
Stablecoins Go Mainstream: Inside the New Payments Stack
Episode 6 ·

Andrei YurkevichProtofire

Kostas AsimakopoulosDDSC

Ran GoldiFireblocks

Eric QueathemVelocity
Alex RaduPulsar Money

Pooja ShahRain
We design, build, and run the systems behind DeFi, tokenization, RWA, and stablecoins, for banks, CASPs, asset managers, fintechs, and Web3 protocols. 250+ projects since 2016.
For banks, payment institutions, CASPs and asset managers.
Services your clients use, under your brand and licence
Market reference: 35 public launches ↓Custody, KYC and AML checks, reserve reporting and 24/7 monitoring
Contracts that issue, transfer and settle your assets
Solhint, used by 1M+ developers
Market data, reserve data and links between networks
Top-3 Graph indexer, 2020 to 2024 (by indexing rewards)
Nodes and networks we operate under a service level agreement
Also for onchain networks: DeFi protocolsL1 / L2 chainsDAO treasuriesPrediction markets
Our 22 blueprints show how products like these are built and what your launch needs.
Logos mark public launches, not clients.
| Date | Institution | Blueprint audience | Blueprint | Figure |
|---|---|---|---|---|
| Oct 2022 | N26 | For banks | In-App Crypto Brokerage | 300+ assets to trade inside the N26 app |
| 2023 | Hamilton Lane | For asset managers & corporates | Tokenized Private Credit Fund With Borrowing Against Units | USD 10,000 minimum subscription, down from USD 2 million |
| 2 Oct 2023 | Zuger Kantonalbank | For banks | In-App Crypto Brokerage | Crypto trading inside the bank's own e-banking and app, on Sygnum |
| 21 Feb 2024 | PostFinance | For banks | In-App Crypto Brokerage | ~56% of its crypto clients were new to investment products |
| 5 Jun 2024 | dwpbank and MLP Banking AG | For banks | In-App Crypto Brokerage | Crypto held beside securities in the same bank depot, funded from the bank account, with no separate wallet |
| 2024 | Gnosis Pay | For CASPs | Self-Custody Crypto Card Programme | A Visa card that spends from the customer's own Safe wallet, topped up by SEPA transfer |
| 2024 | Spiko | For asset managers & corporates | Tokenized Euro Money Market Fund (UCITS) | USD 924.1M reported assets of its euro T-bill fund, stated in USD |
| Aug 2024 | Banking Circle S.A. | For EMIs & PSPs | Euro Stablecoin Issuance (EMT) | ~EUR 51M in EURI, the third-largest euro token |
| Nov 2024 | Printemps | For EMIs & PSPs | Crypto Acceptance, Euro Settlement | 20 French stores taking crypto, settled in euro |
| Jan 2025 | Coinbase | For banks | Crypto-Backed Lombard Loans | USD 2.17bn of loans originated in its US app, a Coinbase figure. Coinbase is not the lender. |
| 16 Jan 2025 | PostFinance | For banks | Staking-as-a-Service for Custody Clients | ~11 months from crypto trading to ETH staking |
| 21 Jan 2025 | Apex Group, for Fasanara Capital | For asset managers & corporates | Fund Tokenization as an Admin Service | Apex, as administrator and transfer agent, supplies the whole capability for Fasanara's money market token |
| 30 Jan 2025 | Apollo Global Management | For asset managers & corporates | Tokenized Private Credit Fund With Borrowing Against Units | USD 95.0M in the tokenized feeder into its Diversified Credit Fund, with 72 holders (rwa.xyz) |
| May 2025 | Relai | For banks | Crypto-Backed Lombard Loans | 50% maximum loan-to-value; Sygnum Bank makes the loans and Relai brings the clients |
| May 2025 | Cantor Fitzgerald | For banks | Crypto-Backed Lombard Loans | USD 2bn of initial bitcoin financing capacity, as announced in March 2025 |
| May 2025 | BNP Paribas Asset Management | For asset managers & corporates | Digital Share Class on an Existing Fund | A natively tokenized money market share class on an existing Luxembourg fund |
| 4 Jul 2025 | BBVA | For banks | In-App Crypto Brokerage | ~4 months from CNMV registration to launch in the BBVA app |
| Jul 2025 | Societe Generale FORGE | For CASPs | Stablecoin Earn Product | Lending markets for its own MiCA stablecoins, with the architecture signed off by the group's credit committee |
| 31 Jul 2025 | AllUnity GmbH | For EMIs & PSPs | Euro Stablecoin Issuance (EMT) | Joint venture of DWS, Flow Traders and Galaxy |
| 1 Oct 2025 | Anemoy Capital SPC Limited, with Janus Henderson and Apollo | For asset managers & corporates | Tokenized Private Credit Fund With Borrowing Against Units | USD 31.0M in a second tokenized feeder into the same Apollo credit strategy, on a separate rail (Centrifuge) |
| 15 Oct 2025 | ODDO BHF | For EMIs & PSPs | Euro Stablecoin Issuance (EMT) | A euro stablecoin from a Franco-German bank group, listed on Bit2Me; the bank does not distribute it to the public itself |
| 28 Oct 2025 | Virtune AB | For EMIs & PSPs | Reserve-Capped Mint Controls | 6 exchange-traded products with Chainlink Proof of Reserve checks from launch |
| 12 Jan 2026 | DZ BANK | For banks | In-App Crypto Brokerage | 646 co-op banks; each must switch it on itself |
| Feb 2026 | Bitpanda | For CASPs | Euro Stablecoin From a Licensed Issuer | ~7M registered users, distributing a dollar stablecoin it does not issue |
| Feb 2026 | Kraken, SwissBorg, Zodia, CoinsPaid | For CASPs | Euro Stablecoin From a Licensed Issuer | Global Dollar Network members alongside Bitpanda, distributing a dollar stablecoin without issuing one |
| Mar 2026 | Amundi, with Spiko | For asset managers & corporates | Tokenized Euro Money Market Fund (UCITS) | USD 136.4M in a tokenized money market fund Amundi runs with Spiko |
| 19 Mar 2026 | Apex Group, for Coinbase Asset Management | For asset managers & corporates | Fund Tokenization as an Admin Service | The same Apex set-up for a second manager, Coinbase Asset Management, on a second chain |
| 8 Apr 2026 | Worldline | For EMIs & PSPs | Stablecoin Payout Corridors | Launch collaborator on Circle's stablecoin settlement service for PSPs and financial institutions across Europe |
| 14 Apr 2026 | SS&C Calastone, for Legal & General | For asset managers & corporates | Fund Tokenization as an Admin Service | Sterling, euro and dollar liquidity funds on Calastone's tokenized distribution network |
| 11 May 2026 | Corpay | For EMIs & PSPs | Stablecoin Payout Corridors | Stablecoin wallets and settlement for cross-border payments and treasury, on BVNK |
| 2 Jun 2026 | Checkout.com x Coinbase Payments | For EMIs & PSPs | Crypto Acceptance, Euro Settlement | 1,000+ enterprise merchants accepting USDC and USDT, settled to them in USD |
| 8 Jun 2026 | Ledger | For asset managers & corporates | Stablecoin Payments in Your TMS | Stablecoin payments run inside its Kyriba treasury system, with no separate workflow |
| 8 Jun 2026 | Mantu | For asset managers & corporates | Stablecoin Payments in Your TMS | The same Kyriba set-up as Ledger, used for cross-border intercompany settlement |
| 23 Jul 2026 | BancaStato | For banks | In-App Crypto Brokerage | Crypto shown like any other security in e-banking, statements and tax certificates |
| 4 Aug 2026 | BlackRock | For asset managers & corporates | Digital Share Class on an Existing Fund | 12 tokenized share classes on six existing UCITS money funds |
Selected work from 250+ projects since 2016.
Our flagship show on onchain finance. Founders and senior leaders from payments, banking and blockchain protocols take on the questions the industry has to answer now.
Protofire is an engineering firm that has designed, built, and operated on-chain infrastructure since 2016, for Web3 protocols, DeFi platforms, and institutions bringing real assets on-chain.
Ecosystems we have built in






Since 2016, this team has been building the open financial infrastructure that protocols, fintechs, and banks now run on.













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