The most noteworthy change in stablecoins may not be record-high trading volumes, but rather the fact that companies are beginning to use them for real commercial payments.

In the past, when discussing stablecoins in the crypto industry, the most common scenarios involved exchange deposits and withdrawals, trading pair valuations, and asset hedging. However, for companies, cross-border fund transfers, vendor payments, and cash management are more everyday needs. Today, an increasing number of financial institutions and payment networks are beginning to incorporate stablecoins into these processes.

On September 30, Lloyds Banking Group of the UK and Visa announced the completion of a stablecoin settlement pilot. During a seven-day test, the two parties settled payment obligations totaling $750,000 through USDC, with funds arriving at Visa within one hour, including weekends. The test also involved settlements between public and permissioned blockchain environments.

The focus of this pilot was not on how consumers pay, but rather on how financial institutions can complete fund settlements faster.

Why do companies need another payment channel?

Traditional cross-border payments rely on bank accounts, correspondent bank networks, and established settlement processes. They have supported global trade for years, but the time it takes for funds to arrive may be affected by business hours, holidays, time zones, and intermediaries.

For companies operating in multiple countries, payment delays are not just an experience issue; they also impact cash flow arrangements. The longer funds are in transit, the harder it becomes for companies to accurately manage payments, receipts, and short-term liquidity.

Stablecoins offer another option: transferring digital dollars over supported blockchain networks and using them for settlement where applicable. They cannot eliminate all compliance and banking steps, but have the potential to allow some fund transfers to no longer be entirely constrained by traditional banking hours.

True competition is not about making companies learn to use crypto wallets

Companies are not willing to completely rebuild their financial systems just because of an update in blockchain technology.

On October 20, EY-Parthenon released a study indicating that companies are shifting from exploring blockchain payments to actual deployment. In the survey, 74% of corporate respondents preferred to have blockchain payments integrated into existing interfaces rather than using a separate set of tools. The study also revealed that 33% of corporate respondents might adopt stablecoins or tokenized deposits within the next 6 to 12 months.

This raises a key question: the ability of stablecoins to broaden their use depends not only on the speed of on-chain transfers but also on whether they can integrate with existing banking, finance, and payment systems of the companies.

Thus, the roles of banks, payment networks, and fintech companies are changing. They are not just providing transfer channels; they also need to address issues such as fiat currency conversion, compliance checks, fund custody, reconciliation, and customer experience.

From transaction tools to payment infrastructure

Stablecoins are not equivalent to bank deposits, and not all cross-border payments are suitable for using them. Regulatory requirements, liquidity, conversion costs, and acceptance by counterparties vary across different jurisdictions and will still determine specific application scenarios.

However, from the settlement tests between banks and Visa to the demand from companies for integration with existing systems, the direction of the industry is becoming clearer: the competition for stablecoins is extending from the scale of issuance to actual payments and fund management.

The next phase worth watching is not just how much the total supply of stablecoins has increased, but how many companies start using them to pay suppliers, manage cash flow, and incorporate them into daily financial processes. When companies can complete settlements using stablecoins without needing to change their work habits, this technology is likely to truly step out of the crypto market.

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