Pay and collect invoices in stablecoins

An international invoice can be settled through the usual banking route or in stablecoins that comply with European regulation. They are two distinct routes, both available today, and neither is better than the other in the abstract: it depends on the operation.

We do not issue stablecoins and we do not hold your funds. We analyse your case, we tell you which route suits you and, if it is this one, we support you through the operation with providers authorised under MiCA.

Two situations, one route

  • You collect in stablecoins and need euros

    Your client pays you in USDC and you need the money in your bank account, in euros, to pay salaries, suppliers and taxes. The route converts and settles into your account, at the market rate of the moment, with the operation documented from start to finish.

  • You pay a supplier who collects in stablecoins

    You hold euros at the bank and your supplier asks to be paid in USDC. The route runs the other way: your invoice is settled for the exact amount, with no intermediaries deducting fees along the way.

When this route makes sense, and when the traditional one does

This is the part that usually does not get published, and it is the part that actually decides. These are the criteria we work with.

  • This route fits when...

    • The invoice is already denominated in the stablecoin's currency, because then there is no exchange operation at all.
    • The deadline governs: the payment has to be confirmed today for the goods to ship, or the operation has to close outside banking hours, at the weekend or on a public holiday in the counterparty's country. On simple corridors the operation completes in minutes, confirmation included.
    • You need the beneficiary to receive the exact amount of the invoice, without intermediary banks deducting along the way and leaving differences to reconcile.
    • The counterparty already operates this way and asks to collect or pay in stablecoin.
    • The corridor is one of those that, in correspondent banking, drags on or asks for additional documentation again and again.
    • Your client operates in a highly volatile local currency and the rate moves between your invoicing and their payment. Settling in stablecoin stabilises the price for both sides and keeps the commercial relationship from suffering.

  • The traditional route is the one when...

    • What has to be solved is currency exposure over time. Stablecoins do not hedge that risk; hedging instruments do.
    • The counterparty does not operate with crypto-assets and is not going to, which is still the case for most.
    • The operation requires trade finance instruments, such as a documentary credit or bank guarantees.
    • Volume and recurrence mean that what weighs is negotiating the exchange conditions well, which is exactly what the other route exists for.
    • Internal treasury policy or the auditor's position do not yet contemplate operating with crypto-assets. That is a legitimate reason and it should not be forced.

From the invoice to your account

  1. We analyse the operation. Invoice currency, counterparty, deadline, volume and recurrence. From that comes whether this route suits you or not, and we tell you even when the answer is no.
  2. We set up the route. Onboarding and verification with a provider authorised under MiCA, and definition of how it will run: who instructs, who authorises and within what limits.
  3. The operation is executed. The conversion is made at the market rate of the moment, which is public and verifiable, and the funds settle into the destination account.
  4. It is documented. Every operation leaves its record: amount, rate applied, exact time and traceability of the funds, in the format your accounting needs.
  5. We stay with you. We review how it is running periodically and adjust whatever is needed when your business changes or the rules change.

Operations we have already settled

  • Technology goods · payment to a supplier in Romania · USDC

    Three minutes from start to finish. The total time included entering the data on the provider's platform, the conversion into euros and the on-chain confirmation that the operation had been executed. The supplier had the funds available and the confirmation in hand without having to wait or ask.

    Why this route: the deadline governed. On an ordinary transfer, knowing that the funds have left and arrived can take days and forces you to open a query to find out where they are.

  • Spanish company with clients in Africa · invoice collection · USDC

    The problem was not the cost: it was losing the clients. Their clients' local currencies moved sharply between invoicing and payment, and on top of that came transfer costs that made the relationship harder and harder to sustain. Every operation ended in a negotiation over who absorbed the difference.

    The route was set up in USDC on both sides. The amount agreed is the amount paid, without the local currency rates moving along the way, and payment is immediate. The company kept its clients and the two sides stopped arguing over every invoice.

Real client operations. Identities omitted for confidentiality.

Inside the European regulated perimeter

The European MiCA regulation has governed both stablecoin issuers and crypto-asset service providers since 2024. Since 1 July 2026, only entities holding an authorisation may provide these services in the European Union; in Spain the authorisation is granted by the CNMV and recorded in the European ESMA register.

We work exclusively with providers holding that authorisation. To settle invoices we use compliant stablecoins: USDC for operations in dollars and EURC for operations in euros. Not every stablecoin on the market is in that position, and the distinction is not a technical detail: it determines what a regulated provider can execute and what it cannot.

And it is a choice, not a limitation. The route accepts other crypto-assets, and if your counterparty operates with one we will look at it. But it is not what we propose by default, for a simple reason: an invoice is an obligation to pay a certain amount, and a volatile asset can mean that what arrives is not what was agreed. That turns a payment into a market position, which is a different thing and carries different risks. If it is still your decision, we explain it, we put it in writing and we support you just the same.

Knowing which asset is admissible and which one suits each case is, precisely, part of what we bring.

What it means for your accounting

Collecting or paying in stablecoin is not an invisible operation for your accounting, and it is worth knowing what it involves before the first one, not after.

  • The invoice is issued in euros and the payment in stablecoin is documented as the means by which the debt is extinguished. That is the prudent criterion while the rules do not expressly settle the treatment of crypto-assets as an invoicing currency.
  • The VAT on the operation does not change. The means of payment does not alter the regime of the underlying operation: it is charged just as on a transfer.
  • Delivering the crypto-asset generates a result of its own, from the difference between the value at which it was acquired and the value at which it is delivered, and that result is included in the taxable base independently of the commercial margin on the operation.
  • The valuation has to be set and documented: which quotation is taken, from which source and at exactly what moment. We define it from the first operation, because reconstructing it afterwards is far more expensive.
  • There are specific reporting obligations on holding and operating with crypto-assets. We identify them according to your case and to who provides the service.

We do not provide tax advice. We work with your adviser so that the operation is documented the way they need it.

Our role, and where it ends

We are advisers, not providers. We do not issue stablecoins, we do not hold funds and we do not execute the operations: that is done by authorised entities we work with. What we do is decide with you whether this route suits you, design how you are going to operate and support you while you do.

And there is a limit worth being clear about from the start. This route settles operations; it does not hedge currency exposure over time. If you receive USDC and do not convert it immediately, you keep exposure to the dollar, and no stablecoin solves that. If your business has that exposure, what covers it are the hedging instruments of the traditional route, and that is something we handle here.

FX Risk Management

Frequently asked questions

Is this investing in cryptocurrencies?

No. A MiCA-compliant stablecoin is referenced to an official currency and backed by reserves, and here it is used only as a means of settling an invoice, not as an asset held to make a gain. The operation begins and ends in a commercial invoice.

Is it legal to pay an invoice in stablecoin in Spain?

Yes, provided both parties agree to it. It is not legal tender, so nobody is obliged to accept it: it has to be agreed between the parties before the operation. And the provider executing the exchange must hold the corresponding authorisation.

Which stablecoins do you use, and why?

USDC for operations in dollars and EURC for operations in euros. Both are authorised in the European Union and appear in the ESMA register, which is what allows a regulated provider to execute the exchange against euros. Not every stablecoin on the market is in that position.

How long does an operation take?

The same day, and on simple corridors it can be a matter of minutes: we have settled a payment to a European supplier in three minutes, including the confirmation that the operation had been executed. It does not depend on banking hours or on the public holiday calendar of the destination country. The specific timing varies with the corridor and the checks that apply to each operation.

What exchange rate is applied?

The market rate at the moment of the operation. It is public, it is the same for anyone and it can be verified to the second. It is not set by the counterparty, which is the fundamental difference from a bank conversion, where the rate applied is decided by the institution.

Does this protect me from the dollar rising or falling?

No, and it is worth saying so plainly. A stablecoin referenced to the dollar keeps its parity with the dollar, not with the euro: if your company spends in euros and holds balances in USDC, it still has exposure to the dollar. What this route bounds is the drift during settlement. Exposure over time is covered with hedging instruments.

How is it reflected in my accounting?

The invoice is issued in euros and the payment in stablecoin is documented as the means of extinguishing the debt. Delivering the crypto-asset also generates an accounting result of its own, and you have to set from the start which quotation is used and from which source. We define it with your adviser before the first operation.

Do I need to understand cryptocurrencies to use this?

No. If your counterparty already operates this way, you receive or send the amount and the funds end up in your bank account in euros. The technical part is handled by the provider and the operating model is designed by us with your finance team.

Can it be done with bitcoin or another crypto-asset instead of a stablecoin?

Technically yes, and if your counterparty operates that way we will look at it. It is not what we recommend: an invoice is an obligation for a certain amount, and with a volatile asset what arrives may not be what was agreed. That stops being a payment and becomes a market position. If you decide to do it, we explain the implications beforehand and we put them in writing.

What if I prefer to stay with bank transfers?

That is a perfectly reasonable decision and in many cases it is the right one. We continue to work the traditional route with the same dedication, and if your operation fits better there, we will tell you so.

Who holds the money during the operation?

The authorised provider executing the operation, never IPAyments. We do not have access to your funds at any point in the route.