Tech startups stall on stablecoins due to fraud fear and links to crime
- Research by Enfuce finds that 50% of tech startups see potential fraud and links to illicit trade as barriers to adoption
- Despite fears, over three quarters of startups view the technology as a competitive advantage and the “future of money”
- A staggering 39% of company funds are held in stablecoins by those who use them
Lisbon, November 11th, 2025: Tech startups are embracing stablecoins to streamline cross-border payments and boost operational efficiency, new research from issuer processing powerhouse Enfuce reveals. But adoption is still being constrained by concerns over fraud and links to criminal activity.
The research surveyed C-level executives, owners and senior directors of technology startups across the EU and UK with an understanding of stablecoins. It found that 87% saw stablecoin adoption as a potential competitive advantage, and 76% saw the possibility of stablecoins becoming the “future of money”.
However, the overwhelming majority, 97%, identified external risks to future adoption. 50% of respondents see the potential fraud and the use of cryptocurrencies for illicit trade as blockers to stablecoin adoption.
Stablecoins are now one of the most common virtual assets for illicit use, according to the intergovernmental Financial Action Task Force, with most on-chain illicit activity now involving stablecoins.
These were not the only risks to adoption. Others identified by respondents were growing regulatory complexity (37%), stablecoins devaluing and “depegging” (34%), and the environmental impact (27%).
Startups that have a good knowledge of stablecoins remain, however, bullish on potential benefits. Almost all either hold stablecoins or are planning to do so, only 6% have no plans to use them at all. The 40% who hold stablecoins today hold an average of 39% of their reserves in tokens, an average of €60,000.
Despite this, only 18% said that they had a “comprehensive understanding” of whether these funds are insured or safeguarded, and 20% had a complete understanding of current and upcoming regulatory frameworks.
The most popular reasons for holding cryptocurrency are to enable faster and cheaper cross-border payments, improved operational efficiency, and access to new financial infrastructure.
Monika Liikamaa, Co-Founder and Co-CEO of Enfuce said: “Stablecoins are fast becoming part of the financial toolkit for startups, but trust still needs to catch up with the pace of innovation. To unlock their full potential, we need to lay the groundwork: clear rules, strong safeguards and industry-wide transparency. That’s how we build confidence, and real momentum.”
Denise Johannson, Co-Founder and Co-CEO of Enfuce said: “Many startups are starting to see stablecoins as a practical way to improve speed and efficiency. But for adoption to scale sustainably, there needs to be clearer guidance on risk and accountability. That’s where regulation, education and industry collaboration all have a role to play.”
The research was commissioned by Enfuce and carried out by independent research agency Sapio, surveying 250 technology startups across Europe and the UK. Fieldwork took place in October 2025.
A link to the ebook, with more details of these and other insights, can be found here.
About Enfuce
Founded in 2016, Enfuce is a female-founded and led company with a unique vision: to bring the brightest minds and the best technology together to break down the barriers to prosperity.
As a leading global card issuer and payment processor that merges innovation, security, and expertise to create modular, cloud-based payment processing capabilities, Enfuce is one of Finland’s most valuable scaleups, and is the first financial service provider in the world to be PCI-DSS certified while running its service in the public cloud.
By focusing on collaboration, Enfuce is able to efficiently provide customers with cutting edge features – offering in-house experts and white labelled technology to help companies create scalable payment solutions with ease. Supporting debit, credit, prepaid, gift, fleet and fuel card programmes in any form – for consumer, commercial and B2B applications – Enfuce’s no-nonsense approach helps customers create bespoke payment solutions that are flexible, scalable and secure.
Holding an Electronic Money Institution (EMI) licence from the Finnish FSA and from the UK’s Financial Conduct Authority (FCA), enabling operations across Europe and the UK, Enfuce’s PCI-DSS certified platform guarantees 99.999% uptime, global scalability, and card scheme connectivity, supporting various card programs and integration with digital wallets. Enfuce has raised €73.5 million in funding rounds, showcasing its industry leadership with recognitions like Visa Fintech Fast Track and Mastercard Lighthouse Development Program participation, as well as winning prestigious awards, such as the 2019 PayTech Award for Best Payments Solution, 2022 FF Award for Mobile Payments and the 2023 FF Award for Authentic ESG. Propelled by the forward-looking vision of its Co-CEOs and Nordic ingenuity, Enfuce is set to expand globally, shaping the future of payment solutions.
