Stablecoins expands beyond digital payments, study shows

By Divya Shah

Why this matters: Stablecoins are creating new opportunities for the FinTech industry by extending their role beyond cross-border payments into treasury management, digital wallets and embedded financial services.

Key Findings

Stablecoins are moving beyond their role as a faster option for cross-border payments to become part of the wider financial infrastructure used by businesses. According to a new Payoneer study, companies are increasingly exploring the technology for treasury management, embedded finance, digital wallets, stored balances and card-based services, according to a new study by Payoneer. 

The study, which surveyed 265 senior payments, treasury and finance leaders in September 2026, covered US-based marketplaces, platforms and enterprises with annual revenue of at least US$100 million that were already using, piloting or evaluating stablecoins. 

The findings indicate strong interest in the technology, with 69% of respondents already using stablecoins in live operations. Overall, 97% are either using, testing or evaluating the technology, suggesting that very few businesses have abandoned their stablecoin initiatives. 

The study also found a clear difference between businesses experimenting with stablecoins and those using them at scale. Companies with significant operational stablecoin activity were more than three times as likely to describe the technology as very valuable compared with businesses still in the pilot stage. 

These larger adopters were also more than twice as likely to offer stablecoin-powered services directly to customers and supported more than twice as many use cases, averaging around four compared with fewer than two among other organisations. 

Cross-border payment volumes also influenced perceptions of value. Among businesses moving more than $1 billion across borders annually, 65% considered stablecoins very valuable. This compared with 43% of businesses handling less than US$50 million in annual cross-border payments. 

Multinational businesses reported stronger results as well. Among organisations operating in 11 or more countries, 82% had achieved measurable value in at least three areas, compared with 60% of businesses operating in ten countries or fewer. 

Payments and finance departments are emerging as the main drivers of stablecoin adoption within businesses. Payments teams were identified by 48% of respondents as the strongest source of motivation for adopting or expanding stablecoin initiatives, followed by finance and treasury teams at 41%. 

The study identified three broad business priorities behind stablecoin adoption: meeting recipient demand, improving the efficiency of money movement and developing embedded financial services. 

In treasury operations, stablecoins offer businesses the ability to transfer and settle funds around the clock, including outside traditional banking hours. This can reduce settlement delays, advance funding requirements and the amount of working capital tied up in payment operations, while improving liquidity and cross-border money management. 

Marketplaces and digital platforms are also exploring stablecoins as a foundation for embedded financial products. These include stored balances, digital wallets and payment cards that can be integrated into existing platforms without requiring businesses to build and manage an entire banking infrastructure.  

Regulated financial partners can provide the necessary banking, licensing and compliance capabilities, allowing platforms to focus on delivering financial services through their own applications and websites. 

The research found that around four in ten businesses are already using stablecoins at a meaningful scale across each of the core use cases, while others are still testing or assessing their options. 

Embedded balances, wallets and cards have emerged as one of the most advanced applications. Respondents are already using stablecoins for these services at meaningful scale, matching the share using the technology for money movement. 

This suggests that businesses are beginning to build financial products and customer experiences around stablecoins rather than using them solely as a payment and settlement mechanism. 

Looking ahead, respondents expect the technology to play a wider role in financial services. At least 83% consider stablecoins a current priority or relevant within the next three years across every capability examined beyond payments, including treasury operations and embedded customer finance. 

The expansion of business adoption is contributing to the growth of a wider stablecoin ecosystem. Research by German payment infrastructure consultancy Bearing Technology identifies several categories of providers supporting the sector. 

These include stablecoin issuers such as Circle and Tether; custody and infrastructure providers such as Fireblocks and Utila; payment platforms such as BVNK and Bitso Business; cross-border payout networks such as TerraPay and Inpay; and broader payment networks with stablecoin capabilities, including Rapyd and Sokin. 

As businesses expand their use of stablecoins, the technology is increasingly becoming part of the conversation around the future of digital payments, treasury infrastructure and embedded financial services.