Latin America’s stablecoin payment ecosystem may rely on a small group of wholesale liquidity providers, according to research by Veris Capital and Verda Ventures based on Verda Ventures’ Stablescape database. Of 494 companies analyzed, only 16 primarily handle stablecoin-to-fiat liquidity, corporate treasury and credit. The report warned that losing access to banking services could increase local-currency conversion costs and delay or suspend withdrawals. It did not establish the actual degree of liquidity concentration because it lacked trading-volume and market-share data, while exchanges and payment firms may also provide liquidity or depend on the same underlying desks. Stablecoins accounted for 32.1% of cross-border crypto value, 22.1% of domestic P2P activity and 17.6% of personal wallet balances in Latin America by June 2026, according to a September Chainalysis report.