In this episode of Stable Talks, Caio Barbosa sat down with Josh Solesbury, Vice President on the Investment Team at ParaFi Capital, to dive into one of the most promising frontiers for stablecoins: cross-border B2B payments and FX infrastructure.
The conversation explores the inefficiencies of the traditional correspondent banking system, why B2B payments remain largely broken for the long tail of businesses, and how stablecoins are unlocking new models for instant, programmable, and low-cost settlement.
🎧 Listen to the full episode below or read on for the main highlights of the conversation.
Highlights from the conversation
1. The Trillion-Dollar B2B Opportunity
“We’re talking about $150 to $190 trillion in annual cross-border volume. That’s where stablecoins can unlock a 10x better experience.”
— Josh Solesbury
Why ParaFi’s payments thesis points to B2B as the biggest opportunity for stablecoin adoption
How settlement delays, FX spreads, and capital inefficiency create massive friction
The real pain points in trade corridors like Brazil–China and Latam–Asia
2. What’s Broken in Global FX Infrastructure
“One of the largest zones of economic activity is still extremely inefficient. That’s a paradox in today’s software-driven world.”
— Josh Solesbury
How SWIFT, correspondent banks, and weekend delays inflate costs
The architecture of global FX and why capital gets stuck
The case for instant, on-chain stablecoin settlements as a new FX rail
3. Regulation and Compliance as Growth Enablers
“The best founders take a thoughtful but efficient approach to regulation.”
— Josh Solesbury
The role of frameworks like the Travel Rule, Notabene, and AML compliance tools
Why liquidity providers like banks will be key to solving the off-ramp bottleneck
The promise of upcoming regulation in the US (like the Genius Act) and its global ripple effects
4. On-Chain FX and the Shift to Closed Loop Systems
“Eventually, we’ll move from the stablecoin sandwich to true stablecoin-to-stablecoin settlement.”
— Josh Solesbury
What stablecoin FX really means, and what’s missing today
How RTP (like Pix and UPI) and stablecoins can complement each other
The “Skype analogy”: why closed-loop networks unlock the real cost advantages
5. Value Creation Beyond On/Off-Ramps
“Stablecoins are just the wedge. The next generation of financial experiences will be built on top of them.”
— Josh Solesbury
The declining profitability of yield and why payments need value-added services
The rise of stablecoin-native financial platforms, neobanks, and credit solutions
How scale will offset lower take rates in the long term
6. Looking Ahead: Programmability, AI, and Financial Inclusion
“Stablecoins enable programmable money. That unlocks use cases we haven’t seen yet, and AI will need that infrastructure.”
— Josh Solesbury
How smart contracts, real-time payments, and microtransactions will reshape financial access
Why emerging markets will be the biggest winners in the stablecoin era
The convergence of AI agents and stablecoins as a new economic paradigm
Stablecoins: From Infrastructure to Intelligence
This episode underscores what industry leaders have long suspected: stablecoins are not just a better settlement layer but a platform for building the next wave of financial systems.
The transition from friction to fluidity is already happening, and as regulation, liquidity, and programmability mature, the stablecoin stack will become the engine of global digital finance.
“If you’re in fintech, crypto, or even just getting started, take stablecoins seriously. This is where the next decade of infrastructure is being built.”
— Josh Solesbury (ParaFi Capital)
What is the trillion-dollar opportunity for stablecoins in B2B payments?
The global cross-border B2B payments market represents $150 to $190 trillion in annual volume, much of which still runs through inefficient correspondent banking systems with high fees, slow settlement, and capital lock-up. Stablecoins can unlock a dramatically better experience by enabling instant, programmable, and low-cost settlement, creating a massive opportunity for disruption in this space.
What is broken in global FX infrastructure and how can stablecoins fix it?
Global FX infrastructure relies on SWIFT, correspondent banks, and systems with weekend delays that inflate costs and lock up capital. Despite being one of the largest zones of economic activity, it remains extremely inefficient. Stablecoins offer a solution by providing instant, on-chain settlement that operates 24/7, eliminating intermediaries, reducing FX spreads, and freeing up capital that would otherwise be stuck in transit.
Why are B2B payments the biggest opportunity for stablecoin adoption?
B2B payments represent the biggest opportunity because they involve the highest transaction volumes, the most friction, and the largest fees in the global payments ecosystem. Small and medium businesses are particularly underserved by traditional correspondent banking, facing long settlement times and high costs for international transactions. Stablecoins can provide these businesses with enterprise-grade payment infrastructure at a fraction of the traditional cost.
What is ParaFi Capital's investment thesis on stablecoin payments?
ParaFi Capital's payments thesis focuses on B2B cross-border transactions as the primary driver of stablecoin adoption. The firm sees stablecoins as a transformative technology for disrupting the inefficient correspondent banking system, particularly in high-growth trade corridors like Brazil-China and Latin America-Asia. ParaFi invests in companies building the infrastructure layer that enables stablecoin-based settlement, compliance, and FX solutions.
