Can Global Businesses Trust Stablecoins? The Regulatory Questions Treasury Leaders Must Ask

Global businesses are under pressure to move money across borders with greater speed, visibility and control. Stablecoins promise a new way to approach international settlement. But for a finance leader, the ability to transfer value quickly is only one part of the equation. The more important questions are whether that value can be redeemed, whether the transaction complies with the rules in every relevant jurisdiction, and whether the business can manage the risks if something goes wrong.

As stablecoins gain attention in international finance, treasury leaders must look beyond their potential benefits to understand the regulatory and operational realities behind them.

Why Stablecoins Are Entering the Treasury Conversation

Stablecoins are digital assets designed to maintain a relatively stable value against a reference asset, commonly the US dollar. Depending on the arrangement, they may offer businesses alternative ways to transfer value across borders, including outside conventional banking hours.

In its December 2025 analysis, the International Monetary Fund (IMF) recognised their potential to improve payment efficiency while highlighting risks to financial stability and integrity.

For treasury teams, however, the question is not simply whether stablecoins can move money. It is whether they can support international payment obligations reliably, compliantly and cost-effectively.

Stable Value Does Not Automatically Mean Low Risk

A stablecoin’s currency peg does not guarantee that businesses can always redeem it at the expected value or when they need to.

Treasury teams must understand what backs the asset, how reserves are managed, who holds them and what redemption rights are available. They must also consider custody, fraud, technology failures and the possibility of market disruption.

If confidence in an issuer weakens, holders may rush to redeem their assets, putting pressure on reserves and the stablecoin’s peg. The IMF has identified such vulnerabilities as important considerations for financial stability.

The lesson is straightforward: businesses must assess the protections behind a stablecoin, not just the stability it promises.

The Regulatory Challenge: One Global Business, Different Rules

Stablecoins can move across digital networks, but the rules governing their use vary across jurisdictions. Requirements for issuers, payment providers, custody, redemption and compliance may differ between markets.

The Financial Stability Board (FSB), in its October 2025 review of global crypto-asset regulation, found significant gaps and inconsistencies in implementation. The review highlighted that regulation of global stablecoin arrangements was lagging behind other areas.

For businesses operating internationally, this creates a practical challenge. An issuer’s regulatory status in one country does not automatically mean every use of its stablecoin is permitted elsewhere.

Treasury leaders must understand the requirements applicable to the business, its counterparties and the jurisdictions involved, including anti-money laundering obligations, sanctions screening and transaction monitoring.

With regulatory frameworks still developing, businesses cannot rely on a single global standard. They need to evaluate each arrangement against the rules that apply to their operations.

The Questions Treasury Leaders Must Ask Before Adopting Stablecoins

Before adopting stablecoins, businesses should establish what they want to achieve. Is the objective to improve supplier payments, manage liquidity across markets or introduce another settlement option?

The next step is to assess whether the proposed use is legally permitted, whether the relevant providers are appropriately authorised and what compliance obligations apply.

Treasury teams must also examine reserve quality, redemption rights, counterparty exposure and access to liquidity. A transferable digital asset is not necessarily equivalent to immediately available bank money.

Finally, businesses need appropriate controls for wallet security, transaction approvals, reconciliation and incident management. The Association for Financial Professionals (AFP) similarly highlights compliance, custody, counterparty and operational risks in its treasury guidance on stablecoins.

Adoption should follow a clear business case, a documented risk assessment and an understanding of the controls required to manage the arrangement.

Stablecoins or Traditional Payment Rails? The Better Question Is How They Work Together

Stablecoins and traditional payment methods do not have to be viewed as competing solutions. Each may serve different needs depending on the payment corridor, counterparties, liquidity requirements and regulatory conditions.

For some transactions, established banking arrangements may remain the most appropriate option. In others, a compliant digital settlement arrangement may offer advantages.

The IMF’s analysis also recognises the importance of improving existing payment infrastructure alongside exploring stablecoin use cases.

The goal for treasury leaders is not to adopt the newest technology. It is to choose settlement arrangements that meet business needs without compromising compliance, liquidity or control.

Beyond Settlement: Why Treasury Visibility Matters

Moving money is only one part of managing treasury effectively. Businesses also need to understand their currency positions, monitor transaction status and coordinate financial operations across markets.

Bluebulb simplifies international settlement for global businesses. Through Orbita, its Treasury Operating System, businesses can manage multi-currency wallets, initiate international payments and track transactions from one dashboard.

By bringing these activities into a connected view, Orbita supports greater visibility and control across treasury operations. This matters regardless of which settlement methods a business uses: better payment options are most useful when supported by sound treasury management.

Explore how Bluebulb and Orbita can support your international settlement and treasury operations.