Payments company Banxa launched Native on August 20, a solution designed to address the fragmented user experience in cryptocurrency payments. According to reports from Banxa, the platform enables wallets, exchanges and fintech apps to place fiat-to-crypto and crypto-to-fiat transactions directly inside their own interfaces. The company handles the regulated infrastructure underneath, including price quotes, compliance validation and settlement, while allowing platforms to maintain their branding and customer relationships.
The latest market data reveals a clear dominance of USDT over USDC in the stablecoin market, with USDT circulation reaching 189.77 billion dollars in May 2026 compared to USDC's 76.5 billion. According to recent analysis, USDT holds roughly 58% of the entire stablecoin category out of a total market around 323 billion dollars. The scale difference is significant, with USDT maintaining its position as the largest stablecoin while USDC trails behind despite both tokens tracking the US dollar and both having experienced major failures in recent years.
The traditional banking sector is now actively developing tokenised deposit solutions, with JPMorgan's Kinexys platform settling around ₹2 billion dollars a day and issuing JPMD, the first bank-issued dollar deposit token. According to recent reports, JPMorgan, Citi, Bank of America and Wells Fargo are building a shared network through The Clearing House, aimed at the first half of 2027. This development represents a significant shift as banks move beyond stablecoins to offer tokenised deposits that stay inside the bank, with only approved parties able to hold them. The system promises dollar arrival in four seconds, potentially reshaping how digital dollars are understood by 2030.
Recent data reveals a significant shift in merchant cryptocurrency acceptance, with 39% of US merchants now accepting some form of digital assets according to a PayPal survey in January 2026. However, as reported by industry analysis, this figure primarily represents stablecoin settlement rather than direct Bitcoin payments at physical tills. Stripe has been at the forefront of this trend, switching stablecoin acceptance to default in September 2025 and charging a flat 1.5% fee for payments from over 70 countries. The company's acquisition of Bridge for ₹9,000 crore in October 2024 represents the largest acquisition in Stripe's history, positioning it to handle payments across multiple blockchain networks.
While stablecoin adoption has increased significantly in 2026, real payments still represent only a fraction of the trillions moving on-chain. As reported by Banxa, around 3.6% of adjusted stablecoin volume came from actual payments in 2025. The company attributes this gap to what it calls the checkout problem, where paying with a stablecoin can still mean a second screen, another identity check and a checkout run by a company the user did not choose. However, technical solutions like Banxa's Native platform are addressing these barriers, with the system allowing users to buy $200 of USDC inside a wallet with seamless payment flows across multiple methods, including cards, Google Pay, and bank transfers.
Banxa reports having more than 400 platform integrations, having served over 10 million users and having processed more than $10 billion in cumulative volume. As reported by Banxa, its Dutch entity holds a MiCA licence covering 30 EEA countries. The company was acquired by OSL in January, with the acquisition folding Banxa into a wider stablecoin payments push.
