How the top 40 operators move money: wire, card processor, e-money, and stablecoin rails — and where each fails.
Payment rails are the single most underappreciated source of operator risk in 2025.
CobraSight surveyed 40 operators on payment infrastructure between May and July 2025. The findings: rail diversification is uneven, processor concentration risk is high, and stablecoin payouts are growing faster than operator compliance frameworks.
32% of surveyed operators now offer stablecoin payouts — up from 11% a year earlier. Operator readiness to handle the AML and tax-reporting implications is materially behind that adoption curve.
Key Report Takeaways
- 32% of operators offer stablecoin payouts (up from 11% in 2024).
- Processor concentration is the highest unmanaged operator risk.
- Rail diversification correlates with payout reliability scores.
- Operator AML frameworks lag stablecoin adoption.
- Methodology
- Rail-by-rail breakdown
- Processor concentration
- Stablecoin payouts
- AML & tax-reporting gaps
- Operator survey results
- Resilience benchmarks
- Recommendations
Stablecoin readiness gap
Adopting stablecoin rails is operationally simple. Building the AML, sanctions screening, and tax-reporting infrastructure that should accompany them is not. Most operators have done the first without the second.
Continue reading the full report.
Full charts, operator-level data tables, and the underlying dataset are available to CobraSight members.
