VelaFi: competing against giants in the stablecoin payments race

Learning outcomes

The learning outcomes are as follows:

Case overview/synopsis

In early 2026, Maggie Wu, CEO of Mexico-based VelaFi, confronts a strategic decision that will determine her company’s survival. VelaFi has proven that stablecoin technology can revolutionize cross-border payments in Latin America – offering speed, transparency and lower costs than traditional correspondent banking. But proving the concept was the easy part.

Stripe has acquired competitor Bridge for $1.1bn. PayPal has launched its own stablecoin. Over 50 European banks now offer crypto services. These well-funded players are entering VelaFi’s market, and Maggie Wu must act quickly to secure a defensible competitive position before the opportunity closes.

The central question: How should a resource-constrained startup differentiate against competitors with vastly greater capital and brand recognition? VelaFi’s options include specializing in specific use cases (international payroll, global treasuries), targeting underserved segments (Latin American SMEs) or competing on service attributes that larger players cannot easily replicate.

The case is designed for business students to analyze technology-driven disruption in emerging market financial services. The case may be used to discuss the basics of monetary theory related to the blockchain, cryptocurrencies and stablecoins, the process of disruptive innovation and the impact of regulation on economic activity.

Complexity academic level

This case is intended primarily to be used by masters degrees, specifically to be used in Master of Business Administration (MBA) degrees. The case may also be useful in undergraduate courses about economics and finance or international business.

Subject Code

CSS 5: International Business.