Stablecoin Growth Shifts to Interoperability and Compliance as FinTech Giants Integrate Infrastructure

Stablecoin competition has moved beyond issuance to connecting blockchains, bank money, custody services, card networks and compliance systems. Global stablecoin transaction volume reached $33 trillion in 2025, signaling growing demand for cross-border payments and merchant settlement. Companies including Revolut and Payoneer are therefore competing for control of clearing and liquidity, while regulatory alignment has become critical to mainstream adoption.

On February 24, 2026, Payoneer applied to the U.S. Office of the Comptroller of the Currency to establish PAYO Digital Bank, aiming to serve small and medium-sized businesses worldwide under the GENIUS Act. The OCC proposed implementing rules on February 25, while the SEC separately allowed certain stablecoins to receive a capital haircut of just 2%. Revolut entered the UK Financial Conduct Authority's regulatory sandbox, while Wirex's stablecoin card had reached $850 million in annualized transaction volume as of March 6.