Verda report warns LATAM stablecoin liquidity rests on 16 firms

Latin America’s stablecoin economy has plenty of storefronts. It has very few warehouses behind them. A new report from Varys Capital and Verda Ventures mapped 494 companies in the region’s stablecoin ecosystem. Only 16 focus primarily on wholesale liquidity, corporate treasury and credit. Those three functions keep the whole machine moving, and the researchers argue that the system’s weak point sits right there. “Fragility in the system is concentrated in its thinnest layer.” A crowded front end, a narrow back end The research draws on Verda’s Stablescape database. It was published in early October 2026. The headcount reveals an imbalance. Wallets, payment apps and consumer-facing platforms make up most of the 494 firms. The companies that convert stablecoins into local fiat at scale are far fewer. So are the firms that manage corporate treasuries or extend credit. They account for fewer than one in thirty firms in the dataset. Verda Ventures partner Amit Chu described the mechanics behind that bottleneck. He said many firms in the ecosystem trade liquidity, but only a small number actually hold and manage the underlying risk on their own books. Instead, Chu said, many companies p...