Which Stablecoin is Best for B2B Payments?

Stablecoins are taking the business payments world by storm, offering fast, cost-effective transfers 24/7.

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Yet with a dizzying array of options from industry leaders like USDC, USDT, and PYUSD (and more!), finance teams can be left wondering how to choose the right one.

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The reality is each stablecoin comes with its own set of trade-offs—ranging from liquidity and network coverage to regulatory compliance and geographic focus.

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We’ll show you how three of the most popular stablecoin stacks up. Let’s get straight to the details.

1. USDC

Overview & Adoption

USDC is like that reliable friend who always shows up on time—transparent, well-audited, and trusted by U.S. fintech firms. Launched on Ethereum and championed by Circle (and backed by Coinbase), USDC now sports a multi-billion-dollar market cap and is especially popular in North America. It’s the darling of the corporate treasury world, where predictability and regulatory compliance matter more than riding on the coattails of sheer volume.

Technical Attributes

Originally launched on Ethereum, USDC now lives on multiple blockchains like Solana, Avalanche, Polygon, and Arbitrum. This multi-chain support means businesses can choose the network that best fits their speed and cost needs. And Circle’s developer-friendly APIs have made integrating USDC into enterprise systems a relatively frictionless process.

Regulatory & Compliance

One of USDC’s biggest draws is its highly-publicized commitment to transparency. Every week, Circle publishes audit reports confirming that USDC is 100% backed by cash and short-term U.S. Treasuries—a reassuring factor for CFOs under regulatory scrutiny. Thanks to its NYDFS-approved status, businesses in regulated sectors can confidently adopt USDC without worrying about running afoul of compliance rules.

Usage Trends & Regional Focus

USDC is predominantly a U.S. phenomenon—but it has a global presence too. In North America, its rigorous compliance and transparency have made it the stablecoin of choice for major financial institutions and enterprise payment systems. Whether you’re moving money for cross-border settlements or managing internal treasury accounts, USDC’s track record makes it a highly appealing option.

2. USDT

Overview & Adoption

With the largest global market cap among stablecoins, USDT is the digital dollar equivalent of the “old guard.” It’s ubiquitous—especially in Asia, Europe, and emerging markets—where its deep liquidity has made it the go-to asset for both trading and payments. However, if you’re in the U.S. corporate world, you might notice USDT isn’t as hot a commodity (largely because of lingering regulatory concerns).

Technical Attributes

USDT began life on Bitcoin’s Omni layer. But like USDC, it now spans a multitude of blockchains: Ethereum, Tron, Solana, Binance Smart Chain, and more. This multi-chain presence has allowed USDT to capture a global footprint, offering entrepreneurs a range of choices when it comes to speed and cost. Two of its most dominant venues are Ethereum for high-security needs and Tron for low-cost, high-volume transactions.

Regulatory & Compliance

USDT has had its fair share of headlines—not all of them flattering. With an offshore issuer and a history that includes regulatory fines and opaque reserve practices, some business leaders view it as a bit of a “wild card”. Its compliance measures are arguably less stringent than those of its peers. Yet, its vast liquidity and established network have kept it in the mainstream for international transfers and trading.

Usage Trends & Regional Focus

Outside of the U.S., USDT is everywhere. In markets with less stringent banking regulations or more volatile local currencies, businesses find comfort in USDT’s liquidity and global acceptance. It’s often the stablecoin of choice for companies operating in diverse regulatory environments and emerging economies. While U.S. enterprises lean toward more regulated options, many international players continue to use USDT for large-scale, cross-border settlements.

3. PYUSD (PayPal)

Overview & Adoption

PYUSD is the new kid on the block, but don’t let that fool you—being backed by PayPal gives it an immediate aura of credibility. Launched in 2023, PYUSD is designed to revolutionize everyday payments with a focus on the commerce side of things: think mass payouts, supplier payments, and retail integrations. It might still have a modest circulating volume compared to USDC or USDT, but its growth potential is enormous, especially with PayPal’s vast user base.

Technical Attributes

Initially issued on Ethereum, PYUSD has quickly expanded its presence to Solana to offer faster transactions at lower fees. What’s particularly innovative about PYUSD is how seamlessly it integrates into the PayPal ecosystem. Users experience it as just another balance on their app—not a separate, mystical crypto asset. For businesses, this means that technical integration is largely handled by PayPal’s own infrastructure, reducing the learning curve significantly.

Regulatory & Compliance

PYUSD is branded by PayPal, but the technical issuer is Paxos Trust Company, a NYDFS-regulated trust company, ensuring that it meets rigorous U.S. standards for transparency and reserve backing. With regular attestations and a design grounded in regulatory compliance, PYUSD is built to inspire trust. While it’s currently restricted to U.S. users, this focus on compliance is expected to make it an appealing option as it eventually scales internationally.

Usage Trends & Regional Focus

Right now, PYUSD is all about the U.S. market—available exclusively to U.S. PayPal users. But don’t let that fool you: with PayPal’s ambitions for global expansion, PYUSD is poised to become a significant player in global B2B payments. Early use cases include in-app commerce, supplier payments, and innovative mass payout solutions via PayPal’s Hyperwallet platform. If you believe that the next leap in stablecoin usage will come from a trusted brand entering the space with a focus on real-world commerce, PYUSD is definitely one to watch.

Comparing the contenders

Here’s a quick mental snapshot to compare our three contenders side by side:

• USDC:
  
  • Strengths: High transparency, strong U.S. regulatory backing, multi-chain flexibility.
    
  • Ideal For: Enterprises looking for a reliable, regulated digital dollar with extensive network support.
    
    
• USDT:
  
  • Strengths: Vast global liquidity, multiple blockchain integrations, sheer market presence.
    
  • Ideal For: International businesses and those operating in less-regulated environments, despite some concerns over reserve transparency.
    
    
• PYUSD:
  
  • Strengths: Backed by PayPal, integrated with a familiar payments ecosystem, designed for commerce.
    
  • Ideal For: Businesses wanting a stablecoin that’s integrated with a trusted, user-friendly platform and poised for rapid growth.
    
    

The clear takeaway? There’s no one-size-fits-all solution. The “best” stablecoin depends on your business needs—whether that’s access to deep liquidity, rock-solid compliance, or a seamless integration into everyday payment tools. In many cases, companies will end up using more than one stablecoin, balancing the advantages of each depending on the transaction context.

Integrate them all with a single, unifying platform

Let’s be honest: you probably don’t want to spend your day choosing which stablecoin to use for which payment, reconciling multiple systems, each with its own technical quirks and compliance requirements.

That’s where a flexible integration layer comes into play.

Imagine having a single platform that talks fluently to all these different stablecoins, automatically logs them in your ERP system, and ensures that every transaction meets your company’s internal controls. This is exactly what Bitwave does.

Bitwave acts as your finance operations’ digital concierge, handling the blockchain intricacies so that you can focus on driving business growth without worrying about the technical side of payments.

It doesn’t matter if your company’s treasury is flush with USDC, if your international partners favor USDT, or if you’re dabbling in PayPal’s PYUSD as part of an experimental strategy. Bitwave is designed to unify these disparate data streams and provide a clear, real-time view of your digital cash flow. 

No juggling between multiple platforms, no silos—just smooth, efficient, and compliant integration that lets you embrace the future of enterprise finance.

Ready to simplify your stablecoin strategy and see how easy B2B payments can get?

Book a demo of Bitwave today and discover how our platform can transform your payment workflows—no matter which stablecoin you prefer.

→ Book a Bitwave demo