PART 01
Market & issuers
Stablecoin supply, the issuer landscape, USDC and USDT, reserves, chains and the scale of real-economy payments.
Read Part 01, pages 9–19 (PDF)Annual report
FurlPay Global
Stablecoin Report
2026
A data-driven analysis of stablecoin supply, payment flows, issuers, cross-border adoption, card settlement, regulation and the infrastructure moving money globally.
- Published
- 2 October 2026
- Pages
- 87
- Edition
- Annual report
Free researchPDFNo account required
- Published
- 2 October 2026
- Research window
- January 2025 – 2 October 2026
- Format
- 87-page PDF
- Edition
- Annual · 2026 edition
Executive summary
Where stablecoins actually move money.
The report tests whether USDC is becoming an important settlement layer for global payments. Its conclusion is strongest in specific areas: card-network settlement, crypto-linked card spend, institutional mint and redeem, and agent micropayments.
The report finds the thesis supported for institutional and network settlement, partly supported for card-funded consumer spending, and not yet supported for mass remittances and emerging-market retail, where USDT dominates.
Inside the report
PART 02
Countries & cross-border flows
23 market profiles, regional adoption and a closer look at the United States, India, Brazil and Asia Pacific.
Read Part 02, pages 20–35 (PDF)PART 03
Networks & use cases
Card-network settlement, infrastructure, treasury, remittances, agent payments, regulation and the outlook.
Read Part 03, pages 36–49 (PDF)PART 04
Structure & risk
Paxos, PYUSD and USDG, issuer economics from SEC filings, audits, liquidity, the yield wall, cross-chain rails, confidential payments and depegs.
Read Part 04, pages 50–63 (PDF)PART 05
Fiat rails & licences
The licensing stack, MiCA after transition, PSD2 and PSD3, virtual IBANs, Verification of Payee, safeguarding and Canada.
Read Part 05, pages 64–74 (PDF)PART 06
Digital banks & IBANs
A verified league table of the digital banks that issue IBANs: Revolut, Wise, N26, bunq, Klarna, PayPal, Stripe and Banking Circle.
Read Part 06, pages 75–83 (PDF)How to read the data
The report distinguishes on-chain transfers, adjusted transfers, institutional settlement and economic payments. These measures have different scopes and should not be added together. Major figures carry source labels and evidence statuses; company claims and estimates are identified in the PDF alongside its methodology and references.
For information only; not investment, legal or tax advice. Company-reported metrics have not been independently audited. FurlPay capabilities in the report are marked “To be confirmed” pending product documentation.