Who is building on stablecoin rails

7 money-transfer companies, 12 recorded moves onto stablecoin infrastructure, each with the source it came from. None of them has published how much money it actually settles this way.

Western Union

The largest money-transfer company in the world by agent network. It chose to issue its own dollar token rather than settle on someone else's.

Nigeria: Pays out across Nigeria through its agent network, so its rails matter to anyone receiving from abroad.

• A card that spends the balance, planned for 40+ countries — announced, announced 2026-08-04. Volume not disclosed. Source: Africa Onchain series 4.
• USDPT, its own dollar stablecoin, issued by Anchorage Digital on Solana — live, announced 2025-10-28. Volume not disclosed. Source: CoinDesk, The Block, Decrypt.

MoneyGram

A cash network that has been the physical edge of the stablecoin economy since 2021, when its counters became places to turn USDC into cash and back.

Nigeria: One of the payout networks Nigerian recipients actually use.

• MGUSD, its own dollar stablecoin on Stellar — live, announced 2026-06-02. Volume not disclosed. Source: CoinDesk, Crowdfund Insider.
• Ramps: cash in and out of stablecoins through one integration — live, announced 2025-05-01. Volume not disclosed. Source: Africa Onchain series 4.

LemFi

A diaspora remittance app built for African corridors. The one company where the token issuer, the settlement network and the distributor interlock.

Nigeria: Nigerian-founded and built for the Nigerian diaspora. If stablecoin settlement reaches Nigerian corridors at scale, it most likely arrives through a company like this — and the customer never sees a token.

• Settlement moved onto stablecoin rails with BVNK — live, announced 2026-07-21. Volume not disclosed. Source: The Paypers, Fintech Magazine, Innovation Village.
• Tether invested to put USDT under its corridors — announced, announced 2026-05-01. Volume not disclosed. Source: The Paypers.

Zepz (WorldRemit and Sendwave)

The group behind WorldRemit and Sendwave, nine million users across 130 countries, more than half its volume landing in mobile-money wallets.

Nigeria: Sendwave is built for African diaspora corridors, and its wallet puts a dollar balance in the sender's hands rather than hiding it in settlement.

• Treasury and settlement on Fireblocks — live, announced 2025-12-16. Volume not disclosed. Source: Zepz press release.
• A Visa card that spends the wallet balance — live, announced 2025-12-01. Volume not disclosed. Source: Zepz press release.
• Sendwave Wallet: hold and send USDC on Solana — live, announced 2025-10-24. Volume not disclosed. Source: Zepz press release.

Remitly

A digital-first sender that put stablecoins through the whole stack — treasury, payouts and a wallet — without making customers think about them.

Nigeria: Sends to Nigeria; its stablecoin work is in the plumbing rather than in the product a sender sees.

• Stablecoins across treasury, payouts and a multi-currency wallet — live, announced 2025-08-04. Volume not disclosed. Source: Africa Onchain series 4.

Ria (Euronet)

The quiet one: named among the remittance companies live on digital-asset infrastructure, with little said publicly since.

• Live on Fireblocks digital-asset infrastructure — announced, announced 2025-01-01. Volume not disclosed. Source: Africa Onchain series 4.

Wise

The deliberate holdout, and the most interesting absence. It solved settlement years ago with its own local accounts, moving £145 billion in its 2025 financial year at an average cost of 0.58%.

Nigeria: A reminder that stablecoin rails are one way to cut settlement cost, not the only one.

• No stablecoin product. A digital-asset hire, and nothing shipped — holdout. Volume not disclosed. Source: Africa Onchain series 4.

Information only, not advice about buying or holding anything.