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Today, Stablecoin Insider, along with partners Persona, Kulipa, and Cybrid, announces the release of Into B2B Stablecoins: Cross-Border Payments, KYB Compliance & Card Issuance, a new report examining how stablecoins are moving from crypto-native markets into the operational infrastructure of global businesses.
The report’s headline finding is that business-to-business activity now dominates genuine stablecoin payments.
Of approximately $390 billion in real stablecoin payments measured on a trailing basis through February 2026, B2B flows represented about $226 billion, or roughly 58-60%, and grew 733% year over year, according to analysis from McKinsey and Artemis Analytics cited in the report.
The report also places those figures in context: genuine payments still represent only about 1% of roughly $35 trillion in overall stablecoin network activity, underscoring both the market’s momentum and its early stage.
“B2B is not a side effect of the stablecoin payments market. It is the market.”
The research organizes the emerging market into a three-layer infrastructure stack:
- Cross-border payment rails that move value
- Identity and compliance systems that determine who may use those rails
- Stablecoin-backed card issuance that converts on-chain balances into everyday corporate spending power.
The report was developed in partnership with Cybrid, Persona and Kulipa, with each company contributing practitioner insight from its respective layer.
Key Findings
- The remaining payment friction is primarily at the fiat edges.
- B2B stablecoin payments are expanding rapidly.
- KYB is the gating function for the market.
- AI is accelerating both fraud and fraud detection.
- Stablecoin-linked card spending is growing from a small base.
- Regulatory clarity is changing enterprise adoption.
Industry Perspectives
“Infrastructure providers for B2B stablecoin payments are set to spend the next 12 to 18 months simplifying the user experience by further abstracting complex backend elements.” — Avinash Chidambaram, Founder and CEO, Cybrid
“The strongest stablecoin platforms treat compliance as core infrastructure from day one, verifying continuously rather than once at the front door.” — Rick Song, Co-founder and CEO, Persona
“The question CFOs are now asking isn’t whether stablecoins are safe; it’s whether their infrastructure provider can make them usable at scale, securely and seamlessly in everyday operations.” — Axel Cateland, CEO, Kulipa
Download the Report
Download HereAbout Stablecoin Insider
Stablecoin Insider is the leading source for news, data and expert insight on stablecoins and the future of blockchain-based finance.
It delivers independent reporting on the technologies, platforms, policies and real-world use cases driving stablecoin adoption worldwide. Stablecoin Insider also works with companies across the stablecoin and digital-payments stack on research, interviews, reports and events.
About the Report Partners
Cybrid is a payments orchestration platform connecting stablecoin and fiat rails through developer-first APIs for cross-border payments, stablecoin products and treasury tools.
Persona is a configurable identity platform that helps businesses verify individuals and organizations, prevent fraud, and orchestrate KYC, AML and KYB processes across more than 200 countries and territories.
Kulipa provides stablecoin-native card-issuing infrastructure that enables fintechs and wallets to launch stablecoin-backed cards, virtual accounts and wallets through a single API.
