The Stablecoin Report
The Stablecoin Market Map: 3,473 Infrastructure Companies
The State of Stablecoin Infrastructure
Every data element is clickable. Click a stat, bar, or heatmap cell to see the underlying companies.
3,473 companies tracked
Region 88% · 3,062 disclosed
Country 88% · 3,054 disclosed
Founding year 99.3% · 3,448 disclosed
Stage 87% · 3,022 disclosed
Coverage notes ↓
3,473
Companies tracked across 12 categories, 7 regions, and 132 countries.
Methodology · coverage · caveats
How to read this
What this is. The 3,473 companies on this map are Verda Ventures' curated view of the global stablecoin and crypto-fintech infrastructure ecosystem. We believe it represents a strong directional sample of the universe, but coverage is not 100% exhaustive. New companies are added weekly as we identify them. If you operate a relevant company we don't have listed, email team@verda.ventures.
Field coverage. Of 3,473 companies tracked: 3,054 (88%) have a disclosed country, 3,448 (99.3%) have a founding year either verified through public sources or directionally indicated by the company's inception year in our dataset, and 3,022 (87%) have a disclosed funding-round stage (bootstrapped and undisclosed-round companies are not counted here, matching the maturity chart). Charts render only the disclosed subset for each dimension. Companies without disclosed values are excluded from the relevant view rather than shown in an "unknown" bucket. Founding-year and stage data depend on third-party enrichment, sparser for stealth and very-early-stage companies. Treat both as directional, particularly in Agentic Payments and other newer categories.
Key findings
Twelve signals from the data
Each card maps to an exact slice of the universe. Click any finding to drill into the underlying companies.
The EM thesis
01 · Total share
Emerging markets are a growing share of global stablecoin infrastructure formation
1,110 of 3,473 tracked companies (32%) operate primarily in LatAm, Africa, MENA, or APAC.
02 · Bifurcation
Where stablecoins meet local economies leans EM. Where growth-stage and AI live leans US.
On/Off Ramps is the most EM-skewed category at 56% (198 of 355 disclosed-region cos). Agentic Payments is the least at 13%. The bifurcation tracks where the technology touches the real world: on-ramps, wallets, remittances, and consumer use cases over-index in EM. Issuance and agent infrastructure cluster in US/Europe.
The breakout
03 · Fastest forming
Agentic Payments leads on formation, the category is in earliest expansion
545 companies, more than any other category. 76 cos founded in 2025, then 393 in 2026 YTD, a 5.2x jump in 7 months. 86% are early stage. No other category is forming at this pace.
04 · YoY leader
The fastest-forming category by founding-year growth rotated from On/Off Ramps in 2025 to Agentic Payments in 2026
On/Off Ramps grew +224% in 2025 (25 cos founded in 2024, 81 in 2025), the fastest of any category with a meaningful base, just ahead of Agentic Payments at +181%. 7 months into 2026 the lead has rotated to Agentic Payments, up +417% against its full 2025 base, with Merchant & Payment Processing (+118%) and Compliance / RegTech (+110%) the next-fastest cohorts. All of 2026's fastest-growing categories are payment or agent rails.
Maturity & exits
05 · Maturity
Most of the map is still early stage
Compliance / RegTech leads on maturity with 37.0% of its companies past Seed (27 of 73), followed by Stablecoin Issuance at 36.7%. 6 of the 12 categories have more than a quarter of companies past Seed. At the other end, just 9.6% of Consumer Remittances cos are. Formation has dramatically outpaced graduation past Seed.
06 · Acquirers
Stripe is consolidating the stablecoin payments stack via M&A
3 of 26 confirmed exits in 2025-2026 went to Stripe (Bridge $1.1B, Privy, Valora). Other acquirers in the wave: Fireblocks (2), Polygon (2), NYSE:CRCL, Anchorage, NASDAQ:PYPL. The big-payments incumbents are buying their way into stablecoin infra rather than building.
Africa and MENA anchors
07 · Africa
Nigeria is 58% of Africa's stablecoin universe
154 of 266 tracked African companies operate in Nigeria. Kenya (30) and South Africa (29) trail distantly. Africa's stablecoin story is effectively a Nigerian one.
08 · MENA
UAE is 76% of MENA's tracked stablecoin universe
116 of 152 tracked MENA companies operate in the UAE, the most concentrated regional story outside the US. Dubai's VARA framework and Gulf capital flows produce a cluster you don't see elsewhere.
APAC and LatAm anchors
09 · APAC
Singapore anchors APAC at 24% of the region
82 of 347 APAC companies operate in Singapore. Hong Kong (45), India (48), and Australia (34) form the tier-2 cluster. Singapore's MAS licensing regime is producing the region's only clear hub.
10 · LatAm
LatAm leads with On/Off Ramps
Of 345 LatAm companies tracked, 59 sit in On/Off Ramps, ahead of Merchant & Payment Processing (53).
The shape of the universe
11 · Recent formation
51% of 2025-2026 stablecoin formation operates in the US
820 of 1,603 recently-founded companies with disclosed region are based in the US, far ahead of Europe (240) and combined emerging markets (537). The agentic-payments wave that's driving 2025-2026 formation is heavily concentrated in US tech hubs, even as the all-time EM share holds at 32%.
12 · Top 5 countries
Stablecoin infrastructure spans 132 countries but is concentrated in 5
54% of all tracked companies sit in just five countries: United States (1,301), United Kingdom (182), Nigeria (155), United Arab Emirates (117), Brazil (110). Each is the anchor of its main region. Outside the top 5, no single country has more than 100 companies in the universe.
Volume by category
Where the stablecoin universe concentrates
Each bar is total tracked companies in a category, segmented by primary operating region. Region segments computed across the 3,177 of 3,473 companies (91%) with a tagged region. Click any segment or label to drill in.
US
Europe
LatAm
Africa
MENA
APAC
Category × region heatmap
The geography of each stack layer
Darker = denser. Cells computed across the 3,177 of 3,473 companies (91%) with a tagged region.
| US | Europe | LatAm | Africa | MENA | APAC | |
|---|---|---|---|---|---|---|
| Cross-Border B2B Payments | 155 | 82 | 51 | 55 | 16 | 39 |
| Agentic Payments | 364 | 66 | 12 | 5 | 10 | 36 |
| Stablecoin Issuance | 36 | 37 | 19 | 8 | 6 | 24 |
| Stablecoin Infrastructure | 127 | 59 | 29 | 12 | 14 | 34 |
| Merchant & Payment Processing | 232 | 108 | 53 | 45 | 27 | 53 |
| RWA Tokenization | 137 | 91 | 41 | 6 | 29 | 43 |
| Wallet Infrastructure | 69 | 39 | 17 | 5 | 10 | 30 |
| On/Off Ramps | 84 | 73 | 59 | 84 | 12 | 43 |
| Crypto Banking | 75 | 64 | 41 | 26 | 15 | 13 |
| Treasury / FX / Orchestration | 43 | 35 | 8 | 2 | 7 | 21 |
| Compliance / RegTech | 23 | 24 | 4 | 1 | 4 | 6 |
| Consumer Remittances | 22 | 14 | 11 | 17 | 2 | 5 |
| Region total | 1,367 | 692 | 345 | 266 | 152 | 347 |
Less dense
More dense (max 364)
Maturity by category
What stage of company dominates each category
Stage distribution by last known funding round, computed across the 3,022 of 3,473 companies (87%) with a disclosed funding-round stage. The remaining 451 (bootstrapped, undisclosed-round, or stage-unknown) are not shown. Click a segment to see those companies. The EXITS column lists confirmed M&A (green) and IPO (blue) events. Hover each chip for acquirer / year / value.
EXITS (M&A · IPO)
Cross-Border B2B Payments
BridgeBVNKBeamRailReap
Agentic Payments
Bitte Protocol
Stablecoin Issuance
CircleMountain ProtocolPayPal (PYUSD)Blue EMI
Stablecoin Infrastructure
Fern MoneyIron
Merchant & Payment Processing
BaanxLoop Crypto
RWA Tokenization
HashnoteFigure
Wallet Infrastructure
PrivyDynamicSequenceFordefiValoraZodia Custody
On/Off Ramps
CoinmeHelioMeso
Crypto Banking
TRES Custody
Treasury / FX / Orchestration
·
Compliance / RegTech
·
Consumer Remittances
·
Pre-seed
Seed
Series A
Later Stage
Category breakdown
What sub-sectors make up each category
Each category splits into more granular sub-sectors. Subcategory coverage: 100% (all 3,473 companies). Hover a category name for a one-line description. Click any sub-sector to drill into its companies.
Cross-Border B2B Payments
415 companies · 7 sub-categories
Stablecoin Cross-Border Rails
317
Cross-Border Payments
57
Emerging Market Corridors
13
Payroll & Disbursements
11
Cross-Border B2B
8
Liquidity & Settlement
6
B2C Cross-Border
3
Agentic Payments
545 companies · 6 sub-categories
Agent-Native Payment Rails
347
Agent Identity & Authorization
119
Agent Marketplaces / Discovery
35
AI-Native Fintech Tooling
25
Agent Credit & Underwriting
13
Agentic Payments
6
Stablecoin Issuance
150 companies · 8 sub-categories
Non-USD Currency Stablecoins
59
USD-Pegged Stablecoins
50
Yield-Bearing Stablecoins
21
Stablecoin Issuers
9
Algorithmic / Crypto-Backed Stablecoins
6
Other
3
Issuance Platforms & Tooling
1
Cross-Border Payments
1
Stablecoin Infrastructure
304 companies · 11 sub-categories
Settlement Infrastructure
132
Issuance Platforms & Tooling
72
Stablecoin Yield & Earn
26
Banking-as-a-Service
20
DeFi Protocols
18
CBDC Infrastructure
16
Analytics & Orchestration
8
Stablecoin-Native L1s
7
Other
3
Liquidity & Reserves
1
Payment Gateway
1
Merchant & Payment Processing
575 companies · 6 sub-categories
Payment Gateway
251
Stablecoin Payment Rails
169
Merchant Acceptance / Commerce
82
Crypto Cards
43
Payment Processing
29
Payment Processors
1
RWA Tokenization
401 companies · 13 sub-categories
Tokenization Platforms
197
Tokenized Treasuries & Money Markets
49
Private Credit On-Chain
39
Real Estate (institutional)
28
Equity & Bond Tokenization
27
Other
23
Trade Finance
16
Commodities (institutional)
16
RWA Platforms
2
DeFi Protocols
1
Treasury / FX / Orchestration
1
AI-Native Fintech Tooling
1
Stablecoin Yield & Earn
1
Wallet Infrastructure
184 companies · 8 sub-categories
Embedded Wallets / WaaS
92
Custody (institutional)
36
Self-Custody Wallets
30
Developer Tools
12
Account Abstraction & Smart Wallets
5
Wallet Infrastructure
4
Wallets
3
Hardware Wallets
2
On/Off Ramps
380 companies · 5 sub-categories
Fiat-Crypto Ramps
248
Off-Ramps (Crypto-to-Fiat)
80
On/Off Ramps
24
P2P Exchanges
17
Aggregator / Routing
11
Crypto Banking
245 companies · 7 sub-categories
Crypto-Native Neobanks
216
Stablecoin Bank Accounts
14
Digital Asset Banks
9
Crypto Banking
2
Crypto Prime Brokerage
2
Other
1
Stablecoin Payment Rails
1
Treasury / FX / Orchestration
127 companies · 4 sub-categories
Stablecoin FX / Orchestration
59
Lending / Credit
35
Crypto Treasury Management
20
Treasury / FX / Orchestration
13
Compliance / RegTech
73 companies · 3 sub-categories
Compliance / RegTech
45
AML / KYC
19
On-Chain Analytics
9
Consumer Remittances
73 companies · 3 sub-categories
Stablecoin Remittance Apps
60
Remittance Services
11
Consumer Remittances
2
Formation waves
When was each category most active in formation
Distribution of founding years per category. For companies with a disclosed founding year, we use that. For the rest, we use the date the company was first ingested into our underlying source as a directional proxy for the founding time frame. Per an internal spot-check (n=100), this is 88% accurate within ±1 year for companies ingested 2024+. Darker = more companies founded that year. Peak year highlighted. Treat individual cells in 2024+ as directional rather than exact.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | PEAK | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cross-Border B2B Payments | 11 | 12 | 20 | 27 | 43 | 39 | 40 | 101 | 97 | 2025 |
| Agentic Payments | 2 | 3 | 8 | 5 | 8 | 12 | 27 | 76 | 393 | 2026 |
| Stablecoin Issuance | 4 | 10 | 5 | 7 | 11 | 22 | 23 | 29 | 23 | 2025 |
| Stablecoin Infrastructure | 11 | 6 | 13 | 23 | 26 | 23 | 33 | 84 | 64 | 2025 |
| Merchant & Payment Processing | 23 | 13 | 19 | 35 | 44 | 39 | 40 | 104 | 227 | 2026 |
| RWA Tokenization | 25 | 18 | 23 | 43 | 36 | 49 | 43 | 64 | 55 | 2025 |
| Wallet Infrastructure | 12 | 6 | 11 | 18 | 16 | 22 | 20 | 24 | 33 | 2026 |
| On/Off Ramps | 17 | 16 | 11 | 19 | 30 | 26 | 25 | 81 | 127 | 2026 |
| Crypto Banking | 10 | 8 | 16 | 17 | 26 | 22 | 26 | 47 | 59 | 2026 |
| Treasury / FX / Orchestration | 5 | 2 | 4 | 6 | 9 | 15 | 19 | 27 | 34 | 2026 |
| Compliance / RegTech | 3 | · | 3 | 8 | 7 | 4 | 5 | 10 | 21 | 2026 |
| Consumer Remittances | 2 | 2 | 5 | 3 | 8 | 5 | 10 | 15 | 20 | 2026 |
Growth velocity
Which categories are growing the fastest year-over-year
Year-over-year growth in new-company formations per category. Sorted by 2024→2025 growth rate. Recent-year counts include init-date-proxy estimates per the Formation Waves card. Read the YoY % as directional, not exact, particularly for newer agent-economy categories. The 2026 column is year-to-date (through 2026-07-16). The '25→'26 YTD column compares partial 2026 to full 2025, so negative values may mean "on pace to land below 2025," not actual decline.
| 2022 | 2023 | 2024 | 2025 | 2026 YTD | '23→'24 | '24→'25 | '25→'26 YTD | |
|---|---|---|---|---|---|---|---|---|
| On/Off Ramps | 30 | 26 | 25 | 81 | 127 | -4% | +224% | +57% |
| Agentic Payments | 8 | 12 | 27 | 76 | 393 | +125% | +181% | +417% |
| Merchant & Payment Processing | 44 | 39 | 40 | 104 | 227 | +3% | +160% | +118% |
| Stablecoin Infrastructure | 26 | 23 | 33 | 84 | 64 | +43% | +155% | -24% |
| Cross-Border B2B Payments | 43 | 39 | 40 | 101 | 97 | +3% | +153% | -4% |
| Compliance / RegTech | 7 | 4 | 5 | 10 | 21 | +25% | +100% | +110% |
| Crypto Banking | 26 | 22 | 26 | 47 | 59 | +18% | +81% | +26% |
| Consumer Remittances | 8 | 5 | 10 | 15 | 20 | +100% | +50% | +33% |
| RWA Tokenization | 36 | 49 | 43 | 64 | 55 | -12% | +49% | -14% |
| Treasury / FX / Orchestration | 9 | 15 | 19 | 27 | 34 | +27% | +42% | +26% |
| Stablecoin Issuance | 11 | 22 | 23 | 29 | 23 | +5% | +26% | -21% |
| Wallet Infrastructure | 16 | 22 | 20 | 24 | 33 | -9% | +20% | +38% |
Growth by geography
Where formation is accelerating fastest within each region
Top 3 categories per region by founding-rate growth, comparing two-year windows: 2020–21 baseline against 2024–25 recent. Two-year windows smooth annual noise. Buckets with fewer than 5 companies founded in 2024–25 are excluded as small samples. "new" means no companies founded in the baseline window (a brand-new category in that geography). The top sub-category within each row is shown when at least 2 companies have founding dates in the recent window.
US
↑ Agentic Payments
5 → 59 +1080%
Top sub: Agent Identity & Authorization 1→17 +1600%
↑ Treasury / FX / Orchestration
3 → 18 +500%
Top sub: Lending / Credit 0→7 new
↑ Stablecoin Infrastructure
11 → 57 +418%
Top sub: Stablecoin-Native L1s 0→2 new
Europe
↑ Agentic Payments
6 → 19 +217%
Top sub: AI-Native Fintech Tooling 0→2 new
↑ Cross-Border B2B Payments
9 → 27 +200%
Top sub: Liquidity & Settlement 0→2 new
↑ Stablecoin Issuance
4 → 10 +150%
Top sub: Yield-Bearing Stablecoins 0→2 new
LatAm
↑ On/Off Ramps
1 → 14 +1300%
Top sub: On/Off Ramps 0→2 new
↑ Merchant & Payment Processing
4 → 14 +250%
Top sub: Merchant Acceptance / Commerce 0→5 new
↑ Wallet Infrastructure
2 → 7 +250%
Top sub: Embedded Wallets / WaaS 0→5 new
Africa
↑ Consumer Remittances
0 → 6 new
Top sub: Stablecoin Remittance Apps 0→4 new
↑ Crypto Banking
1 → 6 +500%
Top sub: Crypto-Native Neobanks 1→6 +500%
↑ On/Off Ramps
5 → 25 +400%
Top sub: On/Off Ramps 0→2 new
MENA
↑ Stablecoin Infrastructure
0 → 7 new
Top sub: Settlement Infrastructure 0→6 new
↑ Agentic Payments
0 → 6 new
Top sub: Agent-Native Payment Rails 0→3 new
↑ RWA Tokenization
3 → 11 +267%
Top sub: Tokenized Treasuries & Money Markets 0→3 new
APAC
↑ Agentic Payments
0 → 8 new
Top sub: Agent-Native Payment Rails 0→6 new
↑ Cross-Border B2B Payments
1 → 20 +1900%
Top sub: Cross-Border B2B 0→2 new
↑ Stablecoin Infrastructure
1 → 15 +1400%
Top sub: Issuance Platforms & Tooling 0→4 new
Geographic granularity
Which countries anchor each region
Top countries within each region by company count, computed across the 3,054 of 3,473 companies (88%) with disclosed country. Click a country to see the underlying list. The US dominates North America, but LatAm and Africa each have clear anchor markets. Geography reflects entity registration or headquarters, not target market. A Delaware C-Corp may primarily serve LatAm. A Cayman or BVI entity may operate globally.
US
1,367
United States
1,292
Canada
74
Europe
692
United Kingdom
181
Switzerland
84
France
41
Germany
36
Spain
32
Poland
30
LatAm
345
Brazil
110
Argentina
39
Mexico
38
Colombia
28
Chile
13
Panama
10
Africa
266
Nigeria
154
Kenya
30
South Africa
29
Ghana
8
Tanzania
3
Uganda
3
MENA
152
United Arab Emirates
116
Israel
13
Bahrain
6
Egypt
2
Qatar
2
Saudi Arabia
2
APAC
347
Singapore
82
India
48
Hong Kong
45
Australia
34
Indonesia
15
Japan
15
Submit a company or correction. Email team@verda.ventures with the company URL, primary category, and (if known) HQ country, founding year, and last round.
Methodology. Categorization combines third-party enrichment, automated classification against a public corpus, and manual review. Founding year is the company's disclosed year where available, otherwise a directional proxy from the date the company was first ingested into our underlying data source. Treat newer categories (Agentic Payments, RWA tokenization) as directional rather than exact.
Disclosure. This dashboard is for informational purposes only. It is not investment advice, an offer to sell or a solicitation of an offer to buy any security, and does not represent the views of any company mentioned. Verda Ventures may hold positions in or have evaluated companies on this page.