DogPay is positioning stablecoins as a working-capital tool for cross-border merchants rather than a product reserved for crypto-native companies, combining digital-asset collection, currency conversion, corporate accounts and card issuance in a single payments stack. The company says it operates across more than 140 countries and regions, serves over 1,000 enterprise customers and processes roughly $500 million in monthly payment volume.
The model targets a persistent problem for exporters and international service businesses: receiving overseas payments quickly while retaining access to conventional banking rails. DogPay said its platform connects with SWIFT, ACH, SEPA and the United Kingdom's Faster Payments Service, allowing clients to collect stablecoins, convert them into U.S. dollars and send funds to corporate accounts for domestic or international use.
Peter, DogPay's co-founder, said the company's typical customer is a traditional trader of goods or services rather than a Web3 business. Under the flow he described, a merchant receives stablecoins tied to documented commercial activity, which are credited to a corporate crypto account. The funds can then be exchanged for dollars and paid into a corporate bank account opened through DogPay's platform.
That structure places stablecoins closer to the collection stage of cross-border commerce, where businesses often face long settlement windows, high correspondent-banking costs and exposure to local-currency swings. Peter said a SWIFT transfer can take at least a week, while stablecoin collection and conversion into dollars can be completed on the same day and, in some cases, within hours.
Stablecoin collection moves beyond crypto-native checkout
DogPay's payment-acquiring product is intended to let companies accept stablecoin payments from customers, while its corporate-account service provides an off-ramp into bank transfers and business spending. The company also offers OTC conversion, card issuing, Card-as-a-Service and Bank-as-a-Service tools for other payment providers.
MUFY, an AI companion platform, is among the businesses cited by Peter as using the stablecoin checkout product. MUFY integrated the service for subscription payments and purchases of in-app credits, giving customers a way to pay with stablecoins without requiring the platform to build its own payment and conversion infrastructure.
The use case is relatively straightforward for digital platforms, but DogPay is emphasizing a broader customer base. An exporter, for example, could receive USDT or another stablecoin from an overseas buyer, convert the proceeds into dollars, then use a corporate account to pay suppliers, payroll or operating costs. The arrangement could reduce the number of intermediaries involved in a payment, though conversion charges, local rules and bank-account availability would remain central to the final cost and speed.
DogPay said its onboarding process includes know-your-business and know-your-customer checks. Its acquiring service also incorporates know-your-transaction screening, according to Peter, with transfers that fail transaction checks prevented from being credited to a client account. These controls are necessary for a model that connects on-chain transfers with regulated banking services, particularly for trade-related transactions involving corporate counterparties in multiple jurisdictions.
Banking access is central to the model
DogPay said it holds several licenses and registrations that support its banking and payments activities. These include Hong Kong Money Service Operator and Trust or Company Service Provider licenses, a Hong Kong lending license, and Money Services Business registrations in the United States and Canada. The company said it has applied for a European license and plans to seek a Singapore Major Payment Institution license.
Its banking options include access to JP Morgan accounts in the United States and accounts at OCBC and DBS, DogPay said. Clients can use these accounts for domestic transfers as well as international payments through SWIFT.
Peter described the arrangement as a pooled bank-account structure with separate virtual accounts assigned to individual customers. Alongside virtual-account access, DogPay offers corporate bank-account onboarding and a crypto wallet. Pooled structures are common in fintech payment systems because they can give customers account details and transaction segregation without every client maintaining a directly held account at the underlying bank.
The setup also creates a clear commercial distinction between a wallet provider and a payments platform. DogPay is seeking to manage the route from receipt of a stablecoin through conversion, banking access and final payment, rather than limiting its role to holding crypto assets.
Card issuance expands the corporate spending use case
Cards form the other major part of DogPay's strategy. Peter said the company operates at the issuer layer and can issue dedicated bank identification numbers, or BINs, instead of relying on shared BIN arrangements. A BIN is the identifying number range associated with a card issuer and can be important for companies launching their own branded card programs.
DogPay said it is working with partners in markets including Vietnam and Brazil that want to offer U.S.-dollar account access or card-issuance capabilities. Its Card-as-a-Service product would allow those partners to build card programs without developing the underlying issuance stack themselves.
The company also described controls aimed at corporate expense management. Employers can assign spending limits to employee cards and restrict where cards can be used, according to Peter. This could replace some reimbursement-based workflows for business travel and recurring operational expenses, where employees pay personally and wait for repayment.
A related AI router product aggregates access to major large-language-model providers through a corporate account, Peter said. Administrators can allocate usage limits to individual employees and monitor spending through a dashboard. The product applies the same principle as managed cards: placing a spending policy around a service that can otherwise be purchased independently by staff.
OTC remains the largest volume source
Despite its push into payments and cards, DogPay said OTC conversion remains its largest business line by processed volume. Peter put the company's total monthly volume at approximately $500 million, although DogPay did not provide a detailed breakdown between OTC, acquiring, account services or card-related activity.
The company said clients can adopt individual services, such as collections or corporate accounts, or combine them with acquiring, card issuing and OTC conversion. That modular approach gives DogPay a route into businesses that may initially need only a way to accept stablecoins but later require payout, account and spending tools.
Global card networks have begun supporting stablecoin-related settlement options in selected programs, Peter said, moving beyond models where customers merely topped up a card with crypto before transactions settled in dollars. DogPay's approach depends on that same direction of travel: stablecoins remain in the background for many end users, while the customer experience stays familiar across physical cards, virtual cards, Apple Pay and Google Pay.
See how stablecoins reshape payments and settlement in Asia—explore stablecoin adoption trends for deeper context.
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