The Stablecoin Report
The State of Early-Stage Stablecoin Infrastructure Q2 2026
Every data element is clickable — click a stat, bar, or heatmap cell to see the underlying companies.
5,467
Early-stage companies tracked across 12 categories, pulled from Harmonic's saved-search universe. Megacaps (Circle, Tether, Paxos, PayPal, Ripple, MoonPay) are out of scope by design.
38%
Operate primarily outside US and Europe, of 3,717 companies with a disclosed operating region. The emerging-market share of early-stage stablecoin infrastructure is larger than the consensus narrative admits.
745
Cross-Border B2B Payments companies. The single largest early-stage category, 14% of the tracked universe.
119· 20% EM
Agentic Payments companies. 80% are concentrated in US and Europe, a frontier without geographic competition yet.
Scope. This report covers the early-stage stablecoin infrastructure universe as identified by Harmonic's 24 stablecoin-infrastructure saved searches, restricted to companies that (1) have a disclosed domain and (2) are not flagged as Public or Post-IPO. Megacaps (Circle, Tether, Paxos, PayPal, Ripple, MoonPay, Fireblocks, Anchorage, Ondo, and similar) are deliberately out of scope. Every number in this report is sourced from third-party providers (Harmonic / Crunchbase / LinkedIn / SimilarWeb) or transparent rule-based aggregation.
Volume by category
Where the stablecoin universe concentrates
Each bar is total tracked companies, segmented by primary operating region. Click any segment or label to drill in.
US
Europe
LatAm
Africa
APAC
Unspecified
Category × Region heatmap
The geography of each stack layer
Darker = denser. Africa clusters at rails (Cross-Border, On/Off); Agentic Payments has barely landed outside US and Europe.
| US | Europe | LatAm | Africa | APAC | Unspecified | |
|---|---|---|---|---|---|---|
| Cross-Border B2B Payments | 193 | 162 | 88 | 74 | 111 | 117 |
| Agentic Payments | 27 | 16 | 5 | 1 | 5 | 65 |
| Stablecoin Issuance | 15 | 14 | 12 | 7 | 8 | 25 |
| Stablecoin Infrastructure | 296 | 282 | 110 | 43 | 258 | 447 |
| Merchant & Payment Processing | — | — | — | — | — | — |
| RWA Tokenization | 93 | 93 | 34 | 11 | 59 | 67 |
| Wallet Infrastructure | 517 | 496 | 109 | 63 | 348 | 970 |
| On/Off Ramps | 37 | 71 | 16 | 21 | 22 | 59 |
| Crypto Banking | — | — | — | — | — | — |
| Treasury / FX / Orchestration | — | — | — | — | — | — |
| Compliance / RegTech | — | — | — | — | — | — |
| Consumer Remittances | — | — | — | — | — | — |
| Region total | 1,178 | 1,134 | 374 | 220 | 811 | 1,750 |
Maturity by category
What stage of company dominates each category
Stage distribution by last known funding round. Excludes companies with no disclosed funding data. Click a segment to see those companies.
Cross-Border B2B Payments
Agentic Payments
Stablecoin Issuance
Stablecoin Infrastructure
Merchant & Payment Processing
RWA Tokenization
Wallet Infrastructure
On/Off Ramps
Crypto Banking
Treasury / FX / Orchestration
Compliance / RegTech
Consumer Remittances
Pre-seed
Seed
Series A
Series B+
Public
Category breakdown
What sub-sectors make up each category
Each category splits into more granular sub-sectors from Harmonic's classifier. Hover a category name for a one-line description. Click any sub-sector to drill into its companies.
Cross-Border B2B Payments
745 companies · 8 sub-categories
Cross-Border Payments
733
Payment Rails
6
Crypto Payment Processing
1
Privacy-Focused Payments
1
B2B Payment Rails
1
Escrow/Payment Processing
1
Trade Finance
1
Healthcare Payments
1
Agentic Payments
119 companies · 1 sub-category
Agentic Payments
119
Stablecoin Issuance
81 companies · 1 sub-category
Stablecoin Issuers
81
Stablecoin Infrastructure
1,436 companies · 4 sub-categories
DeFi Protocols
805
Issuance Platforms & Tooling
628
TradFi Convergence
2
CBDC Infrastructure
1
RWA Tokenization
357 companies · 1 sub-category
RWA Platforms
357
Wallet Infrastructure
2,503 companies · 4 sub-categories
Developer Tools
1,876
Wallets
624
Custody
2
Crypto Trading / Wallet Infrastructure
1
On/Off Ramps
226 companies · 1 sub-category
On/Off Ramps
226
Category age
When was each category born
Distribution of founding years per category. Darker cells = more companies founded that year. Median year highlighted. Agentic Payments is the clearest post-2023 wave; Wallet Infra pre-dates most of the stack.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | MEDIAN | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cross-Border B2B Payments | 38 | 40 | 49 | 55 | 82 | 72 | 62 | 82 | 2 | 2022 |
| Agentic Payments | 4 | · | 1 | 2 | 3 | 8 | 13 | 15 | 1 | 2024 |
| Stablecoin Issuance | 3 | 8 | 3 | 3 | 6 | 7 | 8 | 6 | · | 2022 |
| Stablecoin Infrastructure | 53 | 61 | 95 | 149 | 132 | 132 | 125 | 115 | 9 | 2022 |
| Merchant & Payment Processing | · | · | · | · | · | · | · | · | · | — |
| RWA Tokenization | 17 | 18 | 22 | 43 | 41 | 40 | 31 | 35 | 3 | 2022 |
| Wallet Infrastructure | 135 | 93 | 120 | 154 | 197 | 141 | 118 | 69 | 2 | 2020 |
| On/Off Ramps | 18 | 18 | 7 | 19 | 29 | 8 | 8 | 4 | · | 2019 |
| Crypto Banking | · | · | · | · | · | · | · | · | · | — |
| Treasury / FX / Orchestration | · | · | · | · | · | · | · | · | · | — |
| Compliance / RegTech | · | · | · | · | · | · | · | · | · | — |
| Consumer Remittances | · | · | · | · | · | · | · | · | · | — |
Geographic granularity
Which countries anchor each region
Top countries within each region by company count. Click a country to see the underlying list. The US dominates North America, but LatAm and Africa each have clear anchor markets.
US
1,178
United States
923
Canada
112
Georgia
1
Hong Kong
1
Europe
1,134
United Kingdom
272
Switzerland
111
France
71
Germany
49
Spain
42
Estonia
40
LatAm
374
Brazil
69
Mexico
30
Argentina
25
British Virgin Islands
23
Colombia
19
Cayman Islands
18
Africa
220
Nigeria
70
South Africa
23
Kenya
17
Ghana
11
Seychelles
6
Mauritius
4
APAC
811
Singapore
156
United Arab Emirates
130
India
103
Hong Kong
62
Australia
55
China
47