New we Report: 'Into B2B Stablecoins'

Today, we, 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.

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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.

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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

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Download the Report

Download Here

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About we

We 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. We 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.

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