The stablecoin market is witnessing a new phase of competition as companies battle for intellectual property dominance. Circle's acquisition of IBM's blockchain patent portfolio represents a significant strategic move, securing more than 680 patent families and nearly 1,000 issued patents that give Circle one of the strongest technology portfolios in the industry. This acquisition comes as competition shifts from issuing stablecoins to building the infrastructure that powers internet-native finance. The patent portfolio acquisition reflects the industry's recognition that owning the technology behind stablecoin products is becoming as important as launching them, as companies seek to differentiate themselves through proprietary solutions rather than just market presence.
Brazil has emerged as a key market demonstrating the rapid adoption of stablecoins for international transactions. According to the International Monetary Fund's Brazil financial system stability assessment released this month, crypto-based cross-border flows have surpassed traditional capital movements, with most flows driven by stablecoins. The IMF reports that companies and individual investors are using stablecoins for transaction efficiency and tax-related reasons, with flows affected by the S&P 500 Index, Cboe Volatility Index, Bitcoin prices, exchange rates, interest rates, policy uncertainty and changes in taxation. This development highlights how stablecoins are becoming essential tools for international business operations.
Visa's regional leadership has clarified that stablecoins and PIX serve different market needs rather than competing directly. As reported by BeInCrypto, Antônia Souza, Visa's Director of Digital Currencies for Latin America and the Caribbean, emphasized that "stablecoins did not arrive to fight PIX." She explained that PIX is built for real-time everyday payments, while stablecoins are meant for cross-border flows, such as sending money abroad or storing dollars more easily. The company has developed the Visa Connector, a payment initiator that helps initiate PIX transactions, precisely because the instant-payment rail and stablecoin rail are viewed as complementary rather than competing systems. The exception exists in countries without massive instant-payment systems, where peso-backed stablecoins help people make instant payments because they lack solutions on the scale of Brazil's PIX.
The stablecoin market has experienced significant expansion, with supply reaching approximately $315.6 billion in July 2026 and daily transfers averaging $195.6 billion, according to reports from BeInCrypto. Major payment networks are strengthening their stablecoin infrastructure capabilities. Visa's stablecoin settlement run rate increased from $3.5 billion annualised in November 2025 to about $7 billion by March 2026, while the company has expanded its pilot program allowing eligible issuers and acquirers to settle obligations using stablecoins on supported blockchains. Mastercard added support for several stablecoins across multiple networks in June 2026, and earlier in the year, it agreed to acquire BVNK for up to $1.8 billion. Globally, Visa has more than 140 stablecoin card programs live, most operated by fintechs, with Lemon Cash cited as an example in Latin America and Puerto Rico flagged as one of the region's biggest hubs.
While payment networks build the settlement infrastructure, specialist firms are focusing on customer-facing services. Wirex Group CEO and Co-Founder Pavel Matveev told BeInCrypto that payment networks can't own all parts of the stablecoin system, noting that even in traditional finance, they've never chosen to become card issuers. Wirex's banking-as-a-service operation reached $1 billion in annualised settlement volume within 131 days of launching in November 2025, calculated from activity across Base and Stellar networks. The company reports more than 300 active partner discussions, with BingX, EVEDEX and Crossmint already integrated. Visa's strategy focuses on integrating stablecoins into its networks and offering banks a path that is "already scalable, that's already trustable by the market, by the ecosystem."
