Senior treasury professionals gathered in London this week for a Treasury Dragons roundtable lunch at London's Savoy, sponsored by Bottomline. Their topic of conversation was the growing impact of artificial intelligence and stablecoins on corporate payments and the wider treasury function.

Artificial intelligence was already firmly on the agenda for most organisations represented around the table. The majority of treasurers reported using AI tools to some degree, typically through a single platform mandated and approved by the wider business, most commonly Microsoft Copilot.

While adoption is clearly under way, participants acknowledged that governance may lag behind. Only two treasurers present reported having formal policies governing the use of AI tools, although several organisations indicated that policies are currently being developed.

Skills at risk?

The discussion also highlighted concerns about the potential "deskilling" of treasury teams as AI takes over tasks traditionally performed by junior staff. Participants noted that while automation can significantly improve efficiency, organisations must consider how future treasury professionals will develop foundational skills and experience if entry-level responsibilities increasingly disappear.

Payment fraud emerged as a persistent and growing concern. Delegates observed that AI is creating new risks through increasingly sophisticated phishing attacks, voice cloning and deepfake technologies. At the same time, many saw AI as part of the solution, with the potential to improve verification processes, identify anomalies and provide more consistent checking of payees and payment instructions.

Stablecoins

The conversation then turned to stablecoins and their potential role in corporate payments. Although no treasury team represented at the lunch is currently using stablecoins for payments, and none reported immediate plans to do so, participants recognised the potential benefits. Faster settlement, greater transparency and enhanced security for international transactions were among the advantages discussed.

The regulatory environment was also seen as an important factor in future adoption. Participants noted growing momentum behind stablecoin legislation in both the United States and the United Kingdom. In the US, Congress passed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), creating the first comprehensive federal regulatory framework for payment stablecoins,  while in the UK he FCA and Bank of England are developing a regime for payment stablecoins.

Treasurers welcomed the direction of travel, observing that regulatory clarity will be essential before many corporates consider using stablecoins for operational payments at scale.

However, the discussion also challenged the assumption that faster payments are always better. Several treasurers noted that instant payments are not necessarily required, or even desirable, in many corporate scenarios. One senior treasurer noted that when treasury is asked to execute a payment urgently, this is often the result of process failures elsewhere in the organisation, such as delayed approvals, poor planning or breakdowns in internal communication. In these cases, faster payment rails may address the symptom rather than the underlying cause.

Despite the interest in stablecoins, attendees suggested that widespread corporate adoption may still be some distance away. One participant noted that in parts of the global economy, cash transported in vans and even paper cheques remain in occasional use, illustrating the reality that payment innovation often progresses more slowly than technology advocates expect.

The discussion concluded that while AI is already beginning to reshape treasury operations, stablecoins remain largely a future opportunity rather than a current priority. Treasury leaders will continue to monitor developments in both areas as they seek to balance innovation, risk management and operational effectiveness.
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The Treasury Dragons roundtable formed part of an ongoing series of peer-to-peer discussions for senior treasury professionals. To be invited to a future event near you, or to sponsor a similar event, register your interest here

MoneyGram has become one of the first major payments companies to launch its own stablecoin, marking another significant step towards the use of blockchain-based infrastructure in mainstream payments.

The company this week announced the launch of MGUSD, a US dollar-backed stablecoin that it intends to use as a core component of its global payments network. Initially, the stablecoin will be deployed for treasury management, settlement and foreign exchange operations in the United States before a broader international rollout.

For treasury professionals, the announcement is notable because it moves stablecoins beyond experimentation and into the operational infrastructure of a major cross-border payments provider. Rather than simply enabling customers to buy or hold digital assets, MoneyGram is positioning MGUSD as a tool to improve the movement of money across its own network.

The stablecoin has been built on the Stellar blockchain and forms part of MoneyGram's broader strategy of integrating blockchain technology into its payments operations. The company has spent several years developing stablecoin capabilities, including cash-in and cash-out services, digital wallets and partnerships with blockchain infrastructure providers.

The move comes at a time when stablecoins are gaining greater regulatory legitimacy. In the United States, new legislation has established a framework for payment stablecoins, providing greater certainty for institutions considering their use in payments and treasury operations.

For corporates, the potential attractions remain familiar: faster settlement, improved transparency, reduced reliance on correspondent banking networks and the possibility of holding and moving digital dollars around the clock. These benefits are particularly relevant for international payments, where settlement delays and visibility challenges continue to frustrate treasury teams.

However, corporate adoption remains limited. At a recent Treasury Dragons roundtable in London, no treasury team represented around the table reported using stablecoins for payments today, despite widespread interest in their long-term potential. Participants recognised the opportunities for faster and more transparent cross-border transactions but also questioned whether instant settlement is always necessary in corporate environments.
MoneyGram's decision to place stablecoins at the centre of its own treasury and settlement operations may therefore prove to be an important test case for the wider market. If a global payments company can demonstrate measurable improvements in efficiency, liquidity management and settlement speed, corporate treasury teams may begin to view stablecoins as a practical payments tool rather than a future technology.
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For now, MGUSD represents another sign that stablecoins are steadily moving from the fringes of financial innovation into the core infrastructure of global payments. Whether corporate treasurers follow remains an open question.

​London-based fintech Round has raised $6 million in seed funding to expand its AI-powered finance automation platform, as investor interest in autonomous finance operations continues to accelerate.

Founded in 2023 by Pac O’Shea and Hayyaan Ahmad, Round develops software designed to automate treasury management, payments, payroll, FX and accounts payable processes for finance teams at high-growth companies. Customers include Cleo and PostHog.

​The funding round was led by Munich-based Alstin Capital, with participation from Backed VC and Love Ventures. Existing investors including Passion Capital also reinvested, while approximately 10% of Round’s customers joined the round alongside angel investors including Indeed co-founder Paul Forster.

The company said the new funding will be used to scale its financial infrastructure and accelerate product development, including the launch of two new tools: an Agentic Workflow Builder and an Autonomous Payroll platform.

Round’s platform sits between banks, ERP systems and payment rails, using AI and workflow automation to reduce manual finance tasks including invoice approvals, payment execution and payroll funding. The company said it has already processed more than $500 million in transactions since launch.

Chief executive Pac O’Shea said the company was focused on automating operational finance work rather than replacing finance teams altogether.

“Everyone’s trying to build an AI CFO,” O’Shea said in a statement. “We’re taking the same approach, but for finance.”

The company said many finance teams continue to rely on fragmented systems and manual workflows despite growing investment in finance software. Round argues that embedded AI agents and workflow orchestration will become increasingly important as finance functions look to improve efficiency without expanding headcount.

Alstin Capital partner Andreas Schenk said Round represented “a fundamentally new approach to finance operations”, describing the company as an orchestration layer connecting banking, treasury and payment infrastructure in real time.

The funding comes amid a broader wave of investment into AI-native finance and treasury platforms, as startups increasingly target manual operational processes across corporate finance, accounting and payments. Investors are betting that agentic AI systems capable of executing workflows — rather than simply generating insights — could significantly reshape finance operations over the next decade.

Ripple has launched what it describes as the first treasury management system (TMS) with native digital asset capabilities, as the blockchain infrastructure provider expands further into corporate treasury technology.

The company, which acquired GTreasury in October last year and rebranded it as Ripple Treasury,  announced the launch of new Digital Asset Accounts and Unified Treasury capabilities within the system, enabling corporates to manage fiat currencies, stablecoins and digital assets through a single treasury platform.

According to Ripple, the new functionality is designed to integrate blockchain-based assets directly into day-to-day treasury operations including liquidity management, payments and reconciliation.

Ripple said the platform allows treasury teams to view and manage both traditional and digital assets from a consolidated dashboard, including real-time balances, transaction visibility and automated reconciliation workflows. The system supports assets including XRP and Ripple USD (RLUSD), the company’s stablecoin.

In a statement, Ripple said the new capabilities were developed in response to increasing corporate interest in stablecoins and tokenised financial infrastructure.

The company cited findings from its 2026 New Value Report, which surveyed more than 1,000 finance leaders globally. According to the report, 72% of respondents said organisations require a digital asset strategy to remain competitive, while 74% said stablecoins could improve cash-flow efficiency and working capital management.

Ripple said treasury teams have traditionally faced operational challenges when managing digital assets because custody, reporting and reconciliation processes were often handled outside core treasury systems. The company said embedding digital asset functionality directly into the TMS environment removes the need for separate crypto infrastructure and manual workflows.

Mark Johnson, VP of Global Product at Ripple Treasury, said the objective was to allow digital assets to “behave like cash” within treasury operations.

Ripple Treasury processed more than $13 trillion in payment volumes last year, according to the company, serving customers ranging from SMEs to multinational corporates.

The launch comes amid growing institutional adoption of tokenised finance infrastructure and stablecoin-based settlement models across the banking and payments sector. Financial institutions including JPMorgan, Mastercard and BlackRock have all expanded tokenisation initiatives over the past year as treasury and liquidity management workflows increasingly intersect with blockchain-based financial infrastructure.

Spanish treasury management fintech Embat has raised €30 million in a Series B funding round led by Cathay Innovation, with participation from existing investors including Creandum, Samaipata, 4Founders Capital and Venture Friends, as the company accelerates its push to become a major European treasury technology platform.

The Madrid-headquartered fintech, founded in 2021 by former J.P. Morgan executives Antonio Berga and Carlos Serrano alongside former Fintonic CTO Tomás Gil, said the new funding will support expansion across Europe, with a particular focus on the UK and Ireland.

Embat has positioned itself as an AI-native treasury management platform aimed at mid-market and enterprise finance teams still reliant on spreadsheets and fragmented banking systems. Its platform connects with more than 15,000 banks and major ERP systems, giving treasury teams real-time visibility over cash positions, payments, reconciliation and liquidity forecasting.

Central to the company’s proposition is “TellMe”, Embat’s AI-powered treasury analyst, which automates reconciliation processes, identifies cash flow patterns and supports forecasting and hedging decisions. The company claims its technology can automate up to 80% of manual treasury tasks.

The investment reflects growing investor interest in treasury technology platforms that combine automation, open banking connectivity and artificial intelligence at a time when corporate finance teams are under pressure to improve liquidity visibility and reduce operational inefficiencies.

Embat currently serves more than 400 corporate clients across Europe, including Treatwell, Fever, Northern Data, PetLab Co. and Arena Racing Company. The company employs around 150 staff across offices in Madrid, London, Berlin and Munich.

Cathay Innovation managing partner Jacky Abitol said Embat was addressing “some of the most complex challenges faced by large corporates” and described AI-driven treasury systems as becoming increasingly essential infrastructure for enterprise finance operations.

The latest round takes Embat’s total funding since launch to more than €50 million. The company previously raised a $16 million Series A round in 2024 led by Creandum.

The funding comes amid increasing competition in the treasury technology sector, where vendors including Kyriba, Agicap and Trovata are all expanding AI capabilities within their platforms. Embat is betting that embedded AI and real-time treasury orchestration will become a core requirement for CFOs and treasurers managing increasingly complex global cash operations. 

Kyriba has unveiled an AI-orchestrated treasury platform that integrates stablecoin payments, money market investing and liquidity planning capabilities, signalling a significant shift in how treasury technology providers are positioning themselves for the next phase of corporate finance transformation.

The announcement was made at KyribaLive 2026 in Las Vegas, where the treasury technology provider introduced new collaborations with Circle, J.P. Morgan Asset Management and the Association for Financial Professionals (AFP), alongside new liquidity and foreign exchange risk management tools.

At the heart of the strategy is Kyriba's Trusted Agentic AI (TAI), which the company says will help treasury teams automate decision-making while retaining human oversight and control. The platform is designed to surface recommendations based on liquidity needs, investment policies, cash forecasts and risk parameters rather than relying on fixed rules-based workflows.
One of the most notable developments is the integration of Circle's USDC stablecoin into the Kyriba platform. The move reflects growing interest among treasury teams in blockchain-based settlement and on-chain liquidity management following increased regulatory clarity around stablecoins. Through the integration, corporate treasury teams will be able to access digital dollar capabilities within existing treasury workflows rather than through standalone cryptocurrency infrastructure.

Kyriba is also embedding J.P. Morgan Asset Management's Morgan Money liquidity platform directly into its treasury environment. The integration is intended to allow treasury teams to move excess cash into money market investments without leaving the treasury management system, creating a more seamless connection between cash visibility and investment execution.

Alongside the technology announcements, Kyriba and AFP have launched what they describe as the treasury industry's first professional certificate focused on stablecoins and on-chain liquidity. The programme is designed to help treasury professionals evaluate and implement digital asset strategies within established governance frameworks.

The company also introduced Advanced Liquidity Planning, a tool aimed at replacing spreadsheet-based cash planning with scenario modelling, automated data aggregation and real-time visibility across legal entities and business units. A new Advanced FX capability seeks to automate aspects of exposure management and hedging workflows for multinational organisations.

The announcements highlight several themes increasingly shaping the treasury technology market: the rise of agentic AI, growing interest in stablecoin-enabled treasury operations, tighter integration between treasury and investment management, and a push to reduce manual processes through automation.

While adoption of stablecoins in corporate treasury remains at an early stage, the involvement of established players such as Circle, J.P. Morgan Asset Management and AFP suggests the conversation is moving beyond experimentation toward practical treasury use cases. For treasury teams under pressure to improve liquidity performance and accelerate decision-making, the industry appears to be entering a period where AI and digital assets are becoming core components of treasury infrastructure rather than emerging technologies on the periphery.

Trovata is to acquire ATOM, the enterprise Treasury Management System (TMS) developed by Financial Sciences Corporation. The move boosts Trovata into the ranks of the major TMS providers, adding services such as debt and investment instruments, intercompany transactions, in-house bank support, credit facilities, FX hedging, full domestic and international payment workflow, bank fee analysis and bank account management to its platform. 

At the same time, Trovata announced a $9 million extension to its Series B round from new investors State Street Corporation and The PNC Financial Services Group. This brings the company's total funding to $80 million, with over $50 million previously raised from a consortium of some of the world's largest financial services companies, including J.P. Morgan, Wells Fargo, National Australia Bank, Capital One Ventures, and Mastercard.

"There hasn't been a new TMS built in nearly three decades," said Brett Turner, Founder and CEO of Trovata. "We pioneered corporate banking APIs and the only true cloud-native treasury platform in the market with meaningful scale. Now, with ATOM, we have the firepower to compete directly with the legacy incumbents—and replace them. This isn't just expansion. It's a generational shift in treasury tech."

Alf Newlin, Co-Founder and CEO of Financial Sciences, added: "ATOM was built for complexity and designed to serve Fortune 500 treasury teams with global scale. Combining our comprehensive and battle-tested treasury system with Trovata's platform architecture and bank distribution model creates a solution that's both powerful and unmatched."

Stablecoins, a form of less volatile cryptocurrency pegged to the value of a real world asset like the dollar, can speed up up 24x7 cross-border intercompany and external trade payments, aiding liquidity management. 

Frictionless stablecoins, collateralised against an asset, can provide another tool for treasurers to make payments, mitigate foreign exchange (FX) risk and help unlock trapped cash and liquidity thanks to the always-on nature of these blockchain-based coins. With aligned smart contract programmability, they can also help release conditional payments and trade steps to give a more efficient real-time treasury operation.  

Stablecoins can act as an on/off ramp to decentralised finance (DeFi) applications on the blockchain like the Aave platform; interoperate with, or fight against, traditional (TradFi) cross-border payment or trade networks like Swift; or simply act as a bridge to safe fiat currencies.
They are becoming accepted as a cash-like crypto token equivalent in themselves for wholesale and retail end uses as regulation advances – indeed, there are many payment applications coming to market just now, such as the new SaturnX stablecoin-based global platform.

Stablecoins are quicker to market than the failsafe central bank digital currencies (CBDCs) that are currently under development in the form of the digital dollar, pound and euro and so on, and more stable than other cryptocurrencies like Bitcoin (BTC) due to their dollar, gold or other such pegging mechanism. This is why they are fast gaining market traction.  

“Lack of regulatory clarity and design issues were a barrier to widespread stablecoin adoption in the past, especially given high-profile failures such as with Terraform Labs and its failed UST stablecoin peg in 2022, when the since discredited algorithmic pegging mechanism didn’t work,” says Jannah Patchay, Founder & Director of the Markets Evolution consultancy. She extols the steps taken since this crash to improve backing asset composition and custody, transparency, and design. More popular and enduring dollar-backed coins, such as Circle’s USDC and Tether’s USDT, have now become the norm. They constitute the majority of the marketplace, according to the CoinGecko tracker that is commonly used in the industry.

USDT and its main rival USDC dominate issuance – both linked to the real fiat dollar – among a plethora of other coins that will not necessarily all stay the course. This is why S&P has developed its stability grading solution to help users find a suitable coin.     

The key attraction of the popular Tether coin is its reliance on US Treasury Bills and ultimately the dollar (USD) itself to retain its value, as the coin is traded and used around the world. Its pegging mechanism and USDC gives greater off chain certainty of stored value, and reassurance that a dollar is worth a dollar.   

Coins are moving to the financial mainstream  

“The recent EU, US, and UK cryptoasset moves to better regulate stablecoins – and indeed the whole field of digital assets and currencies, spanning from BTC and cryptocurrency trading through to tokenisation in capital markets and other end uses of the underlying distributed ledger technology (DLT) in the financial sector – is also very welcome,” adds Patchay, “as it again provides greater certainty. This is crucial for corporate treasury uptake.” When CBDCs come on stream it should further encourage digital currency usage of all types.  

Patchay cites the European Union (EU) Markets in Crypto-Assets (MiCA) framework and US Genius Act 2025 as particularly noteworthy regulatory advances, alongside Hong Kong’s new Stablecoins Bill. “The introduction of well thought through and robust regimes in jurisdictions like Japan, Singapore and UAE are also bringing greater confidence, stability and credibility to the stablecoin sector – and indeed the wider digital currency marketplace.”  

“These regulatory moves, and the better modern pegging and reserve design of stablecoins, can positively impact global cross-border payment and trade end uses – and thereby the easy, fast accessibility of working capital for corporate treasurers as faster, cheaper, frictionless and data-centric coins ping around the world. I therefore welcome the move of stablecoins towards the mainstream of finance.”    

According to Alenka Grealish, Principal Analyst, Banking, at the Celent consultancy: “To get mainstream corporates – not just crypto trading natives – to test stablecoin use cases the key thing is to educate treasurers on their choices and the pros and cons of each. Choices include not only stablecoins but also tokenised programmable deposits [which banks can additionally offer –Ed.}. Both are readily available to them today.”

“Once corporates see live transactions on trade – for example, cross-border business-to-business (B2B) payments, intracompany money transfers, and the realisation of real-time treasury and liquidity operations, then you will see corporate treasury uptake.”   

Benefits 

Stablecoins are now seen as a means to transfer value or instructions across borders much more speedily and cheaply on the underlying DLT than existing alternatives that rely on non-blockchain traditional infrastructure rails, which don’t operate 24x7x365.

The efficient low cost, high speed, cross-border, data-rich and always-on availability of stablecoins on a blockchain is a key benefit. It is attractive because there is none of the price fluctuations and volatility of BTC applications of this same technology – and there are no cut off times, so no negative balances, or FX or cash concentration concerns if the tool is integrated well into a treasury. A real-time corporate operation becomes possible. This is vital for:
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• avoiding trapped cash
• helping to deliver better cash management, FX mitigation and liquidity optimisation.

Users can additionally bank the lower operational cost and payment fees obtained by using newer technology and avoid any overdraft or unexpected transaction penalties on traditional cross-border payment or trade platforms when they deploy always-on, trackable and programmable stablecoins.

Dominic Lynch, Co-Founder of the Your Treasury consultancy and a former Director of Group Treasury at Austrian EdTech firm GoStudent and the crypto broker Bitpanda, advises thinking beyond just payments, in terms of liquidity risk and interest optimisation benefits: “Facility fees, which arise due to regional liquidity shortfalls, and the better ability to move excess liquidity for short-term investment are pertinent – these are held back by cut-off time constraints, which fall away.” 

Programmability

Greater speed and constant operation becomes especially interesting when it is aligned with the smart contract programmability features of stablecoins.

This feature can release conditional payments – for example, when a ship docks, passes through customs, a canal, a dangerous waterway and so on. Programmability greases the physical and financial supply chain, enhancing the efficiency and speed of trade, capital and treasury operations, which positively impacts the optimisation of interest income and minimises expense and risk. 

Programmability has been demonstrated by Siemens who used the JPM Coin from J.P. Morgan to power institutional payments. Now rebranded as the Kinexys Digital Payments option on the bank’s new wider Kinexys blockchain offering, formerly Onyx, the coin aids automation and Siemens’ goal of achieving a real-time treasury.   

Other banks are active in the DLT field as well. HSBC has its own Orion platform for asset tokenisation, not yet in payments, and there is the Citi Token Services unit, plus the SocGen Forge more capital markets-focused platform.

Even traditional tech vendors, such as Fiserv, are launching their own stablecoins and integrating it into their systems – in their case FIUSD is aimed at smaller banks and merchants that want to get into the crypto economy, but perhaps cannot develop their own offering. The coin will run on infrastructure from Paxos and Circle and is compatible with the Solana blockchain for developers.

Integration

Digital currencies and assets of all types, on an array of consumer, payment, business and capital market end uses, will all need to overlap and interoperate in the increasingly digitised environment of the 21st century where non-cash payment methodologies and digital marketplaces are emerging.  

Data sharing, technology and interoperability platform providers, such as Chainlink, Adhara or Digital Asset, are prominent technical players in the nascent digital asset and currency marketplace, often collaborating with incumbents like Swift, who have a funds project with the former, to develop real world applications that integrate with existing infrastructure to get scale.

Stablecoins – indeed any form of digital currency, be it self-launched, bank-backed, BTC or central bank controlled (CBDC) iterations – have a raft of different applications across various end uses, but they all rely on DLT. Interoperability across these chains and with existing infrastructure is crucial if they are move to the mainstream in a big way. Avoiding digital islands is a must. 

The auditable and traceable nature of DLT via accessible key platform providers like Partior, which is a cross-bank blockchain-based atomic clearing system, is what makes the fast, frictionless and data-centric vision of 21st century commerce attractive – it unlocks the instant settlement and enhanced liquidity management capabilities so desired by corporate treasuries. Working capital is freed up in this environment if the overlapping end uses for all types of digital currencies on interoperable DeFi and TradFi platforms and across established clearing mechanisms is aligned correctly.

Stablecoin end uses

The real world application of stablecoins is growing apace. Swift, for example, are live trialling digital asset and currency transactions this year in 2025 to protect their incumbent position at the nexus of global trade – in the face of competition from challengers like the Circle Payments Network, which can potentially operate at a lesser cost thanks to its blockchain technology – the same technology that Swift is ultimately pivoting towards accommodating.

The CPN initiative was launched in April 2025 with Standard Chartered, Deutsche Bank, SocGen and others collaborating to try to build a rival cross-border payment network that utilises stablecoins – not the traditional message-reliant correspondent banking model of Swift, which can only be replaced in-line with its slowest banking members migration towards newer ways of working.

Project Pax in Japan with its three banks of MUFG, SMBC and Mizuho is another stablecoin-based cross border payment system alternative. But it is integrating Swift payment messages into its offering to allow corporates to make trade payments conventionally. This recognises how hard it is to displace incumbents and aligned, embedded legacy systems at partner banks and corporate treasuries.

However, corporates can go native and launch their own coins themselves and theoretically use DeFi only platforms, if they so wish. ‘New economy’ tech-driven firms, such as Uber, are especially interested in this native coin approach but totally ignoring TradFi platforms is unlikely – particularly as new regulations are emerging that enable coins to sit alongside existing accounting and regulatory frameworks, giving them access to TradFi networks. The Ripple stablecoin unveiled in December 2024 is a good example of a native digital asset that currently already has over $300milion in circulation.           

Interoperability and data sharing are likely to be key for any successful new launches. Fintech collaboration rather than displacement is now an established pattern between newcomers and incumbents, although as ever the threat of disintermediation does exist for the unwary. The marketplace will benefit from fintech-enabled disruption and DeFi players that want to break the TradFi mould, but ‘cooperatition’ is the likely end result.

Consumer & B2B Uses   
  
Stablecoins can be used for institutional, consumer or specifically corporate business-to-business (B2B) end uses. Digital payments trailblazer PayPal is looking to get into this market by targeting B2B. It is developing and testing ways to use its own dollar-pegged stablecoin, PYUSD. This was set up in 2023 initially for investments, but it’s now deployed on B2B end uses. It made two invoice payments in 2024 – one to the EY consultancy and another to Google for cloud services. PayPal also enabled two remittance partners on its Xoom platform last year – Cebuana Lhuillier in the Philippines and Yellow Card in Africa – to settle international transfers by means of its PYUSD stablecoin. 

On the consumer side, Stripe’s acquisition of Bridge earlier this year was quickly followed by a partnership with Visa to offer stablecoin-linked card payments in the emerging support ecosystem that it is building. Stripe has since acquired the Privy crypto wallet as well to further burnish its envisaged payments orchestrator role and in recognition of the important role that such digital wallets will play in future e-commerce and financial networks.  

For Visa the card-issuing product it got via the Stripe / Bridge partnership means that fintech developers can now offer stablecoin-linked Visa cards to their end customers in multiple countries through a single application programming interface (API) integration. Thanks to the technology alignment, cardholders will be able to make everyday purchases from a stablecoin balance at any of the numerous global merchant locations that accept Visa. For example, when a customer in Brazil shops local and uses their Bridge-enabled Visa card to pay a merchant, Bridge deducts the funds from the customer’s stablecoin balance and converts the balance into fiat. This enables the merchant to get paid in their local currency. Customers can add these cards to supporting digital wallets, thereby avoiding FX costs, slow cross-border and high transaction fees, controls and other such impediments to frictionless payments.

A similar offering was unveiled in May 2025 by Mastercard after it partnered with MoonPay. It has also collaborated with Okx and Nuvei, among others, to build out its own rival ecosystem consumer coin capabilities. 

Conclusions
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There are still issues to overcome of course – not the least of which is the need to achieve an IAS7 cash equivalence standard for accounting purposes if you want to put a coin on your balance sheet, although dollar backing means the adventurous can. The prior crash of Terraform Labs and its algorithmic coin in 2022 also did some reputational damage that perhaps still needs to be overcome.
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Nevertheless, stablecoins appear to have a more than stable future – indeed the number of new coins, interoperability projects and other initiatives, only some of which are listed in this article, appears stellar. The next test will likely be how many remain once full CBDC usage rolls out, but there is room for both types of digital currency.

Tipalti has acquired treasury technology platform Statement, aiming to add treasury to its comprehensive suite of finance automation solutions designed for mid-market businesses across accounts payable, global payouts, procurement, employee expenses, corporate cards, supplier management and tax compliance.

Transforming Treasury with AI

"I am excited to welcome Statement to the global Tipalti team and to accelerate our treasury capabilities with powerful AI innovation for finance teams around the world," said Chen Amit, CEO and Co-founder of Tipalti.

"For many global businesses in today's economy, getting complete and instant cash flow visibility across bank accounts, systems, entities, and currencies is very complex. Together, we have a unique opportunity to evolve our customers' treasury operations into a key business driver, empowering them to take control of their cash flow and maintain real-time visibility of their business finances. This addition to our finance automation suite furthers our mission to elevate how finance teams operate in the global economy."

"We are thrilled to join a global leader like Tipalti. We have a shared vision for transforming finance operations so our customers can focus on their business," said Idan Vlodinger, CEO and Co-founder at Statement.

​"Innovating in treasury with AI-driven automation has been our sole focus since day one. Our AI-native solution complements the Tipalti suite with capabilities to help businesses manage cash with ease. With Tipalti's global scale, we will be able to help more customers streamline complex cash management processes, optimize liquidity, and forecast cash flow with more confidence."