A US distributor owes a Brazilian manufacturer USD 200,000. Its bank quotes a wire that will pass through correspondent banks before arriving, and the supplier wants the funds in reais before the next shipment. The treasury team asks whether B2B stablecoin payments could settle the invoice instead, and how that would work.
The payer converts fiat into a stablecoin, sends it on-chain to the recipient’s provider, and the provider converts it back into local currency, such as BRL via Pix. In Brazil, that conversion is an FX operation under the Central Bank’s rules, and reconciliation ties the on-chain hash to the invoice.
What is a B2B stablecoin payment?
It is a payment between two companies in which the money travels as a stablecoin, a token pegged to a fiat currency, instead of as a bank wire. Each side usually still starts and ends in its own currency.
The stablecoin works as the transport layer. The payer’s provider converts dollars into tokens, the tokens move on a blockchain network, and the recipient’s provider converts them into the local currency.
Companies look at this route for three reasons. The network runs at any hour, the transfer does not depend on correspondent banks, and each payment leaves a public record that both sides can check.
Transfero’s guide to stablecoins in international payments explains the broader use cases.
How does settlement work, step by step?
Four steps take the payment from the payer’s bank account to the recipient’s. Two happen off-chain, and the middle step happens on a blockchain.
1. On-ramp
The payer sends USD to a provider, which converts it into a stablecoin such as USDC. Companies that already hold stablecoins in treasury skip this step.
2. On-chain transfer
The payer sends the stablecoin to the address provided by the recipient’s provider in Brazil. The network records the transfer with a unique transaction hash.
3. Off-ramp
The provider in Brazil receives the stablecoin, converts it into reais and pays the recipient’s account through Pix. This conversion is the FX operation on the Brazilian side.
4. Reconciliation
Both sides match the transaction hash, the Pix confirmation and the invoice number. The hash proves the on-chain leg; the Pix identifier proves the local credit.
In the example, the distributor converts USD 200,000 into USDC and sends it to the manufacturer’s provider. The provider converts the USDC into BRL at the quoted rate and pays the manufacturer via Pix. Finance on each side links the hash and the Pix identifier to the same invoice.
Settling invoices in stablecoins? See how BRL off-ramp works.
Which stablecoin should the parties use?
The choice follows the currency of the invoice and what both providers support. Dollar invoices usually settle in a dollar stablecoin, such as USDC or USDT.
Euro invoices can use EURC, and BRZ, the Brazilian real stablecoin, keeps the payment in reais from end to end. Transfero’s comparison of the differences between USDT, USDC, EURC and BRZ covers issuers and backing.
Before the first payment, both sides should confirm the same stablecoin and the same network, because a transfer sent on the wrong network may not be recoverable.
What compliance checks happen along the way?
A stablecoin payment into Brazil is an FX operation. BCB Resolution No. 521, of November 10, 2025, added article 76-A to BCB Resolution No. 277, of December 31, 2022.
Since February 2, 2026, international payments with virtual assets, transfers to and from self-custodied wallets and stablecoin trades are FX market operations. The broader framework is Law No. 14,286, of December 29, 2021, in force since December 31, 2022.
Resolution 521 also brings a specific limit. Under article 29, a virtual asset service provider is limited to USD 100,000 per operation when its counterparty is not an institution authorized to operate FX, which matters for payments the size of the example.
Beyond the FX rules, each provider runs its own checks. The payer’s provider verifies the paying company, the recipient’s provider verifies the Brazilian company, and both screen the transaction and the wallet addresses involved.
How do accounting and reconciliation work?
Each side records the payment in its own currency. The payer books a USD payment against the invoice; the recipient books the BRL credit it received.
The reconciliation file should carry the invoice number, the transaction hash, the stablecoin amount, the FX rate applied and the Pix identifier. With these five fields, an auditor can follow the payment from end to end.
Timing matters too. The FX rate in the recipient’s books is the one applied at the off-ramp, so the reconciliation should record when the conversion happened, not only when the stablecoin arrived.
If the company holds stablecoins between payments, their accounting treatment depends on its accounting policy and jurisdiction. That deserves a decision with the auditor before the first operation.
What are the risks?
Operational risk comes first. A wrong address or network can send funds where they cannot be recovered, so test transfers and address allowlists matter.
Then comes peg risk. A stablecoin is designed to hold its value against a fiat currency, but the quality of its reserves varies by issuer.
There is also provider risk, since the funds pass through the off-ramp provider, and regulatory risk, because the rules for virtual assets keep changing. Any price variation between the on-ramp and the off-ramp should be covered in the quote.
Most of these risks shrink with process. A short list of approved addresses, a small test transfer for each new counterparty and a provider that reports every step reduce the chance that one mistake reaches the books.
How does Transfero settle B2B stablecoin payments into BRL?
Transfero’s cross-border payments run on the Transfero Payments Network (TPN), a layer that connects banking rails, blockchain networks and liquidity providers. Its crypto infrastructure adds ramps, swaps, payments and custody through an API.
Predictable 24/7 payouts across multiple countries, through Transfero’s cross-border payments
BRL on-ramps and off-ramps through Pix
Custody powered by Fireblocks, within a regulated framework with built-in KYC and AML
More than 180 payout markets
The Chainless case shows a self-custody wallet that uses Transfero for crypto purchases and sales via Pix, with liquidity in BRZ and USDC. The platform processed more than 9.8 million transactions in 2025.
Questions to ask before your first B2B stablecoin payment
Which stablecoin and which network will both providers use?
Does your treasury already hold stablecoins, or will you need an on-ramp?
How will the recipient’s provider handle the FX operation under Resolution 277?
Does the payment size fall under the USD 100,000 limit of article 29 in your structure?
Which fields will the reconciliation file include?
Has your auditor defined how to record stablecoins held between payments?
Talk to our team about B2B stablecoin settlement.
Frequently asked questions
Does the recipient need a crypto wallet?
No. In the off-ramp model, the recipient’s provider receives the stablecoin in its own address, converts it and pays the company in reais through Pix. The Brazilian company only needs a bank account in BRL and to pass the provider’s onboarding.
Which network is cheapest for USDC or USDT?
Network fees change with demand and differ from one network to another, so the cheapest option varies over time. The deciding factor is usually which networks both providers support. Agree on the network in advance and run a test transfer before the first full payment.
How is the payment recorded in accounting?
Each company records the payment in its functional currency against the invoice. The payer books the USD amount; the Brazilian recipient books the BRL credited. The transaction hash, the FX rate and the Pix identifier support the entries, and stablecoins held in treasury follow the company’s accounting policy.
Is a stablecoin payment into Brazil an FX transaction?
Yes. Since February 2, 2026, Resolution 521 has placed international payments with virtual assets and stablecoin trades within the FX market, through article 76-A of Resolution 277. The conversion into reais must follow Brazil’s FX rules.
