Liminal report says stablecoin winners are built on governance, not size

By AI, Created 12:11 PM UTC, June 02, 2026, /AGP/ – Liminal Custody, with PwC and FundRock Investment Management Services experts, says the fintechs scaling stablecoin payments fastest are the ones that built compliance and operational controls from day one. The report argues that corridor depth, banking access and regulatory readiness will matter more as stablecoin payments move deeper into cross-border infrastructure.

Why it matters: - Stablecoins are shifting from trading tools to payment rails. - That change raises the bar for fintechs that want to move real money at production scale. - The report says governance, compliance and operational readiness now matter more than sheer company size. - The findings point to a market where early infrastructure decisions can shape long-term competitiveness.

What happened: - Liminal Custody released a new report, Stablecoin Payment Infrastructure: A Practical Guide for Fintechs in APAC, MENA, and Beyond. - PwC and FundRock Investment Management Services experts co-authored the report. - The report was released in Singapore on June 2, 2026. - Liminal Custody said the report examines the commercial and regulatory shifts driving stablecoin adoption. - The report also identifies fintech segments with the strongest business case for stablecoin infrastructure.

The details: - Stablecoin transaction volumes reached about $33 trillion in 2025. - Industry forecasts in the report suggest stablecoins could represent 5% to 10% of global cross-border payment flows by 2030. - The report’s central finding is that the most successful stablecoin payment players are not necessarily the largest firms. - Those leaders built governance, compliance and operational controls into their products from the start. - Corridor depth, banking relationships, liquidity networks and compliance credibility are becoming harder for later entrants to replicate. - The report highlights four segments with the clearest case for stablecoin infrastructure. - Those segments are payment service providers operating cross-border corridors, OTC desks serving institutional clients, marketplaces and brokerages managing large payout flows, and gaming platforms handling digital asset transactions. - Mahin Gupta, founder and CEO of Liminal Custody, said fintechs typically want to move faster, process more volume and avoid adding compliance or operations headcount at the same pace. - Gupta said the answer is infrastructure built around the governance and control needs of the businesses using it. - The report was co-authored by Dr. Bhaskar Dasgupta, chairman of the board at FundRock Investment Management Services (ME) Ltd. - Neptune Chen, partner and managing director at PwC, also co-authored the report. - Sam Wu, partner at PwC, is listed as a co-author. - Mahin Gupta is also listed as a co-author. - Liminal Custody describes itself as a digital asset management infrastructure platform. - The company says it is certified with ISO 27001, ISO 27701 and SOC Type 2 standards. - Liminal Custody says it offers secure wallet infrastructure and custody-technology solutions for institutions. - The company is headquartered in Singapore and has offices in India, the UAE and Taiwan. - Liminal says it serves clients globally and helps them scale digital asset operations in compliance with regulatory standards. - The report is available here. - Liminal also provided a product video here. - Liminal Custody listed its LinkedIn page here. - Liminal Custody listed its X account here.

Between the lines: - The report frames stablecoin payments as an infrastructure business, not just a token or trading story. - That framing favors firms that already have compliance, banking and liquidity relationships in place. - For later entrants, the report implies the harder challenge will be building trust and operating controls, not just adding transaction volume. - The emphasis on APAC and MENA suggests the opportunity is being viewed through cross-border flows and regional payment constraints.

What’s next: - The report suggests stablecoin payment adoption will continue expanding into mainstream fintech use cases. - Firms in the highlighted segments may use the findings to prioritize governance and corridor coverage before scaling volume. - As cross-border flows grow, infrastructure providers with stronger compliance and operational controls may have an advantage. - The report’s 2030 forecast implies the competitive gap could widen as the market matures.

The bottom line: - In stablecoin payments, the winners may be the firms that built for regulation and operations first, and scale second.