The Stablecoin Report
The State of Stablecoin Infrastructure
Every data element is clickable. Click a stat, bar, or heatmap cell to see the underlying companies.
3,407 companies tracked
Region 88% · 3,011 disclosed
Country 88% · 3,002 disclosed
Founding year 99.6% · 3,394 disclosed
Stage 88% · 3,000 disclosed
Coverage notes ↓
3,407
Companies tracked across 12 categories, 7 regions, and 132 countries.
Methodology · coverage · caveats
How to read this
What this is. The 3,407 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 3,407 companies tracked: 3,002 (88%) have a disclosed country, 3,394 (99.6%) have a founding year either verified through public sources or directionally indicated by the company's inception year in our dataset, and 3,000 (88%) 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
1,099 of 3,407 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 58% (203 of 349 disclosed-region cos). Agentic Payments is the least at 12%. 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
550 companies, more than any other category. 78 cos founded in 2025, then 409 in 2026 YTD, a 5.2x jump in 5 months. 89% are early stage. No other category is forming at this pace.
04 · YoY leader
The fastest-forming category by founding-year growth rotated from Cross-Border B2B Payments in 2025 to Agentic Payments in 2026
Cross-Border B2B Payments grew +224% in 2025 (34 cos founded in 2024, 110 in 2025), the fastest of any category with a meaningful base, just ahead of Agentic Payments at +212%. 5 months into 2026 the lead has rotated to Agentic Payments, up +424% against its full 2025 base, with Merchant & Payment Processing (+124%) 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 38.2% of its companies past Seed (29 of 76), followed by Stablecoin Issuance at 37.2%. 7 of the 12 categories have more than a quarter of companies past Seed. At the other end, just 7.6% of Agentic Payments 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
111 of 147 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 23% of the region
79 of 342 APAC companies operate in Singapore. Hong Kong (43), 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 Merchant & Payment Processing
Of 344 LatAm companies tracked, 64 sit in Merchant & Payment Processing, ahead of Cross-Border B2B Payments (57).
The shape of the universe
11 · Recent formation
51% of 2025-2026 stablecoin formation operates in the US
826 of 1,611 recently-founded companies with disclosed region are based in the US, far ahead of Europe (240) and combined emerging markets (539). 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 (1,279), United Kingdom (174), Nigeria (155), United Arab Emirates (112), 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 3,126 of 3,407 companies (92%) 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 3,126 of 3,407 companies (92%) with a tagged region.
| US | Europe | LatAm | Africa | MENA | APAC | |
|---|---|---|---|---|---|---|
| Cross-Border B2B Payments | 132 | 74 | 57 | 49 | 15 | 34 |
| Agentic Payments | 367 | 68 | 11 | 5 | 10 | 35 |
| Stablecoin Issuance | 37 | 33 | 19 | 10 | 5 | 24 |
| Stablecoin Infrastructure | 143 | 76 | 33 | 14 | 10 | 40 |
| Merchant & Payment Processing | 269 | 123 | 64 | 39 | 29 | 64 |
| RWA Tokenization | 132 | 89 | 37 | 6 | 25 | 42 |
| Wallet Infrastructure | 71 | 42 | 27 | 18 | 14 | 33 |
| On/Off Ramps | 72 | 74 | 46 | 101 | 13 | 43 |
| Crypto Banking | 47 | 40 | 26 | 10 | 11 | 8 |
| Treasury / FX / Orchestration | 32 | 19 | 7 | 2 | 9 | 9 |
| Compliance / RegTech | 24 | 24 | 4 | 1 | 4 | 8 |
| Consumer Remittances | 19 | 13 | 13 | 11 | 2 | 2 |
| Region total | 1,345 | 675 | 344 | 266 | 147 | 342 |
Less dense
More dense (max 367)
Maturity by category
What stage of company dominates each category
Stage distribution by last known funding round, computed across the 3,000 of 3,407 companies (88%) with a disclosed funding-round stage. The remaining 407 (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 3,407 companies). Hover a category name for a one-line description. Click any sub-sector to drill into its companies.
Cross-Border B2B Payments
376 companies · 9 sub-categories
Stablecoin Cross-Border Rails
186
Emerging Market Corridors
66
B2C Cross-Border
55
Liquidity & Settlement
25
Cross-Border Payments
20
Payroll & Disbursements
17
Cross-Border B2B
5
Other
1
Treasury / FX
1
Agentic Payments
550 companies · 7 sub-categories
Agent-Native Payment Rails
307
Agent Identity & Authorization
104
Agent Marketplaces / Discovery
76
AI-Native Fintech Tooling
47
Agent Credit & Underwriting
13
Agentic Payments
2
Other
1
Stablecoin Issuance
148 companies · 5 sub-categories
Non-USD Currency Stablecoins
70
USD-Pegged Stablecoins
42
Algorithmic / Crypto-Backed Stablecoins
17
Yield-Bearing Stablecoins
11
Stablecoin Issuers
8
Stablecoin Infrastructure
347 companies · 9 sub-categories
Settlement Infrastructure
130
Issuance Platforms & Tooling
88
Banking-as-a-Service
36
Stablecoin Yield & Earn
30
DeFi Protocols
19
Analytics & Orchestration
17
Liquidity & Reserves
12
CBDC Infrastructure
10
Stablecoin-Native L1s
5
Merchant & Payment Processing
656 companies · 5 sub-categories
Payment Processing
241
Stablecoin Payment Rails
138
Merchant Acceptance / Commerce
131
Crypto Cards
74
Payment Gateway
72
RWA Tokenization
374 companies · 9 sub-categories
Tokenization Platforms
138
Tokenized Treasuries & Money Markets
91
Real Estate (institutional)
38
Private Credit On-Chain
34
Trade Finance
27
Equity & Bond Tokenization
22
Commodities (institutional)
22
Other
1
RWA Platforms
1
Wallet Infrastructure
216 companies · 9 sub-categories
Self-Custody Wallets
108
Embedded Wallets / WaaS
44
Custody (institutional)
29
Account Abstraction & Smart Wallets
13
Wallet Infrastructure
11
Developer Tools
5
Hardware Wallets
3
Other
2
Wallets
1
On/Off Ramps
369 companies · 6 sub-categories
Fiat-Crypto Ramps
219
Off-Ramps (Crypto-to-Fiat)
103
P2P Exchanges
29
Aggregator / Routing
10
On/Off Ramps
5
Other
3
Crypto Banking
148 companies · 7 sub-categories
Crypto-Native Neobanks
80
Stablecoin Bank Accounts
37
Digital Asset Banks
19
Crypto Prime Brokerage
6
Crypto Banking
4
Payment Processors
1
Other
1
Treasury / FX / Orchestration
83 companies · 4 sub-categories
Stablecoin FX / Orchestration
42
Crypto Treasury Management
22
Lending / Credit
16
Treasury / FX / Orchestration
3
Compliance / RegTech
76 companies · 3 sub-categories
Compliance / RegTech
36
AML / KYC
24
On-Chain Analytics
16
Consumer Remittances
64 companies · 5 sub-categories
Stablecoin Remittance Apps
36
Corridor Specialists
22
White-Label Remittance Infrastructure
3
Remittance Services
2
Consumer Remittances
1
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 | 10 | 12 | 17 | 22 | 42 | 30 | 34 | 110 | 79 | 2025 |
| Agentic Payments | 2 | 2 | 5 | 4 | 8 | 9 | 25 | 78 | 409 | 2026 |
| Stablecoin Issuance | 2 | 8 | 4 | 8 | 11 | 22 | 20 | 31 | 29 | 2025 |
| Stablecoin Infrastructure | 11 | 5 | 17 | 27 | 21 | 35 | 41 | 89 | 74 | 2025 |
| Merchant & Payment Processing | 22 | 15 | 19 | 37 | 51 | 48 | 45 | 120 | 269 | 2026 |
| RWA Tokenization | 23 | 16 | 21 | 40 | 33 | 47 | 49 | 64 | 60 | 2025 |
| Wallet Infrastructure | 7 | 7 | 13 | 19 | 25 | 25 | 19 | 40 | 40 | 2025 |
| On/Off Ramps | 19 | 17 | 13 | 19 | 32 | 23 | 28 | 63 | 125 | 2026 |
| Crypto Banking | 10 | 5 | 11 | 13 | 15 | 17 | 19 | 20 | 25 | 2026 |
| Treasury / FX / Orchestration | 4 | 1 | 3 | 4 | 4 | 10 | 11 | 22 | 19 | 2025 |
| Compliance / RegTech | 3 | 1 | 3 | 8 | 8 | 3 | 7 | 10 | 21 | 2026 |
| Consumer Remittances | 3 | 2 | 6 | 3 | 7 | 5 | 8 | 11 | 14 | 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 2026-05-29). 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 | |
|---|---|---|---|---|---|---|---|---|
| Cross-Border B2B Payments | 42 | 30 | 34 | 110 | 79 | +13% | +224% | -28% |
| Agentic Payments | 8 | 9 | 25 | 78 | 409 | +178% | +212% | +424% |
| Merchant & Payment Processing | 51 | 48 | 45 | 120 | 269 | -6% | +167% | +124% |
| On/Off Ramps | 32 | 23 | 28 | 63 | 125 | +22% | +125% | +98% |
| Stablecoin Infrastructure | 21 | 35 | 41 | 89 | 74 | +17% | +117% | -17% |
| Wallet Infrastructure | 25 | 25 | 19 | 40 | 40 | -24% | +111% | +0% |
| Treasury / FX / Orchestration | 4 | 10 | 11 | 22 | 19 | +10% | +100% | -14% |
| Stablecoin Issuance | 11 | 22 | 20 | 31 | 29 | -9% | +55% | -6% |
| Compliance / RegTech | 8 | 3 | 7 | 10 | 21 | +133% | +43% | +110% |
| Consumer Remittances | 7 | 5 | 8 | 11 | 14 | +60% | +38% | +27% |
| RWA Tokenization | 33 | 47 | 49 | 64 | 60 | +4% | +31% | -6% |
| Crypto Banking | 15 | 17 | 19 | 20 | 25 | +12% | +5% | +25% |
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
3 → 58 +1833%
Top sub: AI-Native Fintech Tooling 0→12 new
↑ Treasury / FX / Orchestration
2 → 13 +550%
Top sub: Lending / Credit 0→3 new
↑ Stablecoin Issuance
3 → 14 +367%
Top sub: Non-USD Currency Stablecoins 0→2 new
Europe
↑ Agentic Payments
5 → 19 +280%
Top sub: Agent Marketplaces / Discovery 0→2 new
↑ Cross-Border B2B Payments
8 → 25 +213%
Top sub: Payroll & Disbursements 0→3 new
↑ Merchant & Payment Processing
14 → 30 +114%
Top sub: Stablecoin Payment Rails 0→6 new
LatAm
↑ Merchant & Payment Processing
3 → 14 +367%
Top sub: Merchant Acceptance / Commerce 0→4 new
↑ Cross-Border B2B Payments
6 → 27 +350%
Top sub: B2C Cross-Border 0→2 new
↑ Stablecoin Issuance
2 → 7 +250%
Top sub: Yield-Bearing Stablecoins 0→2 new
Africa
↑ Stablecoin Issuance
0 → 5 new
Top sub: Non-USD Currency Stablecoins 0→5 new
↑ On/Off Ramps
7 → 29 +314%
Top sub: P2P Exchanges 0→3 new
↑ Wallet Infrastructure
2 → 6 +200%
Top sub: Self-Custody Wallets 2→5 +150%
MENA
↑ Agentic Payments
0 → 5 new
Top sub: Agent Identity & Authorization 0→3 new
↑ Stablecoin Infrastructure
1 → 6 +500%
Top sub: Issuance Platforms & Tooling 0→2 new
↑ Treasury / FX / Orchestration
1 → 5 +400%
Top sub: Stablecoin FX / Orchestration 0→3 new
APAC
↑ Agentic Payments
0 → 10 new
Top sub: Agent-Native Payment Rails 0→4 new
↑ Cross-Border B2B Payments
1 → 17 +1600%
Top sub: Stablecoin Cross-Border Rails 0→6 new
↑ Stablecoin Infrastructure
2 → 17 +750%
Top sub: Analytics & Orchestration 0→3 new
Geographic granularity
Which countries anchor each region
Top countries within each region by company count, computed across the 3,002 of 3,407 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
1,345
United States
1,270
Canada
74
Europe
675
United Kingdom
173
Switzerland
79
France
41
Germany
36
Spain
31
Poland
30
LatAm
344
Brazil
110
Argentina
38
Mexico
38
Colombia
28
Chile
13
Panama
10
Africa
266
Nigeria
154
Kenya
30
South Africa
29
Ghana
8
Tanzania
3
Uganda
3
MENA
147
United Arab Emirates
111
Israel
13
Bahrain
6
Egypt
2
Qatar
2
Saudi Arabia
2
APAC
342
Singapore
79
India
48
Hong Kong
43
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.