A new report from Varys Capital and Verda Ventures, published in October 2026, analyzes the stablecoin ecosystem in Latin America. The research, based on the Stablescape database, identifies 494 companies operating in the region.
The study reveals that only 16 firms focus on wholesale liquidity, corporate treasury, and credit. These companies represent less than one in thirty firms in the dataset, creating a significant imbalance in the market infrastructure.
According to Verda Ventures partner Amit Chu, many fintech apps rely on a small group of counterparties to manage currency risk. This concentration means that a failure at a single major provider could disrupt operations, including cash-outs to local bank accounts.
Stablecoins are widely used in the region for payments, savings, and cross-border transfers due to local currency volatility. Annual transaction volumes are reported to reach hundreds of billions, with business-to-business payments accounting for a large share.
The report highlights that the lack of diversity among liquidity providers remains a bottleneck for the industry. Future growth in the number of these firms would indicate that infrastructure is scaling to match the rising transaction volumes.
