Teaching Note: VelaFi: competing against giants in the stablecoin payments race

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, transparenc, 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...