Kevin Lehtiniitty

@defyneric @privy_io @dynamic_xyz @thirdweb @crossmint @turnkeyhq @magic_labs @raincards @Stablecoin @KulipaXYZ @wirexapp @reapglobal @iron @BVNKFinance @UR_global @dakota_xyz Lots of neobanks using @borderlessxyz to orchestrate globally across a network of local on offramp providers

API’s Every Neobank Needs: 1) Login/Wallet @privy_io @dynamic_xyz @thirdweb @crossmint @turnkeyhq @magic_labs 2) Card Issuance @raincards @Stablecoin @KulipaXYZ @wirexapp @reapglobal 3) Virtual ACH Accounts @iron @BVNKFinance @UR_global @dakota_xyz 4) Privacy Layer @SeismicSys @UmbraPrivacy 5) Yield @yield @yield_xyz @blend_money @veda_labs 6) Swaps @moonpay @lifiprotocol @0xProject @squidrouter @AcrossProtocol @wormhole @RelayProtocol 7) KYC/AML @sumsub @persona @chainalysis 8) Stablecoin orchestration @Paxos @openfx_ @CodexFX @m0 @ethena @OndoFinance am i missing any?

@gaspardlezin Proud to see 14 @borderlessxyz customers on the list!

The $400B Map: Who's Actually Moving Stablecoins Outside the US? If you only know Bridge, you're seeing a fraction of the market. Real-world stablecoin payment volume hit $400B in 2025, with 60% being B2B. Bridge covers 35 countries. The math doesn't work and yet most fintechs I talk to still default to "we'll just use Bridge." Here's the uncomfortable truth: stablecoin infrastructure has gone regional, and the strongest players in each corridor aren't household names in San Francisco. Three years ago, "stablecoin orchestration" meant a handful of US-based APIs. Today, every major payment corridor has its own pure-play, built by people who actually understand local rails, mobile money, central bank relationships, and FX realities on the ground. That's why a B2B treasury team paying suppliers across Lagos, São Paulo, Jakarta and Dubai doesn't need one provider. They need a regional stack. The Global Stablecoin Money Movement Map: 🇺🇸 USA & Canada: the API-first layer Sphere Labs, Mural Pay, Brale, Modern Treasury, Bastion, Iron (by MoonPay), Conduit, Routefusion, Crossmint, Cybrid, HopNow 🇪🇺 Europe: MiCA-native, EU passporting BVNK, Due, Currencycloud, Rapyd, Merge Money, Fipto, Depa, OpenPayd 🇧🇷 LATAM: built around PIX, SPEI, local FX volatility Bitso, dLocal, Pomelo, CambioReal, BlindPay, Koywe, Avenia, Mesta 🇦🇪 UAE & Middle East: the fastest-regulated jurisdiction in the world Fasset, TransFi, Hubpay, Fuze Finance, damex io 🌍 Africa: mobile money meets stablecoin sandwich Yellow Card, Flutterwave, Conduit (deepest Africa coverage at 23 countries), Juicyway, NALA/Rafiki, Nestcoin, ivorypay, Quidax, Paychant, VALR, Kotani Pay 🌏 Asia: the fastest-growing region globally FOMO Pay, StraitsX (~$30B cumulative volume), Tazapay, Triple-A, Coins ph, PhotonPay, Reap (just acquired by Kraken for $600M) The aggregation layer stitching them together: Borderless xyz turns this regional fragmentation into a single API by plugging into local liquidity providers across markets. Why this matters for anyone building cross-border: Bridge charges up to 1% FX. Conduit ships ~10 bps. Bridge has zero local rails in APAC. BVNK processes $30B annualized. Fasset just hit $32B annualized across 50+ corridors in Asia, Africa and the Middle East after its $51M Series B. The point isn't that Bridge is worse. It's that "global stablecoin infrastructure" was always a regional game pretending to be global. The market has split into specialists, and the winners in each corridor have already emerged. If you're picking a stablecoin partner in 2026, the right question isn't "who is the Bridge of X?" It's: "Which corridors do I actually need, and who owns the rails there?" PS: And if you need a card acceptance gateway to plug into your stablecoin flows, that's exactly why we built @subyhq

Come run with me: luma.com/runclub-amster…

Stablecoins are universal. Fiat rails aren't. Speaking on "The Missing Layer: Why Stablecoin Infrastructure Dies Without Robust Fiat Rails" at Stablecon EMEA Tuesday, 12:00 Pulse Stage. Hosting a run club one morning too. DM for details.

FEATURE: ‘A million different ways to skin the cat’: Why stablecoin backers see incentives as inevitable under Clarity Act theblock.co/post/401286/mi…

Borderless: Filling Gaps in Stablecoin Infrastructure From AthenaX Live Stream EP.12 - Borderless : Stitching FIAT with Smart Contracts, with @KevLeht from @borderlessxyz Co-host @neilliew

Crypto and traditional finance have been running on parallel tracks for years. That's starting to change. @KevLeht of @borderlessxyz tells @Johnyonthefloor that with crypto companies now applying for National Trust Bank charters, the two systems are finally merging.

Bridge → Stripe. BVNK → Mastercard. Reap → Kraken (today, $600M). 4 acquisitions in 18 months, $3B+ deployed. The stablecoin infrastructure market is consolidating before most fintechs have even noticed it exists. Stripe's $1.1B acquisition made Bridge the obvious answer. The non-obvious answer is that the rest of the world isn't waiting for Stripe. Stablecoin infrastructure isn't one product. It's virtual accounts, on/off-ramps, local rails, FX, stablecoin orchestration, issuance, custody, and compliance, each requiring a different layer. That's why the category has split into a full stack of specialized providers across every region. Bridge is still the reference. But its share of the global market keeps shrinking as regional champions pick up corridors Bridge doesn't reach. The Stablecoin Infrastructure Stack reflects the diversity of corridors and use cases: - USA & Canada: Sphere Labs, Mural Pay, Brale, Modern Treasury, Layer2 Financial, Iron, Conduit, Routefusion, Crossmint, Cybrid - Europe: BVNK, Due, Currencycloud, Rapyd, Merge Money, Fipto, OpenPayd, Wise Platform, AMINA Bank - LATAM: Bitso, dLocal, Pomelo, CambioReal, BlindPay, Koywe - UAE & Middle East: Hubpay, TransFi, Fuze - Africa: Yellow Card, Flutterwave, ivorypay, Quidax, Paychant, VALR, Kotani Pay - Asia: Tazapay, Stables, Triple-A, PhotonPay Aggregators connecting them all: Borderless xyz plugs regional liquidity providers into a single global stablecoin network, turning the fragmentation above into one API. Capital and consolidation explain this shift. 4 acquisitions in 18 months, $3B+ deployed: - Bridge → Stripe ($1.1B) - BVNK → Mastercard ($1.8B closing late 2026) - Iron → MoonPay - Reap → Kraken By 2026, the global B2B stablecoin payment volume breaks down roughly as: - ~60% Asia ($245B, concentrated in Singapore, Hong Kong, Japan) - ~23% North America ($95B) - ~12% Europe ($50B) - The rest split between LATAM, Africa, and MENA, growing fastest Stablecoin infrastructure is no longer a single product. It's becoming a critical infrastructure layer of every cross-border business, and the map is global. PS: I post about payments with @Subyhq, stablecoins & the reality of building a payment startup, every week. Follow for more!

Borderless: Enhancing Payments with Data Insights From AthenaX Live Stream EP.12 - Borderless : Stitching FIAT with Smart Contracts, with @KevLeht from @borderlessxyz Co-host @neilliew

@duborges We’ve seen this time and time again, you need a network of providers.

two months bootstrapping a neobank fintech: 1) i think our main lesson last month was: don’t rely on a single partner for money orchestration on sales call, they have everything you need, but when time comes, sooo many issues present - some partners have great fees, but very poor api/docs (basically non-implementable, gotta do everything manually) - some have great API, but extremely rigorous compliance (you integrate the whole thing, to only then find out they wont approve your clients) - some have great support, but wont cover all rails your clients need (pix only, no ACH, no swift, no named accounts, no microdeposits, etc) - some have everything you need, but charge a high monthly minimum with 2x fees you got from the other provider - not to mention the perfect partners, but with abusive contracts that makes our lawyer Claude go crazy we spoke with ~15 orchestration partners for USD, BRL, EUR, AED, CHF and CNY, and realized there’s no “one size fits all” unfortunately so we are basically analyzing what each client needs and activating partner XYZ for them - it’s working fine, besides the tech complexity (though i have already fully integrated 8 partners and it's now taking me 1-2 days to get the whole thing up and running, while larger teams would take weeks - that's the power of repetition) 2) we initially decided on using Base USDC for our backend (even though our clients don’t really see anything stablecoin-related on the dashboard, as a product strategy) but some banking partners wouldnt work on that chain, and Solana seemed to have better coverage and speed so we had to build our own bridging process using circle’s CCTP (to make sure no % fees incurred, eating the low fees we charge) - this was pretty cool but very hard to make it work so now we became not only multi-partners but also multi-chains (no USDT support though, that additional 0.1% was a no-go for us) 3) one of our clients (who turns out to be an old friend), brought his while whole Payroll to Dolafy i built a special dashboard area so they could add all employees/collaborators, enter their banking details, salary and pay date then in a single click every month, they would pay that employee anywhere in the world (via ACH, WIRE, PIX or SEPA), using their Dolafy balance had to work for 20 hours the day it went live, but worked really well and their finance team loved it (much more organized and simple than the bulk-payment via CSV they were doing at Husky) the Payroll product itself is not so profitable in comparison to other clients moving millions in one txn, but it was really satisfying to be able to see all these people getting paid by Dolafy 4) the Credit Cards implementation has been my biggest frustration - i even had nightmares with it and woke up many days in terrible mood even though i implemented their whole API in 2 days, it’s been over a month already and their compliance and legal teams keep slowing us down things like: “hey, you cant mention the term unlimited cards, must be multiple cards” and then i fix it in 5 minutes, and they submit for approval that takes 7 days again and then they come back with “you actually cant talk about cards at all on the homepage, must create a separate page for that” “unlimited back and forth” seems a reasonable term to describe them though in the end, the partner changed the whole copy of our site and we still couldnt get the approval after 40 days ughh tbh, im not sure they are that slow because of bad management or because they try to push the onboarding longer to monetize the setup fees (even though they are losing revenue during this period) anyway, i hope we have cards live in the coming days which will be huge to get more clients and make the current ones move more money with Dolafy (unfortunately there are not many BIN Sponsors for Corporate Cards that we could use besides them) 5) my partner is thinking about moving with his wife to Floripa so we can set up a Dolafy office here the magic island is now the center of crypto and fintech companies in Brazil, plus many of our clients are living here (quality of life and safety for the rich) them startup offices are mainly in the SC/Jurere area (which is opposite side from where I live on the island) but it’s cool to be a short drive away to people with high synergy instead of a long flight so yeah, that’s it for now. talk to you again on our 3rd month building a fintech, hopefully after processing millions in Meta / Google Ads txns (that's what our clients need cards for) thanks for following

Most teams processing stablecoin cross-border payments can't answer one question: did I get a competitive rate? We built Execution Benchmarking to change that. Every transaction through Borderless.xyz now gets classified against a rolling 24-hour benchmark from real executed rates. Competitive. In Line. Off Market. Live now on the Borderless platform. 👉borderless.xyz/insights/execu…

@lenagrundhoefer @SocureID Thanks for the invite!

club consenso by @SocureID you had to be there

Fintech's Love-Hate with Stablecoins From AthenaX Live Stream EP.12 - Borderless : Stitching FIAT with Smart Contracts, with @KevLeht from @borderlessxyz Co-host @neilliew

Stablecoin Run Club: luma.com/dwkxzdk7?tk=u1…

Stablecoin Run Club Thursday 7:30am at Consensus Miami. Detox from the week's happy hours. You've outgrown a single provider when the next corridor isn't on their license, their downtime is yours, and you can't benchmark your rate. DM to grab time.

@trycobre is now live on the Borderless.xyz network! Billions processed every month in Mexico and Colombia, now accessible through a single API. No FX windows, no prefunding. The global network keeps growing. Read the full announcement: borderless.xyz/insights/cobre…

5/ Highlighting FX providers as one of three channels closing the fiat-stablecoin gap. Provider choice carries cost variance most builders don't see. @KevLeht, CEO & Founder of @borderlessxyz, with the data: "On average, we see 1.3% dispersion between the best price and the worst price. At the same time, for the same currency pair." "People argue about a 10 basis point contract versus a 15 basis point contract. You're completely missing the boat. The provider you choose to execute through can be 136 basis points of difference."

Borderless: Bridging On-Chain & Off-Chain Money From AthenaX Live Stream EP.12 - Borderless : Stitching FIAT with Smart Contracts, with @KevLeht from @borderlessxyz Co-host @neilliew

🤝 Borderless.xyz x @StablecoinStnd Thrilled to annouce our strategic partnership with Stablecoin Standard to help advance real-world standards for stablecoin payment infrastructure and cross-border liquidity. @StablecoinStnd convenes issuers, policymakers, and infrastructure providers to define high-quality payment rails across performance, compliance, and transparency. With access to 14+ licensed providers across 95+ countries and 63+ currencies, Borderless brings real-world infrastructure insight into where systems work and and where they don’t. Excited to contribute to shaping the next generation of global payments. 👉 stablecoinstandard.com/news-posts/bor…

Borderless : Stitching FIAT with Smart Contracts AthenaX Livestream EP.12 with @KevLeht, CEO at @borderlessxyz