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Payment service providers and fintechs have overtaken retail trading firms as the largest customer segment for stablecoin infrastructure provider BVNK, accounting for 75% of platform volume, according to proprietary data published by the company today.
The data also shows embedded wallet volume on the platform rose 263 times year on year during 2025. BVNK says it now processes more than $36 billion in annualised payment volume.
Trading firms typically use stablecoins as a settlement asset to move value between venues. PSPs and fintechs are embedding dollar wallets directly into their own products, so that their customers can hold, move and convert value without routing through correspondent banking.
BVNK describes this as businesses using stablecoins as programmable dollars that operate outside banking hours, alongside rather than through traditional banking infrastructure.
"Moving money across borders and between currencies has historically been slow and expensive. Businesses have relied on correspondent banking networks that can take days and add fees at every step. Stablecoin wallets change that - they act as a proxy for a global dollar account: a single balance a business can hold, move and convert anywhere, instantly, without waiting on banking hours or intermediaries. Businesses are no longer experimenting with stablecoins, they're rebuilding their payment infrastructure around them." - Chris Harmse, Co-Founder and Chief Business Officer, BVNK
After-hours volume
Half of all transactions on the platform now take place outside standard banking hours. After-hours activity rose from 24% to 31% of total volume year on year, with the value increasing from $2.65 billion to $8.83 billion. BVNK attributes the rise to larger, higher-value business flows settling outside traditional banking windows.
Regional growth
BVNK's 2025-2026 data shows that growth was fastest in markets where dollar access has historically been constrained:
• Latin America pay-in volume grew 22x (led by Colombia, Argentina and Brazil);
• UK pay-in volume grew 19x, UK pay-out volume grew 5.17x
• APAC pay-out volume grew 3.4x
• Africa pay-out volume grew 4x
Corpay integration
Corporate payments provider Corpay, which processes more than $12 billion in payments and $26 billion in foreign exchange each month across more than 145 currencies, has integrated BVNK's stablecoin wallets and settlement capability into its platform to provide 24/7 payment rails.
Corpay reports that the integration has also reduced its reliance on pre-funded accounts and allowed faster movement of funds across its global footprint, lowering the amount of capital it needs to hold in advance across markets.
Global HR and compliance platform Ontop, fintech platform Meow, and payments infrastructure provider TransferMate are among other BVNK clients building similar capability into their own platforms.
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