New research reveals that corridor depth, compliance architecture, and operational readiness matter more than size in the race to scale stablecoin payments.
The fintechs scaling stablecoin payment flows most successfully are not necessarily the largest. They are the ones that built governance, compliance, and operational controls into their products from the outset, according to a new report released by Liminal Custody in collaboration with industry experts from PwC and FundRock Investment Management Services.
Every fintech we work with starts the same conversation. The answer is infrastructure designed around the governance and control requirements of the businesses using it. ”
— Mahin Gupta, Founder and CEO of Liminal Custody.
The report, Stablecoin Payment Infrastructure: A Practical Guide for Fintechs in APAC, MENA, and Beyond, examines the commercial and regulatory shifts driving stablecoin adoption, identifies the fintech segments where the business case is strongest, and outlines the infrastructure capabilities required to support production scale operations.
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Co authored by Dr. Bhaskar Dasgupta, Chairman of the Board at FundRock Investment Management Services (ME) Ltd, Neptune Chen Ph.D., Partner and Managing Director at PwC, Sam Wu, Partner at PwC, and Mahin Gupta, Founder and CEO of Liminal Custody, the report brings together perspectives from across the payments, digital asset, and regulatory ecosystem.
Why is this report pertinent for institutional investors and fintech leaders?
Stablecoins are increasingly moving beyond trading use cases and becoming a core part of global payment infrastructure. Stablecoin transaction volumes reached approximately
$33 trillion in 2025, while industry forecasts suggest they could account for 5-10% of global cross border payment flows by 2030.
The report highlights two key findings for fintech leaders:
• Governance beats scale: The fintechs scaling stablecoin payment flows most successfully are not necessarily the largest. They are the ones that built governance, compliance, and operational controls into their products from day one.
• Early advantages compound: Corridor depth, banking relationships, liquidity networks, and compliance credibility established today will become increasingly difficult for later entrants to replicate.
“Every fintech we work with starts the same conversation. They want to move faster, process more volume, and do it without adding compliance or operational headcount proportionally. The answer is infrastructure designed around the governance and control requirements of the businesses using it,” said Mahin Gupta, Founder and CEO of Liminal Custody.
The report also highlights four segments where the business case for stablecoin infrastructure is clearest: payment service providers operating cross border corridors, OTC desks serving institutional clients, marketplaces and brokerages managing large scale payout flows, and gaming platforms handling digital asset transactions.
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