Only 9% of LatAm Stablecoin Firms Hold Verifiable Licenses

Only 46 of the 532 stablecoin and crypto-payments companies operating in Latin America hold a licence or registration that can be verified against a public regulator source. That is 9% of the regional market, according to "Beyond the Acronym," a report published by Varys Capital and Verda Ventures on Wednesday, September 30.

The finding lands just ahead of Brazil's October 30 deadline for Virtual Asset Service Provider (VASP) authorisation applications. Firms that have operated in a grey area will likely be forced to exit or consolidate as the region's largest market begins enforcing its new rules.

The data comes from Stablescape, Verda's proprietary database of more than 6,000 stablecoin and crypto-payments companies worldwide. Verda, which combines venture capital with data analytics to map global payment rails, tracked the 532 entities currently operating in Latin America and could confirm verifiable licences for just 46 of them.

Capital and companies are mismatched

The report also exposes a stark disparity between where startups are building and where capital is flowing. Brazil and Mexico host 44% of the region's stablecoin firms, yet these two markets absorbed 78.5% of all 2025 Latin American venture funding in the sector. Argentina, Colombia and Panama, by contrast, are producing a disproportionately high number of startups relative to their share of regional investment.

FF News previously reported in September 2026 that Colombian fintech Plenti secured a $3 million seed round led by Tether, with participation from Verda Ventures, to expand digital dollar access. The "Beyond the Acronym" report now identifies Colombia as a high-growth hub for development despite receiving a smaller slice of venture capital than Brazil or Mexico.

Sixteen companies hold up the stack

The most systemic vulnerability sits in the market's plumbing. The wholesale FX and liquidity layer that supports every retail wallet and on-ramp in the region consists of only 16 companies.

"The wholesale FX and liquidity layer that every retail wallet and ramp depends on is just 16 companies, the thinnest part of the stack," the report states.

If any of these wholesale providers fail or face regulatory blocks, the retail ecosystem could face sudden paralysis, the analysis suggests. The concentration makes the thinnest part of the regional payment stack also its most fragile.

Brazil's regulatory double blow

Two Brazilian catalysts frame the report's timing. The central bank's BCB 561 stablecoin restriction took effect on October 1. The VASP authorisation application deadline follows on October 30. The report analyses what both mean for the sector and pairs its data with a framework for navigating four distinct Latin American sub-markets.

Who produced the research

Varys Capital is a venture investment firm focused on the digital asset and fintech sectors, where it identifies emerging infrastructure and payment technologies. Tom Dunleavy serves as Head of Venture at Varys Capital, overseeing the firm's strategic investments into the crypto ecosystem. Amit Chu is a Co-founder at Verda Ventures and led development of the Stablescape database that underpins the report.

What it means

The revelation that 91% of the region's stablecoin players lack verifiable registration points to a massive regulatory filter ahead. Licensed incumbents in Brazil and Mexico, already capturing the bulk of venture funding, may gain an insurmountable lead over underfunded innovators in Argentina, Colombia and Panama once enforcement begins.