TLDR Tech / Crypto
Six Layers of Stablecoin Payment Infrastructure
Paxos published a six-layer stablecoin payment infrastructure framework covering licensing, KYC/KYB onboarding, custody, fiat funding, distribution, and fiat-stablecoin conversion, as sector volume surpasses $30 trillion and consumer-to-business stablecoin transactions more than doubled in the past year. The GENIUS Act has accelerated a regulatory charter scramble, with OCC National Trust Charter holders positioned to gain Federal Reserve rail access while MiCA and MAS registrations gate European and Singapore corridors. Paxos currently anchors infrastructure for Stripe's merchant stablecoin acceptance and runs custody and settlement for Modern Treasury, BVNK, and Confirmo, with multi-issuer conversion across PYUSD, USDP, USDG, USDC, and USDT in select jurisdictions. The November 2025 Fordefi acquisition adds embedded wallet and MPC capabilities to Paxos's stack, with thin stablecoin-to-local-fiat liquidity in many corridors remaining the sharpest bottleneck for last-mile payout rails.
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