Accepting stablecoin payments: where to start?

A client abroad asks whether they can pay you in stablecoins. You are curious, but you don’t know where to start. This guide sets out a simple six-step method to decide whether it makes sense for your business and how to set it up properly.

1. Understand what a stablecoin is

A stablecoin is a digital token that aims to maintain a stable value, usually by being backed by a currency such as the euro or the dollar. The European MiCA regulation distinguishes two broad families: e-money tokens (EMTs), which reference a single official currency, and asset-referenced tokens (ARTs), which rely on other values or on a basket of assets^[1].

MiCA’s rules on these two families have applied since 30 June 2024^[2]. One practical consequence follows: to be offered to the public in the European Union, a stablecoin must have an authorised issuer^[3]. Before accepting a token, check that it is covered by an authorisation, for example in the register published by ESMA^[4].

2. Clarify your objective

Don’t start with the technology. First ask yourself four questions:

• Who would pay? One or two specific clients, or a broader customer base?
• Why? Faster collection, international transfer fees, an explicit request from a client?
• What amounts? A few invoices a year or a regular flow?
• Who will handle it? A designated person, with a back-up.

If the request is a one-off, a trial limited to one invoice is enough to learn, without committing the whole business.

3. Choose a collection method

Without getting into the choice of a specific platform, there are three broad approaches:

• A wallet dedicated to the business, whose keys you hold yourself. You stay in control, but you bear full responsibility for security (see our guide on crypto security rules for businesses).
• A provider that collects or holds funds for you. It is simpler to use, but you depend on it. Check that it is authorised to operate in France: the AMF publishes a white list of authorised crypto-asset service providers^[5].
• Conversion into euros on receipt, if you don’t wish to hold tokens. This limits exposure, at the cost of an extra step.

4. Choose the network and secure the addresses

The same stablecoin can exist on several networks (blockchains). Sending funds on the wrong network can make them unrecoverable. A few simple habits:

• State the token and the network explicitly on every invoice.
• Ask for a small first test payment before the full settlement.
• Use a separate receiving address per client or per invoice if your tool allows it, to make reconciliation easier.
• Have the address checked by a second person.

5. Invoice and reconcile

Keep an invoice denominated in euros, showing the equivalent amount to be paid in stablecoins, the deadline until which this conversion is valid and which party bears the network fees. For each payment received, keep the transaction identifier (“hash”), the date, the amount received and the corresponding invoice. These records make your accountant’s job easier; the accounting and tax treatment must be agreed with them beforehand: we don’t go into it here because it depends on your situation.

6. Write an internal procedure

One page is enough. It states who creates the addresses, who checks incoming payments, above what amount a second approval is required, where the evidence is stored and what to do in the event of an error. The aim is that an absence or a departure does not block the business.

A word on compliance

Accepting a payment in crypto-assets in exchange for your goods or services is not, as such, one of the crypto-asset services listed by MiCA^[6]. However, anti-money laundering and counter-terrorist financing obligations continue to apply to your business in the same way as with other means of payment: know your customers and watch out for unusual amounts or origins. If you plan to provide a service to third parties (holding, transferring or exchanging crypto-assets on their behalf), the situation is different: seek professional advice before you start.

Getting-started checklist

• Objective and expected volume set out in writing
• Stablecoin and network chosen, issuer checked
• Collection method selected, any provider vetted
• Invoice template updated
• Internal procedure and designated person in place
• Accountant’s opinion obtained
• Trial carried out with a limited amount