Payments Players

Who captures value in the transformation from extraction to efficiency.

Player Categories

Category	Role in Transformation	Value Capture Trend
Card Networks	Incumbent extraction, consumer lock-in	Defending
Correspondent Banks	Legacy cross-border, friction layer	Disintermediated
Stablecoin Issuers	New rails, regulatory compliance	Growing
Off-Ramp Providers	Last mile, corridor specialists	Growing
Treasury Integrators	B2B adoption, EBITDA optimization	Emerging

Traditional Players

Card Networks

Player	Role	Business Model	Market Position
Visa	Card network	Interchange (2-3%)	Duopoly, $8T+ volume
Mastercard	Card network	Interchange (2-3%)	Duopoly, $7T+ volume
Amex	Network + issuer	Interchange + fees	Premium segment
Discover	Network + issuer	Interchange	US-centric

Defense strategy: Rewards loops keep consumers locked. Stablecoins must route around, not through.

Correspondent Banking

Player	Role	Business Model	Vulnerability
SWIFT	Messaging network	Per-message fees	Speed, transparency
JPMorgan	Correspondent bank	FX spreads, wire fees	Direct stablecoin rails
Citi	Correspondent bank	FX spreads, wire fees	Direct stablecoin rails
HSBC	Correspondent bank	FX spreads, wire fees	Direct stablecoin rails

Vulnerability: 3-4% friction stack is the target. Every basis point saved flows to stablecoin rails.

Payment Processors

Player	Role	Crypto Strategy	Status
Stripe	Merchant processing	Bridge acquisition ($1.1B)	Aggressive
PayPal	Consumer + merchant	PYUSD stablecoin	Hybrid
Square/Block	SMB + consumer	Bitcoin focus, Cash App	Selective
Adyen	Enterprise processing	Limited crypto	Watching

Stablecoin Rails

Issuers

Player	Token	Market Cap	Regulatory Status	Best For
Circle	USDC	$30B+	US-regulated, public	Compliance-first B2B
Tether	USDT	$100B+	Offshore, contested	Asia, liquidity
Paxos	PYUSD	Growing	NY-regulated	PayPal ecosystem
First Digital	FDUSD	Growing	Hong Kong	Binance ecosystem

Off-Ramp Providers

Player	Focus	Corridors	Status	Differentiation
Bridge	Stablecoin orchestration	Global, mature	🟢 Stripe acq.	API elegance, Stripe
BVNK	B2B payments	100+ countries	🟢 Growing	Corridor depth
Deel	Global payroll	150+ countries	🟢 Growing	HR integration
Airwallex	B2B treasury	150+ countries	🟢 Growing	Banking integration
Nium	Embedded payments	100+ countries	🟢 Growing	BaaS model

Infrastructure

Player	Focus	Function	Status
Fireblocks	Custody + signing	Wallet infra	🟢 Enterprise
Anchorage	Regulated custody	Institutional	🟢 OCC charter
Circle Mint	USDC mint/redeem	On/off-ramp	🟢 Direct

Treasury Integrators

The emerging category that captures stablecoin alpha for traditional businesses.

PE Firms

Player	Strategy	Value Creation Lever
General catalyst	Fintech portfolio, treasury ops	EBITDA optimization
Vista Equity	Software focus, B2B payments	Operational efficiency
Thoma Bravo	Fintech, payments infrastructure	Integration playbook
(Your firm here)	Mid-market w/ cross-border exposure	13-19% EBITDA lift

CFO Consultants

Player	Segment	Service
Treasury advisory	Enterprise	Working capital optimization
FX specialists	Mid-market	Cross-border treasury
Fintech consultants	Growth companies	Payments infrastructure

ERP Vendors

Player	Integration Status	Stablecoin Readiness
SAP	S/4HANA	🟡 Plugin ecosystem
Oracle	NetSuite, ERP Cloud	🟡 Partner integrations
Microsoft	Dynamics 365	🔴 Early
Coupa	AP automation	🟡 Partner integrations
Bill.com	SMB AP/AR	🟡 Crypto pilots

Ecosystem Map

Value Chain Position

SENDER (US Company)
       │
       ├─► ERP SYSTEM (SAP, Oracle, NetSuite)
       │         │
       │         ▼
       │   ROUTING ENGINE (The opportunity)
       │         │
       │         ├─► SWIFT Rail ──────────► Correspondent Banks ──► Supplier
       │         │
       │         └─► Stablecoin Rail
       │                   │
       │                   ▼
       │             ON-RAMP (Circle)
       │                   │
       │                   ▼
       │             BLOCKCHAIN (Solana, Base)
       │                   │
       │                   ▼
       │             OFF-RAMP (Bridge, BVNK)
       │                   │
       │                   ▼
       └─────────────────► SUPPLIER BANK (Local fiat)

Competitive Dynamics

Position	Current Leader	Disruption Potential
Consumer checkout	Visa/Mastercard	🔴 Low (rewards moat)
B2B domestic	ACH, cards	🟡 Moderate
B2B cross-border	Correspondent banking	🟢 High (stablecoin rails)
Payroll	Deel, Papaya, Remote	🟢 High (already crypto)
Treasury	Banks	🟢 High (CFO pain point)

Investment Thesis by Player Type

For PE/Acquirers

Target profile:

$75M+ revenue
$30M+ annual cross-border payments
Concentrated corridors (top 3 = 70%+ volume)
ERP with API access
CFO with mandate for treasury optimization

Value creation:

Map current payment friction by corridor
Integrate stablecoin rails (Bridge, BVNK partnership)
Capture 10-20% EBITDA improvement
Repeatable across portfolio

For Builders

White space:

Routing intelligence — No dominant player, telecom LCR expertise transfers
Treasury dashboard — CFO persona, not crypto UX
ERP connectors — Deep integration, not bolt-on
Corridor expansion — Emerging markets need local partnerships

Don't build:

Another blockchain
Consumer wallet
Stablecoin issuer (regulated moat)

For Operators

Pilot playbook:

Select highest-volume mature corridor (Mexico, EU)
Route 10% of volume through stablecoin rails
Measure all-in cost delta
Build business case for board
Expand or revert

Why Now

Three catalysts converged in 2025:

Catalyst	What Changed	Impact
Legal clarity	GENIUS Act (July 2025) — federal framework	CFOs can adopt without legal risk
Infrastructure depth	Bridge, BVNK abstract off-ramp complexity	"Send fiat, deliver fiat" APIs
Adoption compounding	B2B stablecoin: $100M → $3B monthly (30x in 2 yrs)	Network effects kicking in

The window: Early adopters capture savings while competitors wait for more proof.

Objections and Responses

Objection	Response
"Suppliers won't accept crypto"	Off-ramp providers deposit local fiat — supplier never touches crypto
"1% off-ramp is optimistic"	For mature corridors. Others 2%+, still beats 3-4%
"You're shifting costs to supplier"	Net system friction declines; split is negotiable
"What about volatility?"	Stablecoins are pegged 1:1; exposure window is hours not days
"Why hasn't everyone done this?"	Until July 2025, no federal legal framework. Now there is.

Context

Principles — The immutable truths
Performance — How to measure success
Protocols — How to execute
Platform — The technical stack
Telecom Players — Parallel ecosystem

Player Categories​

Traditional Players​

Card Networks​

Correspondent Banking​

Payment Processors​

Stablecoin Rails​

Issuers​

Off-Ramp Providers​

Infrastructure​

Treasury Integrators​

PE Firms​

CFO Consultants​

ERP Vendors​

Ecosystem Map​

Value Chain Position​

Competitive Dynamics​

Investment Thesis by Player Type​

For PE/Acquirers​

For Builders​

For Operators​

Why Now​

Objections and Responses​

Context​