Table of Contents
In this interview, Chiara Munaretto of Stablecoin Insider sits down with Mark Berkovich, CEO of Kea, to unpack how stablecoins are solving real operational pain points for businesses such as stuck payments, frozen accounts, and the unpredictability of legacy correspondent banking networks.
While much of the stablecoin conversation centers on issuance and regulation, Mark offers a ground-level view from the perspective of a company that actually moves money for businesses across 130+ currencies.
His thesis is simple: stablecoins aren't a speculative instrument for most of his clients, they're a backup generator that keeps the lights on when the traditional banking system fails.
What Is Kea?
Kea is a fintech solutions hub that combines a neo-bank, a crypto platform, and global payment services into a single infrastructure.
The company's model rests on four pillars:
- Licensing strategy - Kea holds licenses across multiple jurisdictions, positioning it as a truly global, multi-jurisdictional operator rather than a single-market player.
- Proprietary technology - The team built its infrastructure from scratch, giving it the speed and adaptability to integrate new rails quickly.
- Compliance-first architecture - Kea uses automated compliance tooling designed to be agile without becoming a bottleneck for clients.
- Human touch - In a space increasingly dominated by automated onboarding and chatbot support, Kea emphasizes direct, human client relationships which is something Mark says clients consistently value.
The "Painkiller" Thesis
Mark frames stablecoins not as a product businesses seek out, but as a solution they discover when traditional finance breaks down.
The three recurring pain points he sees across Kea's client base:
- A business can't open a bank account.
- A cross-border payment gets stuck in the correspondent banking chain.
- Payment timing and costs are unpredictable, making cash flow management difficult.
Stablecoins, in this framing, are the painkiller, not a vitamin. When an account is frozen or a payment is trapped between intermediary banks, a stablecoin transfer lets the business keep operating.
How the "Stablecoin Sandwich" Works
The most practical cross-border use case Mark describes is what the industry calls the "stablecoin sandwich."
The mechanics are straightforward:
- The sender on-ramps fiat to stablecoins locally.
- The stablecoins are transferred on-chain to the beneficiary.
- The beneficiary off-ramps back to local fiat if they choose.
Both the on-ramp and off-ramp happen locally, which means the transaction never touches the SWIFT correspondent banking network. This makes it more predictable and transparent, and critically, it gives the sender a verifiable on-chain proof of transfer rather than a PDF confirmation based on trust.
Mark is candid about the cost trade-off: on and off-ramping fees currently make the stablecoin sandwich slightly more expensive than a standard cross-border wire. But those costs shrink the more a business keeps value on-chain rather than converting back to fiat at every step.
Why Regulation Is the Bottleneck
The stablecoin sandwich only works reliably when both sides of the transaction are handled by properly licensed entities, specifically, Virtual Asset Service Providers (VASPs) operating under clear regulatory frameworks.
Mark sees this as the single biggest dependency for mainstream adoption. Without regulated players on both ends, businesses face the same uncertainty they're trying to escape: questions about audit trails, documentation for financial statements, and counterparty risk.
His prediction: the market will consolidate toward fewer, larger multi-jurisdictional providers rather than a patchwork of local operators. This is the model Kea is building toward.
Banks vs. Stablecoin Issuers
Mark describes a tension playing out inside traditional banks. On one side, they fear disintermediation, on-chain lending protocols and tokenized bonds could erode their core business. On the other, their corporate clients are increasingly frustrated when payments take days to settle.
Banks are beginning to respond by issuing their own stablecoins and exploring tokenized deposits, instruments pegged to fiat that let banks operate on-chain without fully adopting a new currency. Mark sees tokenized deposits as potentially the earliest bridge use case for banks entering the space.
The competitive differentiation between banks and dedicated stablecoin issuers, he argues, will come down to infrastructure and value-add features. Issuers currently hold an edge by offering yield, rewards programs, and native integrations with fiat payout networks.
Kea's Business Banking Stack
On the product side, Kea offers corporate clients a fully remote, automated KYB (Know Your Business) onboarding process that can be completed in a couple of days.
Once onboarded, clients can:
- Select fiat currencies and payment corridors
- Enable stablecoin and crypto accounts alongside their fiat accounts
- Access yield generation on stablecoin holdings—including through a partnership with Paxos and the Global Dollar Network Initiative, which uses the USDG stablecoin backed by US treasuries
Mark notes that many traditional businesses have started using stablecoins simply because the option was presented to them during onboarding.
Looking ahead, Kea's roadmap includes two additional phases: DeFi-style lending protocols using Tier 1, near risk-free instruments, followed by tokenized assets (such as tokenized stocks) to let clients stay on-chain for investments rather than off-ramping to a brokerage.
2026 Outlook
Both speakers expect stablecoin transaction volumes to continue their upward trajectory, with 2026 shaping up as a year of "booming growth." The key catalysts they're watching:
- Regulatory clarity in the EU and US, specifically, how stablecoins will be legally classified (electronic money, digital tokens, or crypto) and which stablecoins will be accepted globally.
- New payment corridors - Kea plans to launch fiat corridors integrated with stablecoin tooling.
- Geographic expansion - Licensing projects in the EU and a new initiative in the UAE are on Kea's 2026 roadmap.
Mark's closing message is that 2026 will be defined by the convergence of fiat and on-chain economics, and that Kea intends to be at the center of that convergence for businesses that need both.
