo formal legislation currently in placeCurrently illegal or severely restrictedSource: FXC Intelligence analysis, government publications.Stablecoin legislation status of the world’s top 10 markets by GDP, as of January 2026MarketRegionStatusCompanies alreadylicensed or registeredin this market?United StatesNorth AmericaSome form of licensing regime in place✔ChinaEast AsiaCurrently illegal or severely restricted-GermanyEuropeSome form of licensing regime in place✔JapanEast AsiaSome form of licensing regime in place✔IndiaSouth AsiaNo formal legislation currently in place-UnitedKingdomEuropeSome form of licensing regime in place✔FranceEuropeSome form of licensing regime in place✔ItalyEuropeSome form of licensing regime in place✔RussiaEuropeSome form of licensing regime in place-CanadaNorth AmericaSome form of licensing regime in place✔ 1.4 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 20261.4 Insights from the buying processCompanies engaging in the stablecoin infrastructure buying process often face challengesnegotiating with the broad number of providers, different solutions available and being ableto effectively assess the right approach for them. To aid this, we spoke to paymentcompanies, investors, Tier 1 banks and fintechs who are already buyers to build up theinsights in this section.An important first step to streamlining the process is to determine what a company’sstrategic objectives are for adopting stablecoins, be they internal treasury, customer-facingsolutions such as pay-ins and payouts or to increase the reach and capabilities of their owncross-border payments offerings. Beyond this, deciding between a managed and self-managed strategy is an important step,although many companies do opt to use a mix of both and typically evolve their approachover time as their needs change and their confidence with the technology grows. Either way, it is likely that their solution will eventually involve more than one vendor, as nosingle provider can solve every problem in the stablecoin space globally. Many organisationsuse multiple vendors not only for coverage, but also redundancy, with different providersexcelling in different functions or regions.Buyers interviewed about their own experiences consistently highlight several areas of noteto consider in the process. These include:Underestimated timelines: Many buyers say onboarding took longer than they hadinitially expected, and onboarding for large institutions can be highly complex. Theprocess can take multiple months, depending on the provider and the buyer’srequirements.Compliance maturity: Not every provider is equally mature regarding regulatorystandards and buyers do need to ensure they conduct due diligence to confirm aprovider meets their compliance needs.Liquidity depth: Different providers will be better suited to moving different sendamounts, with high-volume treasury requiring providers that can match large ticket sizesreliably and without significant slippage. 1.5 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 20261.5 FXC Market Matrix and vendor positioningThe guide sees FXC review the capabilities of 11 different stablecoin infrastructure providersacross a wide range of areas, including their licensing and infosecurity capabilities, pay-inand payout rails and fiat currency support and their range of support forstablecoin/blockchain pairs. Every provider reviewed had strengths across thesecapabilities, with different providers being better suited to different use cases. The 11companies with in-depth profiles included in the guide are: We also reviewed the capabilities and reach of a further 13 providers in the space to providebroader benchmarking and context. These are:Bitso BusinessFireblocksBridgeOrbitalBVNKTriple-AConduitYellow CardDfnszerohashFiptoManaged payment providersAlfredMuralNilosNoahOpenFXOpenPaydRailRippleWallet infrastructure providersBitGoChainUpCrossmintSafeheronTurnkey 1.5 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026Companies that may not have the same market traction as Market Leaders, but who havestrong specialisations either regionally or by customer segment, reflected in theircapabilities around areas such as local rails support.Execution LeadersSmaller scale or up-and-coming providers who are still growing their presence but havespecific specialisations that make them a strong option for companies with certainrequirements, such as expertise and compliance in a particular market.Emerging LeadersMany providers also have strong regional specialisations, with those looking for providers forAsia-Pacific markets, for example, being likely to find a given player to be better suited totheir needs than a company focusing on the Americas. For those requiring self-managed solutions, there are similarly different solutions fordifferent needs, although Fireblocks is notable for its scale and relatively unique position asa provider of multifaceted stablecoin infrastructure capabilities, via a platform through whichother providers can easily be integrated. Get access to the proprietary benchmarking data underpinning the Buyerʼs GuideThis guide sees FXC produce a number of Market Matrix graphics, in which we evaluateproviders based on their market traction and the strength of their capabilities. For each usecase, this sees us combine them into one of three categories:Companies that have demonstrated strong market traction and have strong capabilities inthe areas required for that particular use case. For example, in treasury payments, thesecompanies typically have a focus on regulatory compliance, licensing and infosecurity whilealso prioritising key global currencies. Market Leaders Get access to the proprietary benchmarking data underpinning the Buyerʼs Guide1.5 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026FXC Intelligence Market LeadersStablecoin Infrastructure Provider Landscape February 2026Based on FXC Buyer’s Guide Market Matrices assessing market traction and strength of capabilitiesManaged PaymentsFoundational InfrastructureEmergingLeaderExecutionLeaderMarketLeaderExecutionLeaderMarketLeaderFireblocksDfnsBridgeBVNKzerohashBitsoBusinessOrbitalTriple-AConduitFiptoYellow Card © FXC Intelligence – Buyer’s Guide: Stablecoin Payments Infrastructure 2026 1.5 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026Strength of CapabilitiesMarket TractionFXC Intelligence Market MatrixStablecoin Providers for Treasury PaymentsFebruary 2026Get access to the proprietary benchmarking data underpinning the Buyerʼs Guide © FXC Intelligence – Buyer’s Guide: Stablecoin Payments Infrastructure 2026 1.5 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026Strength of CapabilitiesProminence in Cross-Border PaymentsFXC Intelligence Market MatrixStablecoin Infrastructure Providers and Wallet SpecialistsFebruary 2026Get access to the proprietary benchmarking data underpinning the Buyerʼs Guide © FXC Intelligence – Buyer’s Guide: Stablecoin Payments Infrastructure 2026 1.6 EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 20261.6 Looking ahead: Emerging solutionsMuch of the stablecoin industry is still relatively nascent, and there have been a wide varietyof solutions launched that may ultimately prove to be valuable elements of stablecoininfrastructure in a cross-border payments setting, but which are not yet sufficientlydeveloped to fully benchmark in this guide.Stablecoin payment networks, most notably Circle Payments Network, Fireblocks Networkfor Payments and Paxos’ Global Dollar Network, are a notable example, having all launchedwithin the last 18 months. Although they vary, these typically enable companies to easilyconnect to onboarded vendors’ services, acting as an intermediary to make it easier toconnect to different solutions in the stablecoin infrastructure stack. While these have grownsince launch, they typically remain small relative to other parts of the market at present andgenerally have only a fairly small number of live vendors, many of which are connected onmultiple networks.Stablecoin issuance, meanwhile, is an option for many companies, although something thatis not always the most advisable approach to tackling stablecoin payments in all cases.When effective, it can provide an additional source of revenue from reserve yields, as wellas providing strong branding opportunities, and there are a growing number of providerswho offer issuance solutions as part of their range of products. However, companies canface challenges getting stablecoins to sufficient scale.Finally, a number of new blockchains that have been designed specifically for the cross-border payments industry are currently being tested that could ultimately prove to bevaluable additions for the sector. The most notable of these are being developed by Stripeand Circle, with both including features that are designed to combat issues such as high andvolatile fees as well as the need to hold cryptocurrencies to pay on-chain fees, whilereducing the settlement time to less than a second.While all of these solutions are still emerging, we will continue to monitor them, and may gointo more detail in future iterations if they reach a sufficient level of maturity and adoption. Unlock full access to the industryʼs most comprehensiveguide to stablecoin payments infrastructure Get the complete Guide – plus continuous updates asproviders, rails and regulations changeEXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026With a subscription to the full version of the guide you can:Access unique insightsUtilise the experiences of real buyersMake better and faster decisionsBuild impactful strategiesAssess the market on a regional basis“The sector is changing so quicklyand the capabilities of the providersare adapting so quickly; we havenʼtseen this level of evolution before.As things keep evolving, havingsome intelligence that cuts acrossthe sector is incredibly valuable.ˮMark Frey, Group President, Corpay Cross-Border SolutionsDesigned for:Cross-border payment companiesBanksCorporates that move moneyinternationallyInvestors in the stablecoin anddigital assets spaceGovernments and regulatorsseeking to better understand theecosystemSubscribe to gain access to:FXC positioning matrices mapping provider capabilitiesDetailed, comparable provider profiles and benchmarkingA complete picture of the infrastructure, compliance, regulatory andregional contextA step-by-step guide to the buying processPeriodic updates as the market moves CREDITS AND ACKNOWLEDGEMENTS © FXC INTELLIGENCE, FEBRUARY 2026Credits and acknowledgementsLead AuthorLucy Ingham, VP of ResearchBuyerʼs Guide Product LeadCristina Topolnicki, Product ManagerCameron Graham, VP Platform ProductsProductCallum Tyndall, Editorial Operations LeadSub-EditorTom Bleach, Editorial AnalystJoe Baker, Principal Editorial AnalystArinola Lawal, Business AnalystResearchersDaniel Webber, Founder and CEOLeadershipFXC Intelligence would like to thank the vendors that provided data, feedback andinsights about their products:Bitso BusinessBridgeBVNKDfnsFiptoFireblocksOrbitalTriple-AYellow CardzerohashWe would also like to thank the many different individuals, banks, payments companiesand other organisations that provided their own insights about the buying process.Many have opted to remain anonymous, but those who have asked to be named aredetailed on the next page. CREDITS AND ACKNOWLEDGEMENTS © FXC INTELLIGENCE, FEBRUARY 2026When it comes to FX and commissions, Afex isone of the leading players in Chile for currencyexchange and cross-border payments.AfexAiPrise is an AI-powered compliance platformbuilt for stablecoin teams onboarding businessesglobally. We automate KYB, risk scoring andcontinuous business monitoring – trusted by 30+stablecoin companies worldwide.AiPriseArf is a Swiss-regulated global treasury platformproviding liquidity and same-day settlement forinternational financial institutions. Arf, along withHuma, is also a co-developer of PayFi, anindustry alliance working to unlock massadoption of stablecoins in cross-borderpayments through scalable liquidity and same-day settlement.ArfBaluwo is a versatile mobile application designedto seamlessly support individuals with family andfriends in Africa, providing them with a user-friendly platform to cater to their loved ones'basic needs. Users can effortlessly purchasemobile airtime, food essentials, electricity andbuilding materials, ensuring that family in Africareceives the support they need, no matter whereusers are in Europe or America.BaluwoBCRemit is a fintech company providing onlineremittance services across the UK, EU, US,Canada and the Philippines. An early adopter ofblockchain technology for cross-borderpayments, the company has been leveragingdigital assets and stablecoins since 2019.BCRemitBloquo is a stablecoin-powered infrastructurespecialised in the Brazilian market, enablingcross-border transactions, stablecoin liquidity,and trade finance. Operating globally acrossmore than 100 countries and currencies, we helpcompanies and individuals move money withspeed, compliance and cost efficiency throughdashboards and APIs.BloquoDerivative Path is an industry-leading team ofcapital markets and technology expertsdedicated to empowering institutions of all sizesto manage a variety of risks and improveprofitability. Our sophisticated, cloud-basedplatform presents scalable solutions that enableour clients to enhance interest rate, FX andcommodity derivatives programs, as well asinternational payments.Derivative PathiPiD provides a global trust layer for payments,delivering real-time payee identity verificationbefore funds move across bank transfers andemerging rails such as stablecoins. Its APIs andsoftware are used by financial institutions,fintechs and platforms to reduce fraud, minimisemisdirected payments and meet Know YourPayee obligations aligned with internationalstandards, including FATF Recommendation 16.iPiDMassPay is the leading global payoutorchestration platform empowering businessesto move money instantly, compliantly, anywhere,at scale. With a single, easy-to-integrate API,MassPay enables businesses to make real-timepayouts to payees via bank transfers, digitalwallets, debit cards, cash pickup or digital assets.MassPayPMI is a leading cross-border payments providerin LATAM, leveraging stablecoin technology todeliver faster, cheaper and more reliableinternational transactions. Our B2B stablecoinsolution stands out as one of the regionʼs mostcompetitive offerings, helping merchantsoptimise cashflow while eliminating traditionalpayment friction.PMISUNRATE is a global payment and treasurymanagement platform for businesses worldwide.SUNRATE aims to integrate traditional anddecentralised technologies under a trustedregulatory environment, delivering a unifiedglobal payment experience.SUNRATE EXECUTIVE SUMMARY © FXC INTELLIGENCE, FEBRUARY 2026Essential cross-border paymentsdata and intelligencecross-border paymentsBuilt for the worldʼs leading companies – backed by adecade of unmatched expertise.London | Washington DCGet the complete Guide – plus continuous updates asproviders, rails and regulations changeCONTACT US: STABLECOINS@FXCINTEL.COM
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