Stablecoins in business: international payments and treasury

What a stablecoin is, in one minute

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 families: e-money tokens, which reference a single official currency, and asset-referenced tokens^[1]. To be offered to the public in the European Union, a stablecoin must have an authorised issuer: this is the first selection criterion for a business^[2].

Use case: international payments

This is currently the most concrete use for a small business or SME. When you pay or are paid abroad, a conventional transfer may involve intermediary banks, delays of several days and opaque fees. A stablecoin settlement can be faster and more transparent, provided three points are properly handled:

• Both ends of the chain. You need to be able to convert euros into stablecoins, then the stablecoins into local currency or euros, with an authorised provider. The total cost depends on these conversions, not just on the transfer.
• Your counterparty. Your supplier or client must be able and willing to receive or send stablecoins, in compliance with the rules of their country.
• The evidence. Each payment must be linked to an invoice and kept in a file of supporting documents.

We compare with you the cost and timing of your current flows with those of a stablecoin solution, on your real cases, before any implementation. The result may be “it isn’t worth it for you”: that is also a useful answer.

What about treasury?

Holding stablecoins is not the same as holding conventional cash. The accounting treatment depends on the intention behind holding them and on the nature of the token, and it evolves with regulation: this is a point to validate with your accountant before making any choice. Beyond accounting, serious treasury thinking raises simple questions:

• For what need would you hold tokens rather than euros?
• What maximum amount, set in writing, and approved by whom?
• With which provider or in which wallet, with what access and recovery plan?
• Which issuer, with what reserves and what authorisation?
• What exit conditions, in euros, if something goes wrong?

Si0x gives no investment advice and promises no returns: we help you define a framework, not invest money.

A three-step approach

1. Map your flows. Which international payments, to which countries, for what amounts, with what delays and what fees today.
2. Test on one flow. A single supplier or client, a limited amount, an authorised provider and a complete evidence file.
3. Decide. Compare the actual cost and timing, then expand, adjust or stop, with written rules in every case.

Points to watch

• Issuer and network: check the issuer’s authorisation, for example in the ESMA register^[3], and the network used.
• Provider: check that it is authorised to operate in France, via the AMF white list^[4].
• Security: a poorly protected stablecoin can be lost like any other digital asset. See our support for crypto security in business.
• Governance: dual approval, access rights, written procedure.

To go further on accepting payments, see our support for crypto payments in business and the guide accepting stablecoin payments.