TLDR Tech / Crypto
Deep Dive: The 2026 Directory of Stablecoin Card Program Enablers
Sam Boboev maps the competitive landscape of infrastructure providers enabling stablecoin-backed card programs in 2026, a market now shaped by MiCA (38 accredited EMT issuers, full enforcement from July 1) and the US GENIUS Act (defining Permitted Payment Stablecoin Issuer pathways through the FDIC and OCC). Stablecoin transfer volume reached $27.6 trillion by 2024, surpassing Visa and Mastercard combined, and has continued accelerating. The "big six" enablers are Nium (190-country payout network + Visa/Mastercard issuance via single API, backed by Coinbase liquidity routing), Rain (corporate treasury and DAO spending via smart contract-triggered escrow), Baanx (self-custody cards spending from hardware wallets, lending against digital assets), Bridge/Stripe (developer-first open issuance across 8 chains for branded stablecoins), and BVNK ($10B annualized volume, dominant in UK/EU corridors with same-day settlement in 30+ currencies).
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