Kyriba latest to bring stablecoins into the mainstream with USDC

Kyriba has made Circle’s USDC stablecoin available within its treasury management platform, as competition grows among treasury technology providers to bring digital assets into mainstream corporate treasury workflows.

Kyriba says treasury teams can now manage USDC alongside traditional cash positions and use the stablecoin for cross-border and intercompany payments within its Liquidity Performance Platform.

The integration with Circle, first announced in April, is now available to Kyriba customers and is intended to allow companies to use USDC without operating a separate digital asset platform. Transactions remain subject to the approval processes, payment policies and audit controls applied to conventional payments.

USDC is a dollar-denominated stablecoin issued by Circle. Because transactions can take place continuously on blockchain networks, companies can potentially settle payments outside normal banking hours and avoid some of the delays associated with correspondent banking.
Kyriba is positioning the technology particularly around cross-border payments and intercompany liquidity. It says eligible payments can settle in near real time, while treasury teams can see stablecoin balances alongside bank account positions in the same system.

The company is also linking the capability to its Trusted Agentic AI, or TAI, technology. Kyriba says TAI can monitor liquidity positions and, within policies established by the treasury team, identify and initiate appropriate liquidity movements.

The USDC initiative follows Kyriba’s first live stablecoin deployments earlier this year. In June, Ledger and technology group Mantu began using stablecoin payment flows through Kyriba and infrastructure provider Fipto. The deployments cover supplier payments and cross-border intercompany transactions and are reconciled inside the Kyriba TMS.

Kyriba has also partnered with payments platform Merge to provide customers with another route to regulated stablecoin payments.

The company is not alone in bringing digital assets into treasury management.

Ripple Treasury, formerly GTreasury, launched native digital asset capabilities on 1 April, several weeks before Kyriba announced its collaboration with Circle. Its Digital Account Management and Unified Treasury capabilities allow corporate treasury teams to view and manage fiat currency and digital assets held with banks and custody providers through the same TMS.

Ripple Treasury describes the platform as combining GTreasury’s established treasury management technology with Ripple’s digital asset infrastructure. It allows treasury teams to incorporate digital assets into existing approval, audit and compliance processes rather than managing them through a separate cryptocurrency system.

That puts Ripple Treasury and Kyriba among the first established TMS providers to make digital assets a native part of the corporate treasury environment, although their approaches differ. Ripple Treasury is built to manage a wider range of digital assets, while Kyriba’s Circle integration is specifically focused on bringing USDC into existing treasury and liquidity workflows.

Payments infrastructure providers are moving in the same direction.

Modern Treasury made stablecoins a native payment type in its platform in April, allowing customers to send, receive and reconcile stablecoin payments using the same infrastructure used for ACH, wires and real-time payments. It currently supports USDC across several blockchain networks as well as PayPal’s PYUSD.

On 29 April, Modern Treasury added USDC on Polygon, enabling companies to convert between dollars and USDC and orchestrate stablecoin payments alongside ACH, wires, RTP and FedNow. It subsequently added support for USDC on Coinbase’s Base network in June.

Modern Treasury is primarily a payments and financial infrastructure platform rather than a traditional corporate TMS, but the direction is similar: stablecoins are increasingly being incorporated into the systems finance teams already use rather than offered through standalone crypto platforms.

For established TMS providers, the development represents a significant change in how digital assets are being presented to corporate customers. The emphasis has moved away from cryptocurrency trading and towards familiar treasury problems, including cross-border settlement, intercompany funding, liquidity visibility and payments outside banking hours.

Kyriba says USDC transactions can be governed through the same controls and audit processes already used by its corporate customers. Its integration also gives treasury teams visibility of USDC alongside conventional cash, rather than requiring digital balances to be reconciled separately.

Stablecoin adoption by corporate treasury departments remains at an early stage, and companies still need to address issues including accounting treatment, regulation, custody, counterparty acceptance and the conversion between tokenised and conventional money.
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But with Kyriba, Ripple Treasury and payments platforms such as Modern Treasury now building stablecoins into their core infrastructure, digital asset support is starting to become a competitive feature of treasury technology rather than a specialist capability sitting outside the TMS.
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