Stablecoins and Corporate Payments: A Structural Shift in Motion

From Industry Debate to Operational Reality

On January 21, at Non Fungible Leaders (4th edition in Paris) hosted at La Samaritaine, I joined a panel discussion on a question that is increasingly relevant for corporate finance teams: Are stablecoins the next major turning point in enterprise payments?

Moderated by Jean-François (Jeff) Wang from Forvis Mazars Group, alongside representatives from Accor, Visa, and AFTE (with participation from Carrefour), the discussion stood out for one key reason: it was grounded in operational reality.

The industry conversation around stablecoins has evolved. We are no longer debating whether blockchain is innovative. The real question is whether stablecoins meaningfully reduce friction in corporate payment flows.

Where Friction Still Exists

Cross-border payments remain structurally complex. Liquidity is fragmented across jurisdictions, correspondent banking layers increase costs and delays, FX spreads impact margins, and reconciliation often lacks real-time visibility. For treasury teams, these are not abstract challenges they are daily operational constraints.

Stablecoins are increasingly being evaluated not as experimental assets, but as infrastructure components. And infrastructure is judged on reliability, compliance, interoperability, and auditability. If it cannot integrate seamlessly into existing financial systems, adoption will remain limited.

Rethinking “Faster and Cheaper”

During our workshop on cross-border stablecoin flows, we addressed one of the most persistent misconceptions in the market.

Speed is not measured in seconds alone; it is measured in settlement certainty, capital efficiency, and improved liquidity management. Cost reduction is not limited to transaction fees; it also includes FX optimization, reduced intermediary layers, and simplified treasury processes.

Corporate finance does not adopt technology for novelty. It adopts solutions that improve control, reduce risk, and enhance operational efficiency.

A Hybrid Future for Corporate Payments

What became clear during the discussions is that the future of corporate payments is unlikely to be purely traditional or purely blockchain-based. It will be hybrid. Regulated payment institutions, IBAN infrastructure, custody frameworks, on/off-ramp solutions, and blockchain rails will need to operate together within a coherent ecosystem.

We are now moving from conceptual discussions to structured implementation. Regulatory clarity is improving, institutional players are engaged, and treasury teams are actively testing real use cases.

The question is no longer whether stablecoins will play a role in corporate payments. It is how they will be integrated into regulated financial environments in a way that supports scale and long-term sustainability.

That is where new developments start.