Product Keynote: B2C2 (Alizee Carli)

As stablecoins evolve from crypto trading tools into legitimate global financial assets, institutional liquidity provider B2C2 has unveiled a solution designed for what could be the next major shift in digital finance: a world where hundreds of different stablecoins compete for market share.

Summary

At Breakpoint 2025, Alizee Carli, Senior Advisor at B2C2, introduced Penny—an institutional-grade, zero-fee stablecoin swap facility built to address the operational complexity that will emerge as banks, payment providers, fintechs, and even global retailers begin issuing their own stablecoins. The announcement underscores a deepening partnership between B2C2 and Solana, both of which see the stablecoin market poised for dramatic transformation.

The core thesis behind Penny is elegantly simple: while the number of stablecoins in circulation will multiply dramatically, most organizations will prefer to settle in just a few. This creates a fundamental need for what Carli calls "fungibility"—the ability to swap between stablecoins instantly, cheaply, and with deep liquidity. Penny aims to become the institutional backbone for this new financial reality.

The product launches with support for Solana, Ethereum, and Tron, offering instant on-chain settlement, no hidden fees beyond the bid-ask spread, and round-the-clock availability. By combining Solana's speed and efficiency with B2C2's institutional-grade liquidity infrastructure, the partnership creates a compelling value proposition for enterprises looking to participate in the stablecoin economy without taking on treasury management headaches.

Key Points

The Stablecoin Market is Transforming

Stablecoins have grown into a $300 billion market, with tens of billions of dollars flowing globally on a daily basis. What began as a utility for cryptocurrency trading—providing on and off-ramps for exchanges—has evolved into something far more significant. As Carli explained, stablecoins are becoming global financial assets in their own right.

This transformation is driven by the inherent advantages of blockchain-based money: instant movement, global reach, immediate settlement, and dramatically lower issuance and operating costs compared to traditional financial infrastructure. Regulatory clarity is also advancing in key jurisdictions, including the UAE where Breakpoint 2025 was held. These factors combined suggest that stablecoins are moving from the crypto periphery toward mainstream finance.

A Proliferation of Stablecoins is Coming

B2C2's market analysis points to a future where the stablecoin landscape looks radically different from today's USDT and USDC-dominated environment. The company predicts that banks, payment providers, fintech companies, and even global retailers will eventually operate their own stablecoins, creating a highly fragmented ecosystem.

This fragmentation presents both opportunities and challenges. On one hand, more stablecoins mean more choice and competition. On the other, it creates significant operational complexity for businesses that need to accept payments in multiple stablecoins without wanting to manage complicated multi-asset treasuries. The key insight is that while organizations will need to "transact in many," they'll prefer to "settle in a few."

Fungibility: The Key to Making Multi-Stablecoin Work

For a world of many stablecoins to actually function for real economy users, there needs to be seamless interoperability. This is where fungibility becomes crucial—the ability to swap between different stablecoins at very low cost, instantly, and with sufficient liquidity to handle institutional-scale transactions.

Without robust swap infrastructure, the multi-stablecoin future becomes unworkable. Businesses would be forced to either limit which stablecoins they accept or take on significant treasury management overhead. Penny positions itself as the solution to this problem, providing the liquid, efficient market-making infrastructure that makes stablecoin fungibility practical at scale.

Introducing Penny: Institutional-Grade Stablecoin Swaps

Penny represents B2C2's direct response to the emerging multi-stablecoin reality. The product offers several key features designed for institutional users: instant on-chain settlement, zero fees beyond a transparent bid-ask spread, 24/7 liquidity availability, and multi-chain support including Solana, Ethereum, and Tron.

The service is delivered via API, making it straightforward to integrate into existing institutional workflows. B2C2 plans to continuously expand the roster of supported stablecoins as new tokens gain prominence in the market. This approach ensures that Penny can grow alongside the stablecoin ecosystem it's designed to serve.

The Solana-B2C2 Partnership

The announcement highlights a deepening alignment between Solana and B2C2. Solana brings what Carli described as "the fastest, most efficient execution layer for global on-chain finance," while B2C2 contributes institutional-grade liquidity specifically for crypto and stablecoins. Together, they create infrastructure that's both technically capable and liquid enough to handle serious scale.

This partnership reflects broader trends in the Solana ecosystem, where institutional-grade infrastructure is increasingly complementing the network's retail and DeFi applications. By positioning Solana as a key chain for institutional stablecoin operations, the collaboration validates the network's technical capabilities for high-frequency, low-latency financial operations.

Facts + Figures

• The global stablecoin market currently stands at approximately $300 billion in market capitalization

• Tens of billions of dollars move through stablecoins globally on an ongoing basis

• Penny launches with support for three blockchains: Solana, Ethereum, and Tron

• The service operates 24/7 with continuous liquidity availability

• Penny charges zero fees beyond the bid-ask spread—no hidden costs

• Settlement occurs instantly and on-chain

• The product is API-based for institutional integration

• B2C2 plans to add more stablecoins to Penny as they gain market prominence

• B2C2 and Solana have been partners for an extended period prior to this announcement

• The UAE regulatory environment is specifically cited as supportive of stablecoin adoption

Top quotes

• "Stablecoins started really as an on and off-ramp for crypto trading, and now they're transferring into a global financial asset."

• "We think the number of stablecoins will increase dramatically. What you're going to see is banks, payment providers, fintechs, even global retailers, are eventually operating their own stablecoin."

• "In essence, what we believe is that we'll transact in many, but settle in a few."

• "For adoption and users in the real economy, you need an environment where you can swap between stablecoins at very low cost, instantly, and with deep liquidity."

• "You have on one side Solana, which is the fastest, most efficient execution layer for global on-chain finance. And on the other side, B2C2, which provides institutional-grade liquidity for crypto and stablecoins."

• "Together, they really make this whole infrastructure workable and scalable."

Questions Answered

What is Penny and who is it designed for?

Penny is an institutional-grade stablecoin swap facility launched by B2C2 that allows organizations to exchange different stablecoins instantly and with zero fees beyond the bid-ask spread. It's specifically designed for institutional users—think payment processors, fintech companies, and enterprises—who need to accept or process multiple stablecoins without wanting to manage complex multi-currency treasuries. The service provides API access, operates around the clock, and supports transactions on Solana, Ethereum, and Tron networks.

Why does B2C2 believe we need more stablecoin swap infrastructure?

B2C2 predicts a dramatic increase in the number of stablecoins as traditional financial institutions enter the space. They expect banks, payment providers, fintechs, and even major retailers to launch their own stablecoins in the coming years. This proliferation will create significant operational complexity, as businesses will want to accept payments in many different stablecoins but will prefer to hold and settle in just a few. Without efficient, liquid swap infrastructure, this multi-stablecoin world becomes impractical for real-world commerce.

What makes Solana particularly suited for stablecoin infrastructure?

According to B2C2, Solana offers the fastest and most efficient execution layer for global on-chain finance. For stablecoin operations that require instant settlement, low costs, and the ability to handle high transaction volumes, these characteristics are essential. The network's technical capabilities complement B2C2's deep liquidity provision, creating an infrastructure stack that can support institutional-scale stablecoin operations. This is why Solana is positioned as a primary chain for the Penny product alongside Ethereum and Tron.

How has the stablecoin market evolved, and where is it heading?

Stablecoins began primarily as tools for cryptocurrency traders needing to move in and out of positions without converting to fiat currency. Today, they've grown into a $300 billion market and are increasingly used as global financial assets for payments, remittances, and treasury management. The technology has matured significantly, making issuance and operation cheaper than ever, while regulatory frameworks in jurisdictions like the UAE are providing clearer guidelines. The trajectory points toward mainstream financial adoption rather than remaining a crypto-only phenomenon.

What fees does Penny charge for stablecoin swaps?

Penny operates with a zero-fee model beyond the bid-ask spread inherent in any market-making operation. This means there are no hidden charges, platform fees, or additional costs layered on top of the trade. The transparent pricing structure is designed to make institutional-scale stablecoin operations economically viable, particularly for high-volume users who might otherwise face significant fee accumulation across many transactions.