The Stablecoin Report
The State of Stablecoin Infrastructure Q2 2026
Every data element is clickable. Click a stat, bar, or heatmap cell to see the underlying companies.
3,535 companies tracked
Region 88% · 3,125 disclosed
Country 88% · 3,094 disclosed
Founding year 99.3% · 3,510 disclosed
Stage 95% · 3,346 disclosed
Coverage notes ↓
3,535
Companies tracked across 12 categories, 7 regions, and 136 countries.
Methodology · coverage · caveats
How to read this
What this is. The 3,535 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 3,535 companies tracked: 3,094 (88%) have a disclosed country, 3,510 (99.3%) have a founding year either verified through public sources or directionally indicated by the company's inception year in our dataset, and 3,346 (95%) have disclosed stage. 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
1,135 of 3,535 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 57% (197 of 345 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
610 companies, more than any other category. 81 cos founded in 2025, then 471 in 2026 YTD, a 5.8x jump in 5 months. 93% are early stage. No other category is forming at this pace.
04 · YoY leader
Merchant & Payment Processing is the breakout category of 2025
Merchant & Payment Processing grew +174% YoY in new-company formations (46 cos founded in 2024, 126 in 2025), the fastest of any category in 2025, edging out Cross-Border B2B Payments at +174%. The 2026 baton has shifted. Merchant & Payment Processing's YTD cohort is 277 (+120% vs all of 2025) while Agentic Payments has surged to 471 cos in 5 months. Last year's leader is consolidating, this year's belongs to the agent economy.
Maturity & exits
05 · Maturity
Most of the map is still early stage
Only Compliance / RegTech (34.8%, 23 of 66) and Stablecoin Issuance (26.9%) have more than a quarter of cos past Seed, and the gap between them is narrow. At the other end, just 3.6% of Agentic Payments cos are past Seed. Formation has dramatically outpaced graduation past Seed.
06 · Acquirers
Stripe is consolidating the stablecoin payments stack via M&A
3 of 24 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 54% of Africa's stablecoin universe
140 of 258 tracked African companies operate in Nigeria. Kenya (31) and South Africa (31) trail distantly. Africa's stablecoin story is effectively a Nigerian one.
08 · MENA
UAE is 77% of MENA's tracked stablecoin universe
120 of 156 tracked MENA companies operate in the UAE, the most concentrated regional story in the dataset. MENA is also the only region where Merchant & Payment Processing leads (32 companies), ahead of payments. 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 21% of the region
75 of 352 APAC companies operate in Singapore. Hong Kong (46), India (51), and Australia (36) 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 369 LatAm companies tracked, 69 sit in Merchant & Payment Processing, ahead of Cross-Border B2B Payments (64).
The shape of the universe
11 · Recent formation
52% of 2025-2026 stablecoin formation operates in the US
916 of 1,750 recently-founded companies with disclosed region are based in the US, far ahead of Europe (258) and combined emerging markets (573). 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 136 countries but is concentrated in 5
54% of all tracked companies sit in just five countries: United States (1,366), United Kingdom (176), Nigeria (141), United Arab Emirates (121), Brazil (117). 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 3,261 of 3,535 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 3,261 of 3,535 companies (92%) with a tagged region.
| US | Europe | LatAm | Africa | MENA | APAC | |
|---|---|---|---|---|---|---|
| Cross-Border B2B Payments | 129 | 75 | 64 | 46 | 16 | 37 |
| Agentic Payments | 408 | 71 | 14 | 5 | 11 | 39 |
| Stablecoin Issuance | 32 | 30 | 20 | 10 | 4 | 21 |
| Stablecoin Infrastructure | 140 | 70 | 29 | 12 | 8 | 37 |
| Merchant & Payment Processing | 275 | 121 | 69 | 38 | 32 | 61 |
| RWA Tokenization | 150 | 122 | 52 | 5 | 30 | 62 |
| Wallet Infrastructure | 71 | 40 | 24 | 22 | 13 | 23 |
| On/Off Ramps | 77 | 71 | 47 | 92 | 14 | 44 |
| Crypto Banking | 52 | 44 | 28 | 11 | 12 | 7 |
| Treasury / FX / Orchestration | 38 | 20 | 7 | 2 | 9 | 9 |
| Compliance / RegTech | 24 | 19 | 3 | 1 | 5 | 7 |
| Consumer Remittances | 28 | 15 | 12 | 14 | 2 | 5 |
| Region total | 1,424 | 698 | 369 | 258 | 156 | 352 |
Less dense
More dense (max 408)
Maturity by category
What stage of company dominates each category
Stage distribution by last known funding round, computed across the 3,346 of 3,535 companies (95%) with disclosed stage. The remaining 189 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
Iron
Merchant & Payment Processing
BaanxLoop Crypto
RWA Tokenization
HashnoteFigure
Wallet Infrastructure
PrivyDynamicSequenceFordefiValora
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 3,535 companies). Hover a category name for a one-line description. Click any sub-sector to drill into its companies.
Cross-Border B2B Payments
378 companies · 7 sub-categories
Stablecoin Cross-Border Rails
187
Emerging Market Corridors
74
B2C Cross-Border
66
Liquidity & Settlement
27
Payroll & Disbursements
19
Cross-Border Payments
4
Cross-Border B2B
1
Agentic Payments
612 companies · 6 sub-categories
Agent-Native Payment Rails
333
Agent Identity & Authorization
122
Agent Marketplaces / Discovery
91
AI-Native Fintech Tooling
49
Agent Credit & Underwriting
16
Agentic Payments
1
Stablecoin Issuance
130 companies · 5 sub-categories
Non-USD Currency Stablecoins
69
USD-Pegged Stablecoins
27
Algorithmic / Crypto-Backed Stablecoins
20
Yield-Bearing Stablecoins
9
Stablecoin Issuers
5
Stablecoin Infrastructure
317 companies · 9 sub-categories
Settlement Infrastructure
124
Issuance Platforms & Tooling
86
Banking-as-a-Service
34
DeFi Protocols
15
Stablecoin Yield & Earn
15
CBDC Infrastructure
14
Liquidity & Reserves
13
Analytics & Orchestration
12
Stablecoin-Native L1s
4
Merchant & Payment Processing
658 companies · 5 sub-categories
Payment Processing
281
Merchant Acceptance / Commerce
152
Stablecoin Payment Rails
105
Crypto Cards
79
Payment Gateway
41
RWA Tokenization
484 companies · 7 sub-categories
Tokenization Platforms
177
Tokenized Treasuries & Money Markets
124
Real Estate (institutional)
57
Private Credit On-Chain
36
Trade Finance
32
Commodities (institutional)
31
Equity & Bond Tokenization
27
Wallet Infrastructure
202 companies · 7 sub-categories
Self-Custody Wallets
115
Embedded Wallets / WaaS
36
Custody (institutional)
26
Account Abstraction & Smart Wallets
11
Wallet Infrastructure
10
Hardware Wallets
3
Developer Tools
1
On/Off Ramps
360 companies · 5 sub-categories
Fiat-Crypto Ramps
212
Off-Ramps (Crypto-to-Fiat)
103
P2P Exchanges
29
Aggregator / Routing
12
On/Off Ramps
4
Crypto Banking
159 companies · 5 sub-categories
Crypto-Native Neobanks
89
Stablecoin Bank Accounts
39
Digital Asset Banks
21
Crypto Prime Brokerage
7
Crypto Banking
3
Treasury / FX / Orchestration
90 companies · 4 sub-categories
Stablecoin FX / Orchestration
42
Crypto Treasury Management
26
Lending / Credit
19
Treasury / FX / Orchestration
3
Compliance / RegTech
66 companies · 3 sub-categories
Compliance / RegTech
32
AML / KYC
22
On-Chain Analytics
12
Consumer Remittances
79 companies · 5 sub-categories
Stablecoin Remittance Apps
40
Corridor Specialists
31
White-Label Remittance Infrastructure
6
Remittance Services
1
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 | 12 | 14 | 18 | 24 | 46 | 24 | 38 | 104 | 80 | 2025 |
| Agentic Payments | · | · | 3 | 5 | 9 | 8 | 30 | 81 | 471 | 2026 |
| Stablecoin Issuance | 3 | 5 | 3 | 7 | 7 | 21 | 21 | 24 | 27 | 2026 |
| Stablecoin Infrastructure | 10 | 2 | 14 | 27 | 26 | 30 | 32 | 78 | 76 | 2025 |
| Merchant & Payment Processing | 15 | 15 | 23 | 40 | 52 | 46 | 46 | 126 | 277 | 2026 |
| RWA Tokenization | 28 | 23 | 25 | 49 | 46 | 51 | 57 | 93 | 88 | 2025 |
| Wallet Infrastructure | 6 | 6 | 12 | 17 | 24 | 21 | 16 | 37 | 46 | 2026 |
| On/Off Ramps | 13 | 15 | 12 | 19 | 28 | 24 | 31 | 61 | 138 | 2026 |
| Crypto Banking | 11 | 6 | 11 | 12 | 15 | 17 | 23 | 20 | 31 | 2026 |
| Treasury / FX / Orchestration | 4 | 1 | 2 | 4 | 5 | 10 | 11 | 23 | 25 | 2026 |
| Compliance / RegTech | 3 | 1 | 2 | 6 | 7 | 2 | 5 | 12 | 19 | 2026 |
| Consumer Remittances | 2 | 2 | 10 | 5 | 7 | 8 | 10 | 11 | 18 | 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 2026-05-12). 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 | |
|---|---|---|---|---|---|---|---|---|
| Merchant & Payment Processing | 52 | 46 | 46 | 126 | 277 | +0% | +174% | +120% |
| Cross-Border B2B Payments | 46 | 24 | 38 | 104 | 80 | +58% | +174% | -23% |
| Agentic Payments | 9 | 8 | 30 | 81 | 471 | +275% | +170% | +481% |
| Stablecoin Infrastructure | 26 | 30 | 32 | 78 | 76 | +7% | +144% | -3% |
| Compliance / RegTech | 7 | 2 | 5 | 12 | 19 | +150% | +140% | +58% |
| Wallet Infrastructure | 24 | 21 | 16 | 37 | 46 | -24% | +131% | +24% |
| Treasury / FX / Orchestration | 5 | 10 | 11 | 23 | 25 | +10% | +109% | +9% |
| On/Off Ramps | 28 | 24 | 31 | 61 | 138 | +29% | +97% | +126% |
| RWA Tokenization | 46 | 51 | 57 | 93 | 88 | +12% | +63% | -5% |
| Stablecoin Issuance | 7 | 21 | 21 | 24 | 27 | +0% | +14% | +13% |
| Consumer Remittances | 7 | 8 | 10 | 11 | 18 | +25% | +10% | +64% |
| Crypto Banking | 15 | 17 | 23 | 20 | 31 | +35% | -13% | +55% |
Geographic granularity
Which countries anchor each region
Top countries within each region by company count, computed across the 3,094 of 3,535 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
1,424
United States
1,357
Canada
66
Europe
698
United Kingdom
175
Switzerland
79
Germany
42
France
35
Spain
34
Lithuania
26
LatAm
369
Brazil
117
Argentina
41
Mexico
39
Colombia
27
Chile
11
Cayman Islands
10
Africa
258
Nigeria
140
South Africa
31
Kenya
31
Ghana
7
Uganda
4
Tanzania
3
MENA
156
United Arab Emirates
120
Israel
12
Bahrain
3
Saudi Arabia
3
Egypt
2
Qatar
2
APAC
352
Singapore
75
India
51
Hong Kong
46
Australia
36
Indonesia
16
Japan
13
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.