B2B Flows Lead Stablecoin Payments, Report Finds

Stablecoin Insider, with partners Persona, Kulipa and Cybrid, released a report tracking genuine stablecoin payments through February 2026. Analysis cited in the report from McKinsey and Artemis Analytics shows business-to-business transactions made up roughly $226 billion of about $390 billion in measured payments, equal to roughly 58–60% of the total. The report also found B2B stablecoin payments grew 733% year over year.

The authors placed the payments data in broader context, noting that measured payments represent about 1% of roughly $35 trillion in overall stablecoin network activity. The report frames the market as still early-stage despite rapid growth in B2B use.

Research in the report organizes the market into three infrastructure layers. The lowest layer consists of cross-border payment rails that move value between currencies and jurisdictions. The middle layer covers identity and compliance systems that verify businesses and control access to payment rails, often described as know-your-business processes. The top layer is stablecoin-backed card issuance, where on-chain balances are converted into cards and virtual accounts for corporate spending.

The report identifies the main frictions as the fiat on- and off-ramps and integration with legacy corporate finance systems. Converting between fiat and stablecoins and linking stablecoin infrastructure to accounting and treasury workflows are highlighted as the largest sources of complexity for firms. Corporate know-your-business checks are described as a gating function: firms must verify counterparties and prevent fraud before moving large sums.

The report also addresses fraud and detection, saying artificial intelligence is affecting both sides. AI tools are accelerating fraud detection for compliance teams while bad actors are using advanced techniques to exploit gaps in identity and transaction monitoring. Stablecoin-linked card spending remains small but is growing as companies test use cases for operational expenses and treasury disbursements.

Regulatory clarity is cited as influencing enterprise decisions. Conversations with payments and identity providers in the report indicate clearer rules in some jurisdictions have encouraged treasury teams to pilot or scale stablecoin flows. Vendors report that financial officers increasingly evaluate whether infrastructure providers can deliver security, scale and integration with existing workflows.

Company leaders featured in the report offered short assessments of near-term priorities. Avinash Chidambaram, founder and CEO of Cybrid, wrote: “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.” Rick Song, co-founder and CEO of Persona, noted: “The strongest stablecoin platforms treat compliance as core infrastructure from day one, verifying continuously rather than once at the front door.” Axel Cateland, CEO of Kulipa, commented: “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.”

The report was developed with practitioner input from Cybrid, Persona and Kulipa. Cybrid provides payments orchestration APIs that connect stablecoin and fiat rails. Persona supplies identity verification and orchestration for KYC, AML and KYB across more than 200 countries and territories. Kulipa offers card-issuing infrastructure that enables fintechs and wallets to launch stablecoin-backed cards and virtual accounts via a single API.