Global financial infrastructure
One platform. Connected financial infrastructure.
FurlPay is building a unified financial technology platform connecting banking infrastructure, digital money, payment networks, blockchain ecosystems and programmable financial services.
Proposed product architecture — not a claim that every capability is currently live.
The five-pillar architecture
Architecture categories that describe how the platform is organised — not promises of current availability.
Banking connectivity
Connectivity to regulated financial institutions and banking services through partner institutions, subject to availability, eligibility and partner terms.
Digital money
Stablecoins and other digital assets across supported networks, with asset and network availability determined by verified coverage data.
Blockchain networks
Blockchain connectivity, wallet infrastructure and cross-network transaction capabilities, with operational status verified independently for each network.
Payment infrastructure
Payment orchestration, payment APIs, settlement workflows and cross-border payment connectivity, subject to actual implementation and market availability.
Custody, compliance and financial operations
Security controls, custody integrations, transaction monitoring, compliance workflows, reconciliation and operational safeguards — implemented controls are distinguished from planned capabilities.
FurlPay orchestration layer
One programmable interface spanning accounts, payments, digital assets, settlement and AI-agent commerce.
How FurlPay connects financial infrastructure
Banks and regulated financial institutions
Accounts · Settlement · Safeguarding · Banking services
FurlPay
Financial orchestration and control layer
APIs · Ledger · Compliance · Wallets · Payments · Programmable transactions
Payment networks
Cards · Local rails · Cross-border transfers
Digital asset networks
Stablecoins · Blockchains · Settlement
Businesses, developers and AI agents
Collections · Payouts · Checkout · Treasury · Commerce
Conceptual architecture — actual connectivity varies by service and market.
The researched stablecoin ecosystem
Research mapping — not live FurlPay integrations.
FurlPay Research has mapped the global stablecoin ecosystem across five pillars. Every named entity below is transcribed from the source report; counts shown per pillar are the report's own claims alongside how many entities it actually names.
Stablecoin issuers
Report maps 52 (52 Companies & Protocols) · names 16 below
Entities minting fiat-backed tokens, synthetic dollars and tokenised bank deposits.
- Tether (USDT)
- Circle (USDC)
- PayPal (PYUSD)
- Ripple (RLUSD)
- Paxos
- Ethena (USDe)
- Sky (USDS)
- Usual (USD0)
- Falcon (USDf)
- Société Générale FORGE (EURCV)
- J.P. Morgan (JPM Coin)
- Standard Chartered (SC Ventures / Zodia / Libeara)
- First Digital (FDUSD)
- Gemini (GUSD)
- Angle Protocol (EURA)
- Frax
What each named entity does (per the report)
- Tether (USDT) — Fiat-backed issuer of the largest-circulation stablecoin, backed by U.S. Treasury bills, gold and Bitcoin.
- Circle (USDC) — Regulated institutional dollar issuer; reserves held in segregated accounts at BNY Mellon.
- PayPal (PYUSD) — Consumer-embedded stablecoin issued via Paxos Trust Company.
- Ripple (RLUSD) — Enterprise dollar stablecoin issued under a NYDFS trust charter.
- Paxos — Regulated issuer of PYUSD, Pax Dollar (USDP) and white-label stablecoins.
- Ethena (USDe) — Synthetic dollar stabilised through automated delta-hedging.
- Sky (USDS) — Decentralised stablecoin governed by the Sky protocol (formerly MakerDAO).
- Usual (USD0) — Yield-redistributing stablecoin backed by real-world tokenised assets.
- Falcon (USDf) — Yield-redistributing stablecoin backed by real-world tokenised assets.
- Société Générale FORGE (EURCV) — Institutional euro stablecoin deployed by a Tier-1 European bank under MiCA.
- J.P. Morgan (JPM Coin) — Bank-issued tokenised deposit initiative moving wholesale liquidity daily.
- Standard Chartered (SC Ventures / Zodia / Libeara) — Sovereign tokenisation initiatives spanning Singapore, Hong Kong and the UAE.
- First Digital (FDUSD) — Named in the report's '+40 additional issuers' list; no individual description given.
- Gemini (GUSD) — Named in the report's '+40 additional issuers' list; no individual description given.
- Angle Protocol (EURA) — Named in the report's '+40 additional issuers' list; no individual description given.
- Frax — Named in the report's '+40 additional issuers' list; no individual description given.
Stablecoin infrastructure
Report maps 8 (8 Leaders) · names 8 below
Custody, minting APIs, analytics and compliance orchestration behind institutional flows.
- Bridge (Stripe)
- Paxos
- Anchorage Digital
- M0
- Fireblocks
- Chainalysis
- TRM Labs
- Circle Developer Platform
What each named entity does (per the report)
- Bridge (Stripe) — API orchestration engine for accepting, storing and disbursing stablecoins.
- Paxos — Full-stack tokenisation platform: licensing, reserve accounting, issuance.
- Anchorage Digital — Federally chartered US crypto bank; institutional custody and settlement.
- M0 — Decentralised protocol for minting fungible digital dollars against verified collateral.
- Fireblocks — Institutional digital-asset operations via MPC and policy-engine controls.
- Chainalysis — Blockchain data platform: transaction monitoring, clustering, forensics.
- TRM Labs — Risk intelligence for sanctions screening and cross-chain threat detection.
- Circle Developer Platform — Circle Mint, Programmable Wallets, CCTP and the Circle Agent Stack.
Tokenised funds & deposit products
Report maps 23 (23 Vehicles) · names 13 below
Institutional yield-bearing securities brought on-chain: tokenised Treasuries, money-market funds and deposit tokens.
- BlackRock BUIDL
- Franklin Templeton BENJI
- J.P. Morgan JPMD
- Citi Token Services
- Fidelity Digital Assets (OnChain)
- HSBC (Digital Assets / Orion)
- Crédit Agricole CACEIS
- Goldman Sachs GS DAP
- Superstate (USTB)
- Ondo Finance (OUSG / USDY)
- WisdomTree Prime
- Backed Finance (bIB01)
- Spiko
What each named entity does (per the report)
- BlackRock BUIDL — Tokenised US Treasury liquidity fund paying daily accrued yield on-chain.
- Franklin Templeton BENJI — US-registered on-chain government money-market fund.
- J.P. Morgan JPMD — Commercial-bank deposit tokens for programmable intraday treasury liquidity.
- Citi Token Services — 24/7 programmable commercial-deposit tokens for trade finance and cash management.
- Fidelity Digital Assets (OnChain) — Tokenised money-market instruments and institutional custody products.
- HSBC (Digital Assets / Orion) — Enterprise platform for tokenised bonds and gold tokenisation.
- Crédit Agricole CACEIS — Tokenised fund servicing and digital-asset custody for European asset managers.
- Goldman Sachs GS DAP — Digital asset platform automating digital bond issuance and settlement.
- Superstate (USTB) — Named in the report's '+15 additional funds' list; no individual description given.
- Ondo Finance (OUSG / USDY) — Named in the report's '+15 additional funds' list; no individual description given.
- WisdomTree Prime — Named in the report's '+15 additional funds' list; no individual description given.
- Backed Finance (bIB01) — Named in the report's '+15 additional funds' list; no individual description given.
- Spiko — Named in the report's '+15 additional funds' list; no individual description given.
Blockchains & cross-chain networks
Report maps 40 (40 Rails) · names 23 below
Settlement networks and interoperability layers, including the stablecoin-native chains.
- Ethereum
- TRON
- Solana
- Base
- Arbitrum One
- Polygon
- Avalanche
- BNB Chain
- Arc (Circle)
- Tempo (Stripe & Paradigm)
- Stable (Stable.xyz)
- Codex
- Optimism
- Mantle
- Linea
- Scroll
- Sui
- Aptos
- Sei
- Stellar
- XRP Ledger
- Celo
- Hyperlane / LayerZero
What each named entity does (per the report)
- Ethereum — Primary settlement layer for institutional tokenised funds and wholesale transfers.
- TRON — High-volume retail rail settling the majority of global daily USDT transfers.
- Solana — High-throughput execution environment for retail and merchant micropayments.
- Base — Coinbase L2 focused on low-cost USDC settlement and consumer on-chain finance.
- Arbitrum One — Leading optimistic rollup for institutional DeFi and multi-currency stablecoin trading.
- Polygon — Named in the report's scaling-networks line for enterprise asset tokenisation.
- Avalanche — Named in the report's scaling-networks line for enterprise asset tokenisation.
- BNB Chain — Named in the report's scaling-networks line for enterprise asset tokenisation.
- Arc (Circle) — Institutional EVM Layer-1 where USDC is the native gas token.
- Tempo (Stripe & Paradigm) — Payments-first Layer-1 built for sub-second stablecoin commerce.
- Stable (Stable.xyz) — Layer-1 where USDT functions as the native gas token.
- Codex — Stablecoin-native wholesale FX and liquidity network.
- Optimism — Named in the report's '+32 additional rails' list; no individual description given.
- Mantle — Named in the report's '+32 additional rails' list; no individual description given.
- Linea — Named in the report's '+32 additional rails' list; no individual description given.
- Scroll — Named in the report's '+32 additional rails' list; no individual description given.
- Sui — Named in the report's '+32 additional rails' list; no individual description given.
- Aptos — Named in the report's '+32 additional rails' list; no individual description given.
- Sei — Named in the report's '+32 additional rails' list; no individual description given.
- Stellar — Named in the report's '+32 additional rails' list; no individual description given.
- XRP Ledger — Named in the report's '+32 additional rails' list; no individual description given.
- Celo — Named in the report's '+32 additional rails' list; no individual description given.
- Hyperlane / LayerZero — Interoperability bridges named in the report's '+32 additional rails' list.
Banking, custody & wallet rails
Report maps 24 (24 Partners) · names 22 below
Tier-1 clearing banks, card networks, fintechs and wallets connecting bank accounts to on-chain state.
- BNY Mellon
- J.P. Morgan
- Citi
- HSBC
- Goldman Sachs
- Morgan Stanley
- Société Générale
- Standard Chartered
- First Abu Dhabi Bank (FAB)
- Stripe
- PayPal
- Venmo
- Visa
- Mastercard
- Revolut
- Western Union
- MoneyGram
- Mercado Pago
- Coinbase
- MetaMask (Consensys)
- Phantom
- OKX
What each named entity does (per the report)
- BNY Mellon — Primary custodian for Circle's USDC cash reserves; institutional custody platform.
- J.P. Morgan — Institutional on/off-ramps, prime brokerage and corporate treasury connectivity.
- Citi — Institutional on/off-ramps, prime brokerage and corporate treasury connectivity.
- HSBC — Institutional on/off-ramps, prime brokerage and corporate treasury connectivity.
- Goldman Sachs — Institutional on/off-ramps, prime brokerage and corporate treasury connectivity.
- Morgan Stanley — Institutional on/off-ramps, prime brokerage and corporate treasury connectivity.
- Société Générale — European banking conduit for institutional stablecoin clearing.
- Standard Chartered — Asian banking conduit for institutional stablecoin clearing.
- First Abu Dhabi Bank (FAB) — Middle Eastern digital-asset settlement hub.
- Stripe — Developer checkout backbone; creator of the Agentic Commerce Protocol and owner of Bridge.
- PayPal — Direct consumer stablecoin checkout and fiat on-ramps.
- Venmo — Peer-to-peer stablecoin rails alongside PayPal consumer checkout.
- Visa — Settles merchant payouts in USDC on Solana/Ethereum; crypto-linked debit cards.
- Mastercard — Settles merchant payouts in USDC on Solana/Ethereum; crypto-linked debit cards.
- Revolut — Multi-currency neo-bank with instant fiat-to-stablecoin swaps.
- Western Union — Modernising remittances via stablecoin cash-in/cash-out corridors.
- MoneyGram — Modernising remittances via stablecoin cash-in/cash-out corridors.
- Mercado Pago — Latin America's largest fintech deploying stablecoin payments.
- Coinbase — Institutional crypto broker; co-founder of USDC and creator of Base and AgentKit.
- MetaMask (Consensys) — Leading self-custody interface for the EVM ecosystem.
- Phantom — Leading self-custody interface for the Solana ecosystem.
- OKX — Global exchange and Web3 wallet infrastructure provider.
Source and limitations
Based on Global Stablecoin Ecosystem & Frontier LLM Integration Report (2026), compiled November 2026 (Allium Stablecoin Mapping (as recorded in FURLPAY_GLOBAL_PARTNERSHIP_STRATEGY_AND_OUTREACH_DOSSIER_2026.md)). A researched industry taxonomy, not a list of live FurlPay integrations: an institution appearing in an ecosystem map is not evidence of a FurlPay integration or partnership.
- The source report's five pillar counts are its own aggregate claims: it names 82 individual entities, fewer than its 147-institution total, so the remainder are undocumented in the source and are not listed here.
- Institutions appear in multiple pillars (issuers also build infrastructure; banks also run tokenised-fund products), so the report's total is a sum of category memberships, not a verified count of unique entities.
- This is industry research about the stablecoin ecosystem — not a record of FurlPay integrations, partnerships or live connections. FurlPay's operational coverage is tracked separately on /coverage.
Source: Global Stablecoin Ecosystem & Frontier LLM Integration Report (2026), compiled November 2026 (repo path docs/research/GLOBAL_STABLECOIN_ECOSYSTEM_AND_LLM_AI_INTEGRATION_REPORT_2026.md). Read the public report →