The $400B Map: Who's Actually Moving Stablecoins Outside the US? If you only know Bridge, you're seeing a fraction of the market. Real-world stablecoin payment volume hit $400B in 2025, with 60% being B2B. Bridge covers 35 countries. The math doesn't work and yet most fintechs I talk to still default to "we'll just use Bridge." Here's the uncomfortable truth: stablecoin infrastructure has gone regional, and the strongest players in each corridor aren't household names in San Francisco. Three years ago, "stablecoin orchestration" meant a handful of US-based APIs. Today, every major payment corridor has its own pure-play, built by people who actually understand local rails, mobile money, central bank relationships, and FX realities on the ground. That's why a B2B treasury team paying suppliers across Lagos, São Paulo, Jakarta and Dubai doesn't need one provider. They need a regional stack. The Global Stablecoin Money Movement Map: 🇺🇸 USA & Canada: the API-first layer Sphere Labs, Mural Pay, Brale, Modern Treasury, Bastion, Iron (by MoonPay), Conduit, Routefusion, Crossmint, Cybrid, HopNow 🇪🇺 Europe: MiCA-native, EU passporting BVNK, Due, Currencycloud, Rapyd, Merge Money, Fipto, Depa, OpenPayd 🇧🇷 LATAM: built around PIX, SPEI, local FX volatility Bitso, dLocal, Pomelo, CambioReal, BlindPay, Koywe, Avenia, Mesta 🇦🇪 UAE & Middle East: the fastest-regulated jurisdiction in the world Fasset, TransFi, Hubpay, Fuze Finance, damex io 🌍 Africa: mobile money meets stablecoin sandwich Yellow Card, Flutterwave, Conduit (deepest Africa coverage at 23 countries), Juicyway, NALA/Rafiki, Nestcoin, ivorypay, Quidax, Paychant, VALR, Kotani Pay 🌏 Asia: the fastest-growing region globally FOMO Pay, StraitsX (~$30B cumulative volume), Tazapay, Triple-A, Coins ph, PhotonPay, Reap (just acquired by Kraken for $600M) The aggregation layer stitching them together: Borderless xyz turns this regional fragmentation into a single API by plugging into local liquidity providers across markets. Why this matters for anyone building cross-border: Bridge charges up to 1% FX. Conduit ships ~10 bps. Bridge has zero local rails in APAC. BVNK processes $30B annualized. Fasset just hit $32B annualized across 50 corridors in Asia, Africa and the Middle East after its $51M Series B. The point isn't that Bridge is worse. It's that "global stablecoin infrastructure" was always a regional game pretending to be global. The market has split into specialists, and the winners in each corridor have already emerged. If you're picking a stablecoin partner in 2026, the right question isn't "who is the Bridge of X?" It's: "Which corridors do I actually need, and who owns the rails there?" PS: And if you need a card acceptance gateway to plug into your stablecoin flows, that's exactly why we built @subyhq