Stablecoins for Settlement: Which Merchant Acquirers Are Leading the Charge?

The payments landscape is shifting beneath our feet, and stablecoins are at the centre of it all. While most of us have been watching crypto volatility from the sidelines, a quieter revolution has been brewing in merchant acquiring: where forward-thinking payment companies are starting to settle transactions in stablecoins instead of traditional currencies.

It's not just theoretical anymore. Real acquirers are processing real transactions with real merchants, using stablecoins as their settlement currency. But who's actually doing it, and what does this mean for the rest of us in the payments ecosystem?

The Pioneers: Who's Actually Doing It

Eazy Financial Services has carved out a notable first in the merchant acquiring space. As the first acquiring institution in the Eastern Europe, Middle East, and Africa (EEMEA) region to pioneer USDC stablecoin settlement, they're not just testing the waters: they're diving headfirst into stablecoin settlement through their partnership with Mastercard and Circle.

According to Nayef Al Alawi, Founder, MD & CEO of Eazy Financial Services, this move delivers "future-ready infrastructure" that directly tackles market demands for greater liquidity and operational efficiency. The real kicker? It significantly reduces friction in high-volume settlements, something traditional banking rails have struggled with for decades.

Arab Financial Services is riding alongside Eazy as another early mover in the region. Both companies are positioned as the first acquirers to benefit from Mastercard's expanded partnership with Circle for USDC and EURC settlement across EEMEA markets.

These aren't just pilot programs or proof-of-concepts. These are live, operational stablecoin settlement services processing actual merchant transactions right now.

The Network Effect: Mastercard and Visa Leading the Infrastructure

While individual acquirers are making headlines, the real enablers are the payment networks themselves. Mastercard has rolled out what they're calling a comprehensive end-to-end stablecoin services suite. This isn't just settlement: it's wallet enablement, card issuing, and merchant acceptance across potentially billions of terminals worldwide.

What makes this particularly powerful is the closed-loop system they've created. It connects vetted crypto platforms directly to acquirers and merchants, with optional payouts in stablecoins. Plus, it supports global remittances and institutional use cases, creating multiple revenue streams from a single infrastructure investment.

Visa has been running 24/7 merchant payouts in stablecoins since late 2023: a game-changer when you consider traditional banking hours have been a settlement bottleneck for decades. Their recent partnership with Bridge, a stablecoin orchestration platform, is making stablecoins accessible for everyday purchases through API integration with fintech developers.

As of July 2025, Visa has expanded their stablecoin settlement support to include more stablecoins, more blockchain chains, and additional use cases. They're clearly betting big on this space.

What This Means for Merchants

For merchants, the shift to stablecoin settlement brings some compelling advantages: and a few risks worth considering.

The benefits are pretty straightforward:

• Faster settlements: No waiting for banking hours or dealing with weekend delays

• Lower costs: Reduced fees compared to traditional cross-border transactions

• Global reach: Easier access to international markets without currency conversion headaches

• Improved cash flow: 24/7 settlement means faster access to funds

But there are legitimate concerns too:

• Regulatory uncertainty: While frameworks like the GENIUS Act (passed in July 2025) are providing clarity, regulations are still evolving

• Technical complexity: Integration requires new infrastructure and expertise

• Volatility concerns: Even stablecoins can face occasional depegging events

• Compliance requirements: New AML/KYC considerations for digital asset handling

The Infrastructure Players Making It Happen

First, the plumbing: Circle remains a core enabler, with USDC and EURC underpinning many programmes. Its expanded partnership with Mastercard is live across EEMEA, where acquirers like Eazy Financial Services and Arab Financial Services are already settling in stablecoins.

Who’s live or piloting as of late 2025 (global snapshot spanning the US, Europe, EEMEA and APAC):

• Stripe — Running USDC pilots focused on crypto‑native merchants and select cross‑border payout flows. Following its Bridge acquisition and integrations with Coinbase (including USDC on Base), Stripe has been testing stablecoin settlement and 24/7 payouts with a tight set of customers, with broader rollouts staged for late 2025.

• Adyen — Exploring stablecoin settlement with global enterprise clients via limited, private pilots. The focus is on treasury‑friendly settlement options, faster payouts and compliance controls; no general availability announced yet as of late 2025.

• Mastercard (network, not an acquirer) — Piloting and enabling USDC settlement with fintech partners and multiple acquirers. Its EEMEA expansion with Circle brought live settlement to acquirers like Eazy and Arab Financial Services, alongside wallet enablement, issuing and acceptance services.

• Worldpay (FIS) — Announced USDC settlement support for select merchants earlier and, in 2025, teamed up with BVNK and Fireblocks to enable stablecoin payouts for US and European clients, with near‑instant disbursements across 180+ markets and phased availability for global merchants.

• PayPal — Building out settlement infrastructure around its own stablecoin, PYUSD. In 2025 PayPal advanced plans to extend PYUSD to Stellar (pending approvals) and deepened ecosystem partnerships to support cross‑border payments, merchant payouts and on‑chain settlement options.

• Checkout.com — Ran USDC trials starting in 2022 (including weekend/24×7 settlement) and published early findings. Through 2024–2025, Checkout.com expanded stablecoin capabilities with Fireblocks, processing significant pilot volumes and continuing to support select merchants with USDC settlement.

• BitPay — Enabling merchants to accept crypto with settlement in stablecoins (e.g., USDC) or fiat. Popular with digital commerce and cross‑border sellers, BitPay provides stablecoin settlement rails without merchants handling crypto custody directly.

Regionally, activity is broad: the US (Stripe, PayPal, Checkout.com, Worldpay), Europe (Adyen, Worldpay, Checkout.com), EEMEA (Mastercard + Circle with live acquirers), and APAC participation via global acquirers and PSPs extending pilots to merchants across the region.

Recent Developments and Regulatory Clarity

The landscape changed significantly in July 2025 with the passage of the GENIUS Act in the United States. This legislation established the first federal regulatory framework for payment stablecoins, providing the clarity that many traditional financial institutions needed to move forward with stablecoin initiatives.

This regulatory milestone has accelerated adoption timelines across the industry. Companies that were previously in "wait and see" mode are now actively exploring partnerships and pilot programs.

Who's Exploring It Next

While Eazy Financial Services and Arab Financial Services are leading in the EEMEA region, other regions are seeing increased interest:

Australia and Asia-Pacific: Several major acquirers are reportedly in discussions with stablecoin infrastructure providers, though most haven't made public announcements yet.

North America: With the GENIUS Act providing regulatory clarity, expect announcements from major US acquirers in the coming months.

Europe: The EU's Markets in Crypto-Assets (MiCA) regulation has created a framework that's encouraging European acquirers to explore stablecoin settlement options.

The Technical Reality Check

Implementing stablecoin settlement isn't just a matter of flipping a switch. Acquirers need to consider:

• Blockchain integration: Managing multiple blockchain networks and their different characteristics

• Liquidity management: Ensuring sufficient stablecoin liquidity for settlement obligations

• Risk management: Developing new frameworks for digital asset risk assessment

• Compliance systems: Building AML/KYC processes for digital asset transactions

Most acquirers are partnering with specialised infrastructure providers rather than building everything in-house. It's a practical approach that lets them focus on their core competencies while leveraging expert crypto infrastructure.

Current Challenges and Market Dynamics

Despite the progress, stablecoin settlement in merchant acquiring still faces hurdles:

Merchant education remains a significant challenge. Many merchants don't understand the benefits or are concerned about the complexity.

Integration costs can be substantial, particularly for smaller acquirers without dedicated development resources.

Network effects mean early movers have advantages, but widespread adoption requires critical mass from both acquirers and merchants.

What's Coming in 2026

The momentum is building. As more payment networks integrate stablecoin capabilities, additional merchant acquirers are expected to join the early movers in deploying settlement options for their merchant networks.

Key developments to watch include:

• More regional acquirers announcing stablecoin settlement services

• Integration with existing payment orchestration platforms

• Enhanced treasury management tools for merchants handling stablecoin settlements

• Expansion into additional stablecoin types and blockchain networks

The question isn't whether stablecoin settlement will become mainstream in merchant acquiring: it's how quickly the transformation will happen and which companies will lead the charge.

Getting Ahead of the Curve

The merchant acquiring landscape is transforming rapidly, and stablecoin settlement is just one piece of a larger puzzle. Whether you're a fintech startup considering your payment stack, an established acquirer evaluating new settlement options, or a merchant trying to understand what this means for your business, having the right strategic guidance can make the difference between leading the market and playing catch-up.

The companies moving first aren't just implementing new technology: they're positioning themselves for the next decade of payments innovation. The question is: where does your business fit into this evolving landscape?

If you're ready to explore how stablecoin settlement or other payment innovations could impact your business strategy, RivaTech Consulting can help you navigate the complexities and identify the opportunities. Our team understands both the technical requirements and business implications of these emerging payment technologies.

Ready to discuss your next move? Get in touch with our team to explore how these payment trends could transform your business.