5 best stablecoins for enterprise payments in 2026 (ranked & reviewed)

Stablecoin comparison 2026: Top 5 picks for business payments

Based on industry payment-volume trends, the stablecoins most frequently used for B2B transactions in 2025 are Tether (USDT), USD Coin (USDC), PYUSD, USDG, and FDUSD – reflecting the assets with the strongest liquidity, regulatory alignment, and enterprise adoption.

Together, these five stablecoins represent approximately 95% of the total fiat-backed stablecoin market by capitalization, based on the latest industry data. 

For the latest stablecoin transaction data, updated daily, see the Visa Onchain Analytics Dashboard.

1. Tether (USDT)

Launched: July 2014 (as Realcoin)
Type: Fiat-collateralized
Pegged asset: US dollar
Primary blockchains: Ethereum, Tron, Solana, Algorand, Avalanche, EOS, Liquid, Near, Polygon, Tezos, Bitcoin Cash’s SLP, Statemine, Statemint, and others
Exchanges present on: 400+

About: Tether was one of the earliest stablecoins and remains the largest by circulation. It’s issued by Tether Limited, which claims each USDT is backed 1:1 by reserves (cash, short-term securities). Tether publishes transparency and reserve reports on its website. In 2025, Tether continues to expand across multiple blockchains and layer-2 networks, including recent deployments on the Bitcoin and Lightning ecosystems.

Who should use it: Tether is best suited for businesses that prioritize liquidity, speed, and broad market access. It’s ideal for companies operating across multiple regions or exchanges that require deep liquidity for settlements. But organizations with strict regulatory or audit requirements may prefer a more transparent issuer such as Circle's USDC.

2. USD Coin (USDC)

Launched: 2018 (Circle / Centre)
Type: Fiat-collateralized
Pegged asset: US dollar
Primary blockchains: Ethereum (ERC-20) and other chains as multi-chain support
Exchanges present on: Broad, major global exchanges

About: USDC is issued by Circle under the former Centre Consortium. It emphasizes regulatory compliance and transparency, publishing monthly attestation reports. In 2025, USDC remains the second-largest stablecoin by market cap.

Who should use it: USDC is best suited for businesses operating in regulated markets or those requiring high transparency around reserve management. It’s an excellent choice for companies that need predictable compliance and regular attestation reports, especially in the US, EU, and UK. Enterprises integrating blockchain payments into traditional finance systems often choose USDC for its clean audit trail and low counterparty risk.

3. PYUSD (PayPal USD)

Launched: August 2023 (by PayPal in partnership with Paxos Trust Company) 

Type: Fiat-collateralized (USD)

Pegged asset: US dollar

Primary blockchains: Ethereum, Solana, Arbitrum, Stellar (and potentially others) 

Exchanges present on: Selected exchanges and within PayPal/Venmo ecosystem (not yet on the breadth of major stablecoin ecosystems)

About: PYUSD is a stablecoin launched by PayPal, issued by Paxos, designed to be backed 1:1 by U.S. dollars, U.S. Treasuries and equivalents. IIt aims to bridge PayPal’s mainstream payment rails with blockchain rails, making it particularly relevant for merchants and business payments within the PayPal/Venmo ecosystem. 

Who should use it: Businesses already using PayPal’s infrastructure, or looking for a stablecoin that integrates directly with PayPal/Venmo for payments, vendor disbursements or marketplaces. Because of its relatively small market-cap and liquidity compared to major stablecoins, companies needing very large global liquidity and exchange-arbitrage may prefer a higher-cap alternative.

4. USDG (Global Dollar)

Launched: November 2024 (by Paxos Digital Singapore under the Global Dollar Network)

Type: Fiat-collateralized (USD) 

Pegged asset: US dollar

Primary blockchains: Ethereum (ERC-20), Solana, Ink (and possibly others) 

Exchanges present on: Various exchanges supporting USDG and partners within the Global Dollar Network; regulated under MAS (Singapore) and compliant with EU MiCA. 

About: USDG is a recently-launched stablecoin by Paxos, backed 1:1 by USD reserves, operating within a network (Global Dollar Network) created to bring enterprise-grade stablecoin infrastructure to regulated global payments. Its regulatory positioning (Singapore, EU MiCA) is a differentiator.

Who should use it: Enterprises or B2B operations looking for a regulated, global-payments friendly dollar-stablecoin, with multi-chain support and institutional-grade backing. May still have lower liquidity vs major incumbents, so large-volume settlement users should assess exchange availability and corridor coverage.

5. FDUSD (First Digital USD)

Launched: June 2023 (by First Digital Limited)

Type: Fiat-collateralized (USD)

Pegged asset: US dollar 

Primary blockchains: Ethereum, BNB Chain, Solana, SUI (and others) 

Exchanges present on: Supported by major exchange listing (e.g., Binance) and positioned as a transparent, programmable stablecoin alternative.

About: FDUSD is a stablecoin issued by First Digital Limited’s subsidiary, fully backed by cash and cash equivalents held in segregated trust accounts. Its focus includes programmable payments, cross-chain transfers and DeFi use cases. However it has faced some market stress: it de-pegged (fell to ~$0.87) in April 2025 following insolvency claims. 

Who should use it: Businesses looking for a more programmable, multi-chain capable stablecoin with backing on major networks and potential for integration into DeFi or advanced payment flows. But due to the de-peg event and smaller scale, companies requiring peak reliability and liquidity might treat FDUSD with more caution and do additional due diligence.

Why stablecoins matter for enterprise payments

Cryptocurrencies have evolved from speculative assets into practical tools for payments and settlement. Their key advantages, 24/7 availability, low transaction costs, and instant settlement, make them attractive for companies managing global cash flow.

But volatility remains a major obstacle for crypto assets. Price swings in cryptocurrencies like Bitcoin and Ether introduce risks that most businesses can’t absorb. 

Stablecoins address this problem by pegging digital tokens to stable assets such as fiat currencies or commodities, offering the utility of crypto with the predictability of traditional money.

In short: Stablecoins bridge the gap between volatile cryptocurrencies and traditional payment systems, enabling fast, low-cost, and predictable global settlements.

Stablecoin models compared: fiat, crypto, and algorithmic

Stablecoins differ in how they maintain their price stability. Most fall into one of three categories: fiat-backed, crypto-backed, or algorithmic. Each model comes with distinct trade-offs in transparency, risk, and regulatory oversight.

1. Fiat-backed stablecoins (eg USDC, USDT, EURC, USDP)

Fiat-backed stablecoins are supported by reserves of traditional currency, usually US dollars, held in regulated bank accounts or custodial trusts. Each token in circulation is backed 1:1 by assets such as cash or short-term treasuries.

This model remains the most widely adopted for business payments because it mirrors conventional finance. Companies can audit reserves, rely on predictable redemption mechanisms, and integrate these coins easily with existing treasury systems.

Why it matters for enterprise payments:
Fiat-backed stablecoins provide the best mix of liquidity, compliance, and real-world interoperability. They’re ideal for cross-border settlements and corporate treasury operations that demand transparency and low volatility.

Examples:
Tether (USDT), USD Coin (USDC), PayPal USD (PYUSD), Global Dollar (USDG), and First Digital USD (FDUSD).

2. Crypto-backed stablecoins (eg DAI)

Crypto-backed stablecoins are collateralized by other cryptocurrencies rather than fiat. Users lock crypto assets (most commonly Ether, the native token of the Ethereum network) into smart contracts, which mint new stablecoins while maintaining an over-collateralized ratio to absorb price swings.

This design keeps the system decentralized and transparent, but exposes it to crypto market volatility. If the value of the collateral drops too far, positions can be liquidated to protect the peg.

Why it matters for enterprise payments:
Some businesses use crypto-backed stablecoins when they prefer fully on-chain solutions or need to operate in decentralized finance ecosystems. However, limited liquidity and higher volatility make them less practical for routine corporate payments.

Example:
DAI, issued by MakerDAO.

3. Algorithmic stablecoins (e. FRAX, USDD)

Algorithmic stablecoins rely on software logic rather than collateral to maintain price stability. Smart contracts automatically expand or contract supply in response to demand, similar to how a central bank might manage monetary policy.

While innovative, this model has struggled to prove durable. Several algorithmic projects collapsed when market confidence dropped, causing their tokens to lose their peg. Some hybrids, like Frax, combine partial collateral with algorithmic control to reduce risk.

Why it matters for enterprise payments:
Algorithmic models are experimental and typically unsuitable for business payments that require stability, compliance, and counterparty accountability.

Examples:
Frax (FRAX), USDD (USDD).

Pros and cons of using stablecoins for enterprise payments

Stablecoins offer tangible benefits for international business payments, but they also introduce new risks that companies must manage. The balance between opportunity and exposure depends on the type of stablecoin used, the jurisdictions involved, and the quality of the issuing institution.

Advantages of stablecoin payments

Lower transaction costs

Stablecoin transactions typically bypass the intermediaries that drive up the cost of cross-border payments. Even when using third-party on- and off-ramp providers, overall expenses can be significantly lower than those of traditional Swift transfers or correspondent banking routes.

Example: Moving funds from Southeast Asia to Europe can be several times cheaper using stablecoins than through legacy banking networks.

Faster settlement and improved cash flow

Stablecoins settle within minutes, regardless of time zones or banking hours. This reduces the working capital trapped in transit and improves liquidity management for companies with global supply chains. Predictable settlement times also make it easier to forecast cash positions.

Access to alternative payment rails

For businesses in regions with limited banking infrastructure, stablecoins provide an alternative settlement channel. 

Automation and smart contracts

Because stablecoins operate on programmable blockchains, payment terms can be automated through smart contracts. This can streamline recurring transactions such as supplier payments, royalties, or cross-border payroll while reducing administrative overhead.

Treasury diversification

Holding a small portion of reserves in reputable fiat-backed stablecoins can offer flexibility for international operations. For companies exposed to high inflation or currency volatility, stablecoins can act as a temporary hedge while maintaining digital liquidity.

Risks and limitations‍

For a full list of risks of crypto assets in general, see here.

Depegging events

Stablecoins are designed to maintain a fixed value, but history shows that pegs can break under stress. In 2023, USD Coin (USDC) briefly fell below one dollar after funds were trapped during the Silicon Valley Bank collapse. The peg was restored quickly, but incidents like these highlight counterparty risk and the importance of due diligence.

Counterparty and operational risk

Most major stablecoins are issued by centralized companies responsible for managing reserves. Failures in governance, audits, or cybersecurity can jeopardize redemption and erode trust. Businesses can reduce this risk by using licensed intermediaries or settlement providers that assume the exposure on their behalf.

Regulatory uncertainty

The global regulatory landscape for stablecoins continues to evolve. New frameworks such as the EU’s Markets in Crypto-Assets Regulation (MiCA), the UK’s Financial Services and Markets Act, and proposed US legislation aim to formalize oversight. These developments will likely strengthen trust in the long term, but they can also create transitional uncertainty for issuers and businesses.

Liquidity fragmentation

Not all stablecoins have deep liquidity across exchanges and payment networks. Smaller or niche tokens may face limited trading pairs or slower conversions to fiat, affecting usability for high-volume B2B transactions.

In short: Stablecoins enable faster, cheaper, and more flexible business payments, but their reliability depends on transparency, governance, and regulatory maturity. 

For most enterprises in 2025 and beyond, fiat-backed stablecoins such as USDC strike the best balance between efficiency and risk. As regulation improves, these digital assets are likely to become a permanent fixture of global payments.

Choosing the right stablecoin for your business

Each stablecoin offers a different balance of liquidity, transparency, and regulatory assurance. The right choice depends on your company’s priorities and risk profile.

Tether (USDT) remains unmatched in global liquidity and utility while USD Coin (USDC) leads in transparency and compliance, appealing to corporates operating under clear regulatory regimes. 

PYUSD introduces a stablecoin with deep integration into PayPal’s commercial ecosystem, creating a straightforward path for merchants and platforms already relying on PayPal infrastructure. 

USDG brings a regulated, institution-focused model, backed by the Global Dollar Network and aligned with emerging requirements in Singapore and the EU. 

FDUSD adds a programmable, multi-chain option for businesses that want flexibility across emerging digital-asset rails, particularly for treasury flows routed through major exchanges.

For most businesses, the decision isn’t which single stablecoin to use, but how to integrate stablecoins effectively into existing payment, treasury, and settlement systems. The ability to hold, convert, and settle across multiple stablecoins provides resilience against market, operational, and regulatory risks.

Stablecoins are no longer a fringe innovation. In 2025, they represent a core component of modern payment infrastructure, bridging the gap between traditional banking and digital finance. Companies that move early to integrate stablecoin capabilities gain a clear advantage in speed, efficiency, and global reach.

With stablecoins now a standard tool for modern treasury teams, BVNK helps businesses connect traditional finance and digital assets with confidence.

As the space continues to evolve, choosing the right stablecoin strategy will define how effectively businesses compete in the next phase of digital finance.

Explore stablecoin payments with BVNK 

BVNK helps businesses connect traditional and digital finance through access to leading stablecoins. Speak with our team to understand how stablecoins can speed up transactions and simplify cross-border payments.