4.3 Corporate Treasury & B2B
What you'll learn: How businesses save millions on international payments through stablecoin rails, why major corporations from Deel to Mastercard are integrating digital dollar infrastructure, and the specific implementation steps for corporate treasury operations.
In 2024, businesses moved $150 trillion through B2B payment networks [1], yet the average international wire transfer still takes 2-5 days to settle and costs about $45 per transaction [2]. For a mid-sized manufacturer with 200 overseas suppliers, these delays and fees translate to $108,000 in annual costs and millions in trapped working capital [2]. Stablecoins now process $2.5 trillion in B2B transactions annually [3], offering corporations instant settlement at a fraction of traditional costs.
The Corporate Payment Problem
Cross-border B2B payments remain stuck in the 1970s. A payment from a U.S. company to a Chinese supplier travels through multiple correspondent banks, each adding fees and delays. The SWIFT network, designed when telex machines were cutting-edge, processes 47.6 million messages daily [4] (not 150 million) but cannot guarantee when funds will arrive.
Consider a typical scenario: A German automotive parts distributor pays a Japanese supplier $500,000. The SWIFT transfer takes three business days, costs $65 in fees [2], and requires both parties to maintain nostro/vostro accounts. Currency conversion adds another 0.5-1 % in hidden costs. If initiated on Thursday afternoon Tokyo time, funds might not clear until the following Wednesday.
Payment Method
Settlement Time
Cost per $100 k
Availability
FX Spread
SWIFT Wire
2-5 days
$45-80
Banking hours
1-3 %
ACH/SEPA
1-3 days
$0.20-25
Banking hours
Varies
Stablecoin
5-30 min
$1-5
24/7
0.1-0.3 %
These inefficiencies compound across supply chains. Working capital gets trapped in float, forecasting becomes guesswork, and finance teams waste hours on reconciliation. $1.2 trillion in working capital is tied up globally [5], an opportunity cost that matters to every CFO.
Early Corporate Adopters
Forward-thinking companies already capture these efficiencies. Deel, which manages payroll for 20,000 + companies, integrated USDC payments in 2023 [6]. Their clients report savings on FX and payout times. One marketing agency reported cutting payment processing time from 12 hours weekly to 90 minutes after switching to stablecoin rails [6].
In Singapore, commodity-trading firms use USDC for supplier payments across Southeast Asia. A palm-oil trader explained: “Bank transfers took 2-3 days and cost $35 each. Now we pay in USDC costs down 85 %” [7].
The pattern extends beyond tech-forward companies. A Singapore-based agricultural commodities trader, Davis Commodities, is piloting same-day settlements with suppliers using USDC to streamline ESG-certified sugar and rice exports [8]. Zimbabwe-based Parrogate and Kenyan coffee exporters use stablecoins to pay suppliers directly, bypassing high fees and delays from traditional banks [9]. Even conservative industries recognize the efficiency gains.
Supply-chain financing particularly benefits from programmable money. Smart contracts can release payment when IoT sensors confirm delivery, eliminating letters of credit that typically cost 1-1.5 % of transaction value. DBS Bank and Standard Chartered have piloted blockchain trade-finance solutions showing 40 % process-cost savings [10].
Impact Varies by Enterprise Size
The stablecoin value proposition differs sharply between large multinationals and small-to-mid-sized enterprises.
Large corporations already operate with preferential banking terms, sub-$10 wire fees on high volumes, and global liquidity pools that minimize trapped capital. For a Fortune 500 treasurer with established correspondent networks and credit lines spanning 40 countries, stablecoins offer incremental rather than revolutionary benefits. These organizations prioritize regulatory certainty, audit trails, and reputational risk management, factors that favor bank-issued tokenized deposits over public blockchain stablecoins.
The transformative impact concentrates in the small and mid-sized corporate segment. A manufacturing firm with 50 employees pays retail banking rates, waits days for cross-border settlements, and lacks access to international treasury services. For these companies, stablecoins level the playing field: a $500,000 supplier payment that would cost $65 and take three days through SWIFT costs $3 and settles in 15 minutes via USDC. The working capital and fee savings compound across hundreds of transactions annually.
This segmentation explains adoption patterns: early corporate users like Deel serve SME clients, while enterprise pilots focus on bank-token solutions (J.P. Morgan's JPM Coin, DBS Digital Exchange) that maintain traditional custody and compliance frameworks.
Treasury Management Evolution
Stablecoins transform how treasurers think about cash. Instead of maintaining separate bank accounts across jurisdictions, companies hold stablecoins that move instantly between subsidiaries. Real-time visibility replaces end-of-day batch reports. Idle cash can earn 3.5-5 % on-chain (e.g., Aave) versus 0.01 % in traditional demand deposits [11].
Circle’s business accounts illustrate this. Companies deposit funds, earn yield, and make payments from a single interface. $1.7 billion in USDC sits in corporate treasuries as of Jan 2025 [12]. Integration happens via APIs that plug directly into ERP systems, keeping workflows familiar while upgrading the rails. Treasurers can apply lean manufacturing principles to cash: maintain minimum balances, move funds only when needed, and eliminate safety buffers required by settlement delays.
Automated treasury operations become possible when money is programmable: sweep excess cash, schedule supplier payouts, or allocate incoming revenue in real time. These functions exist today but run on batch systems.
Implementation Considerations
CFOs evaluating stablecoins face specific concerns.
Public Stablecoins vs. Bank Tokens: Large enterprises face a strategic choice between public stablecoins (USDC, USDT) and bank-issued tokenized deposits (JPM Coin, HSBC's tokenized commercial bank money). Public stablecoins offer broader interoperability and 24/7 availability but require enterprises to manage blockchain-native custody and explain novel assets to auditors. Bank tokens operate within familiar banking relationships and existing regulatory frameworks but may lack cross-bank interoperability. Most Fortune 500 treasurers currently favor bank tokens for their regulatory clarity, though this may shift as stablecoin regulation matures under frameworks like MiCA and proposed U.S. legislation.
Regulation: U.S. payments must meet BSA/AML rules; in the EU, MiCA’s stablecoin provisions have applied since 30 June 2024 [13].
Accounting: Under current U.S. GAAP (ASC 350-60), most stablecoins are recorded as intangible assets until further FASB guidance [14].
Controls: Segregation of duties, multi-sig approvals, daily on-chain reconciliation, and third-party wallet audits remain best practice.
Insurance: Specialist carriers (e.g., Lloyd’s coverholder Evertas) now offer crypto-theft and E&O policies up to $200 million per site [15], with premiums around 1-2 %, similar to traditional treasury insurance.
The Path Forward
Corporate stablecoin adoption follows a predictable pattern: contractor payments → supplier payments → full treasury integration. Fireblocks has reported significant growth in enterprise stablecoin volumes, processing over $1.5 trillion in 2024 [16] and handling approximately 15% of global stablecoin transaction volume [17]. Juniper Research projects rapid growth in B2B cross-border payments using digital and instant payment rails, including blockchain [18].
Ecosystem depth is accelerating: J.P. Morgan, DBS, and other banks offer tokenized-deposit or stablecoin services; payment processors (Stripe, Checkout.com) support merchant acceptance; and ERP suites (NetSuite, SAP) now include native stablecoin modules. Each integration removes friction for corporates.
This integration reached a new milestone in August 2025 when Mastercard expanded its Circle partnership to enable USDC and EURC settlement for acquirers across Eastern Europe, Middle East, and Africa [19]. For the first time, the acquiring ecosystem in these regions can settle transactions in stablecoins, with Arab Financial Services and Eazy Financial Services as initial adopters. The significance extends beyond geography: Mastercard now connects blockchain-native assets directly with traditional fiat commerce infrastructure, allowing merchants to receive settlement in stablecoins regardless of how consumers choose to pay. This shift from pilot programs to operational deployment across Mastercard's global network signals that payment giants view stablecoins not as experiments but as permanent infrastructure.
These efficiency gains are real but not uniform. Large corporates with existing treasury infrastructure and banking relationships see incremental benefits; small and mid-sized firms without preferential terms see transformative cost reductions. The 85% fee savings cited by commodity traders reflect retail banking rates, not the negotiated terms available to multinational enterprises. As the ecosystem matures, expect continued bifurcation: SMEs adopting public stablecoins for cost arbitrage, large enterprises adopting bank tokens for regulatory comfort.
The impact extends beyond corporate treasurers. As companies in developed markets optimize cash with stablecoins, suppliers in emerging markets receive faster, cheaper payments, setting the stage for broader financial inclusion.
Key Takeaways:
International wire transfers cost $45-80 and take 2-5 days; stablecoins cost $1-5 with 5-30 minute settlement
$1.2 trillion sits idle in global payment float, representing massive opportunity cost for businesses
Early adopters report 40% process cost savings in supply chain financing and 85% reduction in payment fees
Implementation requires attention to regulation, accounting standards (ASC 350-60), and multi-signature controls
Mastercard's 2025 expansion to USDC settlement across EMEA marks the shift from pilots to permanent infrastructure
References
[1] Thunes Business Payments Launched to Grow $150 Trillion B2B Payments Market – https://thefintechtimes.com/thunes-business-payments-launched-to-grow-150trillion-b2b-payments-market/
[2] Guide to International Wire Transfers: Key Info and FAQs (Paystand) – https://www.paystand.com/blog/international-wire-transfer
[3] The Decade of Digital Dollars (BVNK & CEBR) – https://www.bvnk.com/report/decade-of-digital-dollars
[4] SWIFT Annual Review 2023 – https://www.swift.com/sites/default/files/files/swift-annual-review-2023.pdf
[5] PwC Finance Effectiveness Benchmark Report 2017 – “Working capital ties up $1.2 trillion” – https://www.pwc.com/…/finance-effectiveness-benchmark-report-july-2017.pdf
[6] Fund Payroll in USDC – https://www.deel.com/blog/fund-payroll-in-usdc/
[7] BVNK Blog – Crypto Payments in Commodities – https://bvnk.com/blog/exploring-future-of-crypto-payments-forex-cfd
[8] Davis Commodities Explores Tokenized Agricultural Trade as U.S. Stablecoin Framework Advances – https://www.globenewswire.com/news-release/2025/07/11/3114081/0/en/Davis-Commodities-Explores-Tokenized-Agricultural-Trade-as-U-S-Stablecoin-Framework-Advances.html
[9] Farmers are switching to stablecoins - https://cointelegraph.com/news/farmers-switching-to-stablecoins
[10] Ledger Insights – Bain: Blockchain Can Reduce Trade-Finance Costs by 50 % – https://www.ledgerinsights.com/bain-blockchain-reduce-trade-finance-costs/
[11] Aave Analytics Dashboard (Average deposit APY snapshot - July 2025) - https://aavescan.com/
[12] Circle – State of the USDC Economy 2025 – https://www.circle.com/reports/state-of-the-usdc-economy
[13] EU Markets in Crypto-Assets Regulation (MiCA) – Stablecoin provisions effective 30 June 2024 – https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=legissum:4626998
[14] FASB ASU 2023-08 – Intangibles—Crypto Assets (ASC 350-60) – https://www.fasb.org/page/PageContent?pageId=%2Fprojects%2Frecentlycompleted%2Faccounting-for-and-disclosure-of-crypto-assets.html
[15] CoinDesk – Lloyd’s-Backed Insurance Policies Can Now Be Paid in Crypto – https://www.coindesk.com/business/2024/07/31/lloyds-of-london-backed-insurance-policies-can-now-be-paid-for-in-crypto-on-ethereum
[16] Stablecoin Infrastructure: Five Imperatives for Scalable Adoption – https://www.fireblocks.com/blog/stablecoin-infrastructure-five-imperatives-for-scalable-adoption/
[17] State of Stablecoins 2025 - https://www.fireblocks.com/report/state-of-stablecoins/
[18] Juniper Research: B2B Cross-border Payment Transaction Values to Exceed $42 Trillion in 2026, as eCommerce Marketplace Growth Stimulates Trade - https://www.fintechfutures.com/press-releases/juniper-research-b2b-cross-border-payment-transaction-values-to-exceed-42-trillion-in-2026-as-ecommerce-marketplace-growth-stimulates-trade
[19] Mastercard expands partnership with Circle to transform digital settlement for merchants and acquirers in region - https://www.mastercard.com/news/eemea/en/newsroom/press-releases/en/2025-1/august/mastercard-expands-partnership-with-circle-to-transform-digital-settlement-for-merchants-and-acquirers-in-region/
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