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.
3,952 companies tracked
Region 87% · 3,457 disclosed
Country 86% · 3,395 disclosed
Founding year 99.4% · 3,927 disclosed
Stage 91% · 3,609 disclosed
Coverage notes ↓
3,952
Companies tracked across 12 categories, 7 regions, and 137 countries.
Methodology · coverage · caveats
Where the gaps are
Of 3,952 companies tracked: 3,395 (86%) have a disclosed country, 3,927 (99.4%) have a founding year either verified through public sources or directionally indicated by the company's inception year in our dataset, and 3,609 (91%) 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
1,251 of 3,952 tracked companies (32%) operate primarily in LatAm, Africa, MENA, or APAC.
02 · Bifurcation
Where stablecoins meet local economies leans EM. Where capital and AI live leans US.
On/Off Ramps is the most EM-skewed category at 59% (297 of 503 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, but most of it is pre-product
660 companies, more than any other category, yet 95% are early stage, the highest share of any category at this stage. Where founding year is verified, peak year is 2026. The buildout is happening in real time, faster than traditional signal sources can track.
04 · YoY leader
Compliance / RegTech is the breakout category of 2025
Compliance / RegTech grew +240% YoY in new-company formations (5 cos founded in 2024, 17 in 2025), the fastest formation growth of any category, ahead of Agentic Payments at +221%. See the Growth Velocity card for the full ranking.
Capital deployment
05 · Maturity
Most of the map is still early stage
Only Stablecoin Issuance (26.0%, 40 of 154) and Compliance / RegTech (24.4%) have more than a quarter of cos past Seed, and the gap between them is narrow. At the other end, just 4.4% of Agentic Payments cos are past Seed. Formation has dramatically outpaced capital deployment.
06 · Acquirers
Stripe is consolidating the stablecoin payments stack via M&A
3 of 19 confirmed exits in 2025-2026 went to Stripe (Bridge $1.1B, Privy, Valora). Other acquirers in the wave: Polygon (2), NYSE:CRCL, Anchorage, NASDAQ:PYPL, Mastercard. The big-payments incumbents are buying their way into stablecoin infra rather than building.
Africa and MENA anchors
07 · Africa
Nigeria is 51% of Africa's stablecoin universe
146 of 288 tracked African companies operate in Nigeria. Kenya (34) and South Africa (34) trail distantly. Africa's stablecoin story is effectively a Nigerian one.
08 · MENA
UAE is 77% of MENA's tracked stablecoin universe
134 of 174 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 (36 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
82 of 385 APAC companies operate in Singapore. Hong Kong (52), India (56), and Australia (39) 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 404 LatAm companies tracked, 84 sit in On/Off Ramps, ahead of Merchant & Payment Processing (60).
The shape of the universe
11 · Recent formation
53% of 2025-2026 stablecoin formation operates in the US
1,035 of 1,938 recently-founded companies with disclosed region are based in the US, far ahead of Europe (277) and combined emerging markets (625). 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 137 countries but is concentrated in 5
54% of all tracked companies sit in just five countries: United States (1,529), United Kingdom (185), Nigeria (146), United Arab Emirates (135), Brazil (133). 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 3,622 of 3,952 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 3,622 of 3,952 companies (92%) with a tagged region.
| US | Europe | LatAm | Africa | MENA | APAC | |
|---|---|---|---|---|---|---|
| Cross-Border B2B Payments | 127 | 77 | 51 | 21 | 16 | 31 |
| Agentic Payments | 441 | 78 | 19 | 4 | 10 | 37 |
| Stablecoin Issuance | 36 | 38 | 26 | 10 | 4 | 25 |
| Stablecoin Infrastructure | 163 | 75 | 27 | 10 | 14 | 43 |
| Merchant & Payment Processing | 278 | 116 | 60 | 25 | 36 | 68 |
| RWA Tokenization | 164 | 122 | 55 | 10 | 34 | 68 |
| Wallet Infrastructure | 91 | 48 | 24 | 24 | 13 | 25 |
| On/Off Ramps | 116 | 90 | 84 | 143 | 21 | 49 |
| Crypto Banking | 58 | 56 | 32 | 8 | 12 | 7 |
| Treasury / FX / Orchestration | 46 | 24 | 10 | 1 | 7 | 9 |
| Compliance / RegTech | 29 | 19 | 3 | 1 | 6 | 10 |
| Consumer Remittances | 52 | 25 | 13 | 31 | 1 | 13 |
| Region total | 1,601 | 768 | 404 | 288 | 174 | 385 |
Less dense
More dense (max 441)
Maturity by category
What stage of company dominates each category
Stage distribution by last known funding round, computed across the 3,609 of 3,952 companies (91%) with disclosed stage. The remaining 343 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
BridgeBVNKBeamRail
Agentic Payments
·
Stablecoin Issuance
CircleMountain ProtocolPayPal (PYUSD)
Stablecoin Infrastructure
Iron
Merchant & Payment Processing
BaanxLoop Crypto
RWA Tokenization
HashnoteFigure
Wallet Infrastructure
PrivyDynamicSequenceFordefiValora
On/Off Ramps
CoinmeHelio
Crypto Banking
·
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 3,952 companies). Hover a category name for a one-line description. Click any sub-sector to drill into its companies.
Cross-Border B2B Payments
336 companies · 6 sub-categories
Stablecoin Cross-Border Rails
177
Emerging Market Corridors
75
Liquidity & Settlement
36
B2C Cross-Border
28
Payroll & Disbursements
16
Cross-Border Payments
4
Agentic Payments
661 companies · 6 sub-categories
Agent-Native Payment Rails
341
Agent Identity & Authorization
139
Agent Marketplaces / Discovery
111
AI-Native Fintech Tooling
52
Agent Credit & Underwriting
16
Agentic Payments
2
Stablecoin Issuance
154 companies · 5 sub-categories
Non-USD Currency Stablecoins
85
USD-Pegged Stablecoins
33
Algorithmic / Crypto-Backed Stablecoins
22
Yield-Bearing Stablecoins
9
Stablecoin Issuers
5
Stablecoin Infrastructure
357 companies · 10 sub-categories
Settlement Infrastructure
129
Issuance Platforms & Tooling
108
Banking-as-a-Service
28
Analytics & Orchestration
22
DeFi Protocols
20
Liquidity & Reserves
16
CBDC Infrastructure
15
Stablecoin Yield & Earn
14
Stablecoin-Native L1s
4
Liquidity & Reserve
1
Merchant & Payment Processing
653 companies · 5 sub-categories
Payment Processing
304
Merchant Acceptance / Commerce
184
Stablecoin Payment Rails
84
Crypto Cards
80
Payment Gateway
1
RWA Tokenization
523 companies · 7 sub-categories
Tokenization Platforms
193
Tokenized Treasuries & Money Markets
134
Real Estate (institutional)
69
Private Credit On-Chain
34
Trade Finance
32
Commodities (institutional)
31
Equity & Bond Tokenization
30
Wallet Infrastructure
239 companies · 8 sub-categories
Self-Custody Wallets
138
Embedded Wallets / WaaS
37
Custody (institutional)
35
Account Abstraction & Smart Wallets
14
Wallet Infrastructure
10
Hardware Wallets
3
Custody
1
Developer Tools
1
On/Off Ramps
526 companies · 5 sub-categories
Fiat-Crypto Ramps
323
Off-Ramps (Crypto-to-Fiat)
147
P2P Exchanges
37
Aggregator / Routing
15
On/Off Ramps
4
Crypto Banking
179 companies · 5 sub-categories
Crypto-Native Neobanks
99
Stablecoin Bank Accounts
51
Digital Asset Banks
20
Crypto Prime Brokerage
6
Crypto Banking
3
Treasury / FX / Orchestration
107 companies · 4 sub-categories
Crypto Treasury Management
46
Lending / Credit
29
Stablecoin FX / Orchestration
29
Treasury / FX / Orchestration
3
Compliance / RegTech
78 companies · 3 sub-categories
Compliance / RegTech
40
AML / KYC
23
On-Chain Analytics
15
Consumer Remittances
139 companies · 5 sub-categories
Stablecoin Remittance Apps
68
Corridor Specialists
48
White-Label Remittance Infrastructure
20
Consumer Remittances
2
Remittance Services
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 | 13 | 9 | 16 | 22 | 37 | 26 | 32 | 90 | 71 | 2025 |
| Agentic Payments | 1 | · | 2 | 5 | 8 | 8 | 29 | 93 | 510 | 2026 |
| Stablecoin Issuance | 3 | 6 | 5 | 11 | 10 | 20 | 22 | 28 | 34 | 2026 |
| Stablecoin Infrastructure | 12 | 4 | 19 | 27 | 24 | 35 | 38 | 91 | 84 | 2025 |
| Merchant & Payment Processing | 16 | 14 | 20 | 44 | 53 | 51 | 45 | 124 | 271 | 2026 |
| RWA Tokenization | 31 | 25 | 25 | 54 | 52 | 54 | 61 | 98 | 95 | 2025 |
| Wallet Infrastructure | 10 | 8 | 15 | 19 | 24 | 26 | 23 | 41 | 55 | 2026 |
| On/Off Ramps | 18 | 24 | 16 | 25 | 42 | 35 | 46 | 95 | 202 | 2026 |
| Crypto Banking | 11 | 6 | 10 | 14 | 17 | 20 | 24 | 26 | 39 | 2026 |
| Treasury / FX / Orchestration | 5 | 2 | 3 | 5 | 8 | 8 | 19 | 22 | 28 | 2026 |
| Compliance / RegTech | 4 | 1 | 3 | 5 | 9 | 2 | 5 | 17 | 23 | 2026 |
| Consumer Remittances | 3 | 4 | 12 | 11 | 15 | 13 | 14 | 24 | 35 | 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 excluded from YoY math because the year is still in progress.
| 2022 | 2023 | 2024 | 2025 | '23→'24 | '24→'25 | |
|---|---|---|---|---|---|---|
| Compliance / RegTech | 9 | 2 | 5 | 17 | +150% | +240% |
| Agentic Payments | 8 | 8 | 29 | 93 | +263% | +221% |
| Cross-Border B2B Payments | 37 | 26 | 32 | 90 | +23% | +181% |
| Merchant & Payment Processing | 53 | 51 | 45 | 124 | -12% | +176% |
| Stablecoin Infrastructure | 24 | 35 | 38 | 91 | +9% | +139% |
| On/Off Ramps | 42 | 35 | 46 | 95 | +31% | +107% |
| Wallet Infrastructure | 24 | 26 | 23 | 41 | -12% | +78% |
| Consumer Remittances | 15 | 13 | 14 | 24 | +8% | +71% |
| RWA Tokenization | 52 | 54 | 61 | 98 | +13% | +61% |
| Stablecoin Issuance | 10 | 20 | 22 | 28 | +10% | +27% |
| Treasury / FX / Orchestration | 8 | 8 | 19 | 22 | +138% | +16% |
| Crypto Banking | 17 | 20 | 24 | 26 | +20% | +8% |
Geographic granularity
Which countries anchor each region
Top countries within each region by company count, computed across the 3,395 of 3,952 companies (86%) 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
1,601
United States
1,526
Canada
74
Europe
768
United Kingdom
185
Switzerland
86
Germany
46
France
40
Spain
35
Poland
29
LatAm
404
Brazil
133
Argentina
42
Mexico
40
Colombia
28
Chile
11
Cayman Islands
10
Africa
288
Nigeria
146
South Africa
34
Kenya
34
Ghana
8
Uganda
5
Tanzania
4
MENA
174
United Arab Emirates
134
Israel
14
Bahrain
3
Saudi Arabia
3
Egypt
2
Qatar
2
APAC
385
Singapore
82
India
56
Hong Kong
52
Australia
39
Indonesia
19
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.