Stablecoin B2B payments in Latin America are payments between two businesses that move as a dollar stablecoin, with at least one side a Latin American company. The most cited global split, McKinsey and Artemis, counts payments by where they are sent from, so it shows what Latin America sends, not what its businesses receive.
Typical uses are funding a local subsidiary and paying suppliers in Brazil, Mexico and Colombia.
What the global data says about stablecoin B2B payments
The most cited global estimate is McKinsey and Artemis Analytics, February 18, 2026, as reported by BlindPay's summary of October 4, 2026. Its regional split counts stablecoin payments by where they are sent from. It covers all stablecoin payments, not B2B alone.
Stablecoin payments sent, by region of origin, McKinsey and Artemis Analytics (February 18, 2026).
Region of origin | Payments sent |
Asia | About $245 billion |
North America | About $95 billion |
Europe | About $50 billion |
Latin America | Under $1 billion |
Africa | Under $1 billion |
Those figures say Latin America is a small origin of stablecoin payments. They say nothing about how much value reaches Latin American businesses, the question a supplier or treasury team in the region is asking.
Why does Latin America look so small in the McKinsey and Artemis split?
Because that split files a payment under the region that sends it. A US company that pays a supplier in Brazil shows up as a North American payment, even though the supplier, the bank account, the tax ID and the local currency are Brazilian. This is our reading of how origin-based counting works, not a claim in the McKinsey analysis.
One payment from a US buyer to a Brazilian supplier, filed three ways. The payment is the same in every row.
Way of counting | Where the payment is filed | What it hides |
By origin of the stablecoin | North America | The Brazilian receiver and the local rail |
By destination of the funds | Latin America, Brazil | The US payer and the funding leg |
By fiat leg | A BRL payout inside Brazil | The dollar stablecoin that carried the value across |
For a Latin American business the destination view is the useful one: the currency, the bank and the receiver's compliance file sit there.
On Lumx the destination leg is a transaction type of its own. An off-ramp debits a customer's stablecoin wallet and pays a bank account registered as a destination, so the Brazil, Mexico or Colombia end of a payment is recorded as an off-ramp in that country's currency.
What the regional data shows, country by country
Regional crypto data does exist at country level, and it measures value received. Chainalysis, in an excerpt of its 2025 Geography of Cryptocurrency Report published October 2, 2025, put Latin America's crypto transaction volume at nearly $1.5 trillion between July 2022 and June 2025, with a record $87.7 billion in December 2024. It ranks the countries by crypto value received.
Crypto value received by country, as reported by Chainalysis (October 2, 2025). The figures cover all crypto activity, not payments and not B2B. The excerpt does not restate the window for each country, so read the column as a ranking.
Country | Crypto value received |
Brazil | $318.8 billion |
Argentina | $93.9 billion |
Mexico | $71.2 billion |
Venezuela | $44.6 billion |
Colombia | $44.2 billion |
Peru | $28.0 billion |
Chile | $23.8 billion |
Bolivia | $14.8 billion |
El Salvador | $3.5 billion |
Three more details in the excerpt help read the table. Centralized exchanges handled 64% of activity in Latin America, against 49% in North America and 53% in Europe. For the Colombian peso, the Argentine peso and the Brazilian real, stablecoins were more than half of exchange purchases between July 2024 and June 2025, in Chainalysis's CryptoCompare order-book data, which it flags as not a full view of exchange activity.
None of this is B2B data. It leaves open how much is businesses paying businesses. We found no public source that separates B2B stablecoin payments for any Latin American country, and we do not estimate one. Brazil, Mexico and Colombia are where Lumx pays out, and the corridor view of each lives in the corridor explainer.
How a stablecoin B2B payment settles in Latin America
A stablecoin payment has two ends in fiat and one in the middle, and the speed the receiver sees is the speed of the local rail. Pix (Brazil's instant payment system, run by the Central Bank) and SPEI (Mexico's interbank transfer system, run by Banxico) run every hour of every day, with no cut-off. Bre-B (Colombia's instant payment system, launched in 2025) is also instant but has a ceiling per payment, and customer limits apply on every rail.
Payout rails on Lumx for the corridors in this post. Lumx docs read on November 1, 2026, plus the Banco de la República ceiling for Bre-B.
Country and currency | Payout rail | Timing | Rail-specific limit |
Brazil, BRL (USDC to BRL) | Pix | Instant, 24/7/365, no cut-off | None |
Mexico, MXN (USDC to MXN) | SPEI | Instant, 24/7/365, no cut-off | None |
Colombia, COP | Bre-B | Instant | 1,000 UVB per payment, COP 12,110,000 in 2026 |
Colombia, COP | ACH Colombia | Bank transfer, no settlement time published | None |
United States, USD | FEDWIRE | Same business day, 3:00 PM ET cut-off | None |
United States, USD | ACH | 1 to 2 business days, 2:00 PM ET cut-off | None |
The Bre-B ceiling is set by the Banco de la República for every player: Circular Reglamentaria Externa DSP-465, Asunto 18, numeral 3.2, in the version of March 31, 2026. It is not a provider choice. A payout to a Bre-B destination above the ceiling is refused, so a supplier that invoices above it needs an ACH Colombia destination registered.
Customer limits apply on every rail, Pix and SPEI included. The default for a company with standard KYB (know your business, the verification of a company and its owners) is $50,000 per transaction and $100,000 per day and per month, and enhanced KYB is higher. A payout over a limit is rejected with TRANSACTION_LIMIT_EXCEEDED, so a batch of invoices has to fit the daily and monthly figures too.
The middle leg runs on a stablecoin and a network. The docs list USDC on Ethereum, Polygon and Base, USDT on Ethereum, Polygon and Tron, and Stellar only for BRL to USDC on-ramps.
Lumx runs this as three steps on one customer record: an on-ramp turns fiat or incoming stablecoin into a wallet balance, the balance waits in a custodial wallet, and an off-ramp pays the supplier's registered destination on the local rail. A webhook fires as each step completes, and the payout counts as complete once the funds leave the banking partner.
What Brazil and Mexico's rules mean for a payer
In Brazil, Law 14.478 of 2022 puts providers of virtual-asset services under the Central Bank of Brazil (BCB), and BCB Resolutions 519, 520 and 521 of 2025 set the authorization, custody and foreign exchange treatment of the activity. Resolution 521 of 2025 introduced Article 76A into Resolution 277 of 2022, so that payments and transfers with virtual assets are a defined activity. Companies already operating had to file for authorization under the Article 88 transition regime of Resolution 520/2025 by October 30, 2026. The full stack is in Brazil's stablecoin rules for 2026.
Mexico is built differently. The Fintech Law of March 9, 2018 and Banxico's Circular 4/2019 restrict what licensed institutions may do with virtual assets, and the activity outside that perimeter is reached by anti-money-laundering law instead of a financial licence. The Mexico guide walks through each instrument.
Lumx filed for SPSAV authorization and operates in the Article 88 transition regime through its Brazilian entity. It is not a bank. The regime and entity are on the supported countries page.
This post does not cover Colombian rules. On Lumx the Colombian peso leg runs under a banking partner's licence, and the reports to Colombia's financial intelligence unit (UIAF) are the banking partner's. Your counsel decides what Colombian law asks of your company.
What to measure instead of headline volume
A team sizing stablecoin B2B payments in the region needs five numbers, and none of them is a regional total. Each one can be read from its own records, and a regional dataset can supply none of them:
The corridors the business actually runs, named by payer country and receiver country.
The local rail at the receiving end of each corridor.
The invoice size, compared with the rail's ceiling and the customer's limits.
The share of payments that need a document before they clear.
The time between the fiat debit at the payer and the fiat credit at the receiver.
I would size a Latin America stablecoin plan from the receiving side. Before quoting a regional total to a board, I would write down the three corridors the business runs, the rail at the end of each, and the usual invoice size, because those are the numbers a regional dataset cannot give. I would rather a team leave the market-size slide empty than fill it with a figure measured at the wrong end of the payment.
The fourth number is the one teams skip: a payment that stops for an RFI (request for information, a compliance hold that asks for a document before a transaction clears) is slower whatever the rail says. On Lumx every on-ramp and off-ramp carries a purpose field, such as TRADE_TRANSACTIONS for goods or PROFESSIONAL_SERVICES for services, which banks and correspondents use for screening. It also lets a team tag and count its business payments from its own records. A transaction that Lumx's monitoring flags is held in RFI status until the document arrives, and a webhook reports the status change.
When regional stablecoin data is the wrong tool
Regional data is the wrong tool for a business case that depends on one corridor. A company paying suppliers in Brazil does not need Latin America's total, and a number that averages Brazil with Venezuela misleads about both.
It is also the wrong tool for deciding whether to use a stablecoin at all. A single low-value invoice to a supplier who banks with the payer's bank can be cheaper over the bank's own rail, and no regional figure changes that.
What a Latin America B2B payment looks like on Lumx
Lumx is stablecoin payments infrastructure for businesses that move money between Latin America and the rest of the world: one API to collect, hold, convert, and pay out in BRL, MXN, COP, USD, EUR, and GBP or in USDC and USDT, over local rails such as PIX, SPEI, PSE, Bre-B, ACH, FEDWIRE, SEPA, and Faster Payments, with SWIFT and on-behalf-of payments and collections (POBO and COBO) in USD, EUR, and GBP, plus named virtual accounts, custodial wallets, and KYB/KYC built in.
A platform pays a Brazilian and a Mexican supplier on behalf of its business customers, and onboards each paying company as a customer after KYB. The company funds its wallet by a local deposit into a named virtual account (a local account number issued in the customer's own name) or by sending stablecoin to the wallet. BRL and MXN accounts become active right after the customer is approved, and a USD account takes up to one business day.
Each supplier is registered as a destination under the paying company, with the relationship set to SUPPLIER. The payout is an off-ramp: Pix in Brazil, SPEI in Mexico, and in Colombia a Bre-B key or an ACH Colombia account, chosen when the destination is registered. On a Pix payout the supplier sees the paying company's name as the payer, and Lumx does not deduct a fee from the amount that reaches the supplier. Only the supplier's own bank can. Price and FX come from a locked quote when the transaction calls for one; the pricing model is a monthly platform fee plus usage-based per-transaction fees, transparent FX on locked quotes, no pre-funding; no published plans. The wallet balance is the customer's own stablecoin, not a Lumx pre-funded pool.
Every payer and payee has to be visible to Lumx. The nested payments rule bars a customer from using its account to move money for parties Lumx has not onboarded. The global payments page lists the corridors, and the coverage page lists currencies and rails. For a ranking of providers by country, see the Latin America API comparison. The stablecoin-versus-traditional comparison covers cost, how B2B fintechs approach stablecoin payments the product side, and the operator map who sits on each leg.
Methodology and sources
What was checked, and when:
Chainalysis, "Latin America Emerges as a Crypto Powerhouse Amid Volatile Growth", October 2, 2025, read on chainalysis.com on November 1, 2026. Every country figure and the 64% and July 2022 to June 2025 figures come from this page.
McKinsey and Artemis Analytics, February 18, 2026. The regional origin figures come second-hand from BlindPay's page "Stablecoin B2B payments by region", last updated October 4, 2026, read on November 1, 2026, because the McKinsey page served no body.
Lumx rails, cut-off times, wallet networks, destination fields, account activation and transaction limits: the coverage, cut-off times, wallets, accounts, transactions and transaction limits pages of docs.lumx.io, read on November 1, 2026.
BCB Resolutions 519, 520 and 521 of 2025 and 277 of 2022, Law 14.478 of 2022, Banxico's Circular 4/2019 and the Banco de la República circular link to their official pages, none of which served a text body when we read them.
Verified on November 1, 2026. Operational context, not legal, tax, or investment advice.
Cover photo: Mickey Dziwulski on Unsplash.
What are stablecoin B2B payments in Latin America?
They are payments between two businesses where the value moves as a dollar stablecoin such as USDC or USDT and at least one side is a Latin American company, which usually receives local currency in a bank account. On Lumx, the supplier side is an off-ramp from the paying company's wallet to a registered bank destination, paid over Pix in Brazil, SPEI in Mexico, or Bre-B or ACH Colombia in Colombia.
How big are stablecoin B2B payments in Latin America?
No public source we found separates B2B stablecoin payments for Latin America. The McKinsey and Artemis split puts what the region sends under $1 billion, but origin counting does not show what Latin America receives. Chainalysis reports Brazil at $318.8 billion of crypto value received, though that covers all crypto activity. The purpose field on each Lumx transaction lets a customer count its own business payments.
Why do global stablecoin payment figures undercount Latin America?
The McKinsey and Artemis split files a payment under the region it is sent from, so it shows what Latin America sends, not what it receives. A payment from a US company to a Brazilian supplier counts as North American, and the local leg is not visible. Lumx records the local leg as its own off-ramp in BRL, MXN or COP, so a customer can read the receiving side of its corridors from its own transactions.
Which Latin American countries move the most stablecoin and crypto value?
By crypto value received, Chainalysis ranks Brazil first at $318.8 billion, then Argentina at $93.9 billion, Mexico at $71.2 billion, Venezuela at $44.6 billion and Colombia at $44.2 billion. Those totals cover all crypto activity. Lumx pays out in Brazil over Pix, in Mexico over SPEI and in Colombia over Bre-B or ACH Colombia.
What stops stablecoin B2B payments from scaling in Latin America?
Mostly the fiat edges: a way to turn local currency into stablecoin at the payer, a local off-ramp at the receiver, compliance on both companies, and one reference per invoice for reconciliation. The blockchain transfer is rarely the constraint. Lumx covers those edges in one API.
