The stablecoin infrastructure market processed $27.6 trillion in 2024, making the stablecoin payment provider selection critical for businesses entering this space.
This analysis examines the top 10 infrastructure providers based on transaction volumes, technical capabilities, and real-world implementations.
Key Takeaways
Market maturity reached: 86% of financial institutions report ready-to-use infrastructure, with proven scale across major providers
Speed drives adoption: 48% of businesses prioritize instant settlement over cost savings when choosing stablecoin infrastructure
Regional differences matter: Latin America leads with 71% business adoption, while North America focuses on regulatory compliance
No single winner: Each provider excels in specific use cases, Circle for enterprises, BVNK for quick integration, Ripple for remittances
Innovation gaps remain: Smart escrow, vertical solutions, and B2B credit products present opportunities for new entrants
The State of Stablecoin Infrastructure in 2025
Market Evolution
Total stablecoin circulation doubled from $120 billion to $250 billion in 18 months.
McKinsey projects $400 billion by year-end and $2 trillion by 2028.
The GENIUS Act in the US and MiCA regulation in Europe transformed stablecoins from experiments to regulated financial instruments.
Why PSPs Are Racing to Integrate Stablecoins
Fireblocks’ State of Stablecoins report shows businesses want speed first, savings second.
Cross-border payments that take 3-5 days through banks settle in minutes with stablecoins.
For current developments, stablecoin news tracks infrastructure launches and regulatory changes.
Projected savings reach $15 billion by 2025 and $26 billion by 2028 through reduced remittance, FX, and processing costs.
Latin America shows the transformation clearly, 71% of businesses already use stablecoins for cross-border payments.
Evaluation Criteria: How We Ranked These Providers
Technical Infrastructure
API documentation quality and SDK availability
Number of supported blockchains
Transaction finality speed
Proven enterprise-scale capacity
Business Features
KYC/AML tools and monitoring depth
Fiat conversion partnership quality
Smart contract and automation support
Custody model flexibility
Market Position
Monthly transaction volume
Enterprise client count
Operating jurisdictions
Strategic partnerships
The Top 10 Providers: Detailed Analysis
1. Circle (Circle Payments Network)
Circle created Circle Payments Network as an open standard for institutional money movement using USDC and EURC.
Market Position: 20+ launch partners including BVNK, dLocal, Coins.ph.
Banking partners include Santander, Deutsche Bank, Standard Chartered.
Infrastructure Highlights:
Direct settlement without intermediaries
Smart contract payment automation
Native USDC/EURC integration
Global regulatory compliance
Best For: Large enterprises needing bank integration and regulatory compliance.
Limitations: New network with developing liquidity. Enterprise focus may exclude smaller businesses.
2. Fireblocks
Fireblocks provides security-first infrastructure, processing 15% of global stablecoin volume and 35 million monthly transactions.
Market Position: 300+ institutional clients including BNP Paribas, WorldPay, Revolut.
Infrastructure Highlights:
MPC-based security architecture
40+ blockchain support
Treasury workflow automation
Real-time compliance monitoring
Best For: Institutions prioritizing security and multi-asset management.
Limitations: Complex for simple payments. Enterprise pricing excludes small players.
3. BVNK
BVNK built specialized stablecoin payment infrastructure for quick business integration.
Market Position: Partners with WorldPay, dLocal, Deel.
Infrastructure Highlights:
Simple API payments in few code lines
White-label wallet solutions
Virtual account reconciliation
Direct Layer1 access
Best For: PSPs wanting fast stablecoin integration.
Limitations: Smaller ecosystem than major players. Stablecoin-only focus limits flexibility.
4. Ripple (RippleNet)
Ripple uses RippleNet and XRP for instant settlement in low-liquidity corridors.
Market Position: 300+ financial institutions across 40 countries including Santander, SBI Remit.
Infrastructure Highlights:
No pre-funded accounts needed
Instant gross settlement
Legacy system compatibility
Proven remittance scale
Best For: Remittance companies and emerging market corridors.
Limitations: XRP regulatory uncertainty. Not all institutions accept XRP exposure.
5. dLocal
dLocal (NASDAQ: DLO) added stablecoin capabilities to its emerging market payment network.
Market Position: Processes payments in 40+ markets for Amazon, Google, Spotify.
Infrastructure Highlights:
BVNK partnership for stablecoins
700+ local payment methods
Emerging market compliance
Fiat-stablecoin conversion
Best For: Global businesses entering emerging markets.
Limitations: Stablecoins remain secondary to traditional payments.
6. Bridge
Bridge offers developer-first infrastructure from former Square and Coinbase executives.
Market Position: $58 million funding, focused on embedded finance.
Infrastructure Highlights:
Stablecoin issuance with 3-4% yield
Simple orchestration APIs
Global card programs
Automated gas handling
Best For: Fintechs building native stablecoin products.
Limitations: Less suitable for traditional enterprises.
7. MoonPay
MoonPay expanded from consumer crypto on-ramps to B2B infrastructure.
Market Position: 15 million users, 160+ countries. Clients include Bitcoin.com, MetaMask.
Infrastructure Highlights:
30+ fiat currencies
Multiple payment methods
Built-in compliance
NFT checkout support
Best For: Simple crypto on/off-ramps for e-commerce.
Limitations: Basic B2B features compared to specialized providers.
8. Conduit
Conduit specializes in B2B trade finance with smart escrow focus.
Market Position: Growing in Latin America and Africa import/export.
Infrastructure Highlights:
Programmable escrow conditions
Multi-party transactions
Trade document integration
International trade compliance
Best For: Import/export and B2B marketplaces.
Limitations: Narrow focus limits general use.
9. Triple-A
Triple-A dominates Asian digital payments with strong regional licensing.
Market Position: Singapore Major Payment Institution. Clients include Binance, Grab.
Infrastructure Highlights:
Multi-blockchain routing
Asian currency settlement
E-commerce plugins
White-label gateways
Best For: Asian market e-commerce.
Limitations: Limited outside Asia-Pacific.
10. Nilos
Nilos provides compliance-first infrastructure for regulated industries.
Market Position: Newer player attracting banks and insurance companies.
Infrastructure Highlights:
Advanced KYT integration
Automated sanctions screening
Real-time risk scoring
Complete audit trails
Best For: Highly regulated industries.
Limitations: Small network, limited track record.
The Innovation Gap: What’s Still Missing
Smart Escrow and Programmable Workflows
Current smart escrow implementations handle basic conditional releases but lack sophistication for complex B2B needs:
Multi-party milestone payments
Dynamic pricing adjustments
Automated dispute resolution
Supply chain integration
Vertical-Specific Solutions
Underserved industries present opportunities:
Real Estate: No comprehensive solutions for property transactions or rental payments
Education: International student payments lack integrated compliance tools
Healthcare: Medical tourism and insurance claims need specialized infrastructure
Logistics: Beyond Conduit, freight payment solutions remain basic
Risk Management Tools
Stablecoin infrastructure lacks sophisticated FX and treasury tools:
Native hedging products
Multi-currency optimization
Portfolio risk analytics
Traditional system integration
B2B Credit Products
BNPL for B2B remains conceptual despite clear demand:
Trade finance automation
Smart contract credit scoring
Cross-border lending
Programmable repayment terms
Implementation Considerations
Technical Requirements
Quick Integration (MoonPay, Triple-A):
1 developer, 1-2 weeks
JavaScript/iframe setup
Minimal backend changes
Standard Integration (Bridge, BVNK):
1-2 developers, 2-4 weeks
RESTful API experience
Webhook handling
Enterprise Integration (Fireblocks, Circle):
3-5 developers, 2-3 months
Security infrastructure
Compliance team involvement
Compliance Checklist
Regulatory Requirements:
Money transmitter licenses (US states)
MiCA registration (EU)
Local payment licenses
Operational Requirements:
KYC/AML procedures
Transaction monitoring
Sanctions screening
Suspicious activity reporting
Cost Analysis
Transaction Fees:
Additional Costs:
Gas fees: $0.01-$5
FX spread: 0.5-2%
Compliance tools: $10K-$100K/year
Integration: $50K-$500K one-time
Future Outlook
Near-Term Predictions (2025-2026)
Major payment processors will likely acquire specialized providers.
PayPal, Stripe, and Block are logical buyers.
Banking licenses will become standard as providers like Circle and Coinbase seek direct fiat access.
Emerging Opportunities
AI Agent Payments: Autonomous payment execution for AI systems
IoT Transactions: Machine-to-machine micropayments at scale
Identity Integration: Simplified compliance through decentralized ID
Environmental Features: Carbon tracking and offset automation
Conclusion
The stablecoin infrastructure market offers mature solutions for most business needs.
Success requires matching providers to specific use cases rather than seeking one-size-fits-all solutions.
Circle excels for enterprises, BVNK for quick integration, Ripple for remittances, and Fireblocks for security-first approaches.
Most successful implementations use multiple stablecoin payment providers for different needs.
Start with pilot programs, focus on compliance from day one, and build infrastructure that can adapt as the market develops.
The technology works today but the execution determines success.
Read Next:
FAQs:
1. Which provider offers the fastest transaction settlement?
Ripple achieves 3-5 second settlement using XRP, while Circle on Solana settles in 6 seconds. Bridge offers near-instant routing across multiple chains.
2. What are the minimum volume requirements for enterprise pricing?
Most providers offer tiered pricing starting at $1M monthly volume for 20-30% discounts. Volumes above $10M typically receive 40-50% discounts, with custom pricing above $100M.
3. Can stablecoin transactions be reversed?
Unlike traditional payments, blockchain transactions are irreversible once confirmed. Some providers like Conduit offer escrow services that enable conditional releases and dispute resolution.
4. Which providers support the most blockchains?
Fireblocks supports 40+ blockchains, Triple-A handles 15+ with automatic routing, while BVNK focuses on major chains including Ethereum, Polygon, and Solana.
5. How do compliance requirements differ by region?
US operations require state-by-state money transmitter licenses. EU businesses need MiCA compliance (best served by Circle). Asian markets require local licenses where Triple-A excels.