POPA ReconThe State of Stablecoin Infrastructure
The State of Stablecoin Infrastructure 3,929 stablecoin infrastructure companies across 12 categories, 7 regions, and 136 countries Agentic Payments is the breakout category (+244% YoY in 2025, but 96% pre-product) while emerging markets account for 32% of formation, anchored by Nigeria (51% of Africa), UAE (78% of MENA), and Singapore (21% of APAC). Capital is consolidating fast: Stripe alone took 3 of 17 confirmed 2025-2026 exits (Bridge $1.1B, Privy, Valora), signaling that payments incumbents are buying into the stack rather than building it https://stablescape.xyz/
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