Mid-market companies have spent the past several years expanding their use of faster payments, integrated finance tools, and data-driven treasury systems, yet digital assets remain outside of this progress rather than part of it.
The latest findings from PYMNTS intelligence, As part of the Certainty ProjectHe explained that cryptocurrencies and stablecoins occupy an unusual position. They are evident across the financial ecosystem, being discussed in boardrooms and tested by banks and payment providers, but they have not become part of the operational fabric that governs how companies move, manage and protect money.
Adoption without integration
A key finding is that there is a gap between awareness and use. Only 13% of mid-market companies use stablecoins, and only 5% use cryptocurrencies. Interest has not accelerated significantly and, in many cases, declined over the past year as companies reevaluate priorities.
Even among those who have adopted digital assets, use remains severely restricted. Stablecoins are often used for specific payment functions, such as paying local suppliers or receiving funds across borders. Cryptocurrencies are even less established, with their use largely limited to isolated transactions rather than repetitive workflows.
The notable absence of frequent use suggests that digital assets have entered the conversation, but not the systems that CFOs rely on to run businesses.
Cabinet mismatch
It may be appropriate to attribute this hesitation to fluctuations alone. Price fluctuations are part of the discussion, especially with respect to cryptocurrencies, where Bitcoin, for example, can move by double-digit percentage points in a single day. However, the data suggest a more structural explanation.
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Mid-market CFOs do not reject cryptocurrencies simply because they are not tied to a support structure (like fiat currencies or assets) and may be viewed as unstable. They put the “big cryptos” aside because the holdings do not fit into the treasury management mechanisms. Liquidity planning, settlement, audit trails and cash visibility remain key concerns for finance teams. Digital assets, in their current form, do not consistently support these priorities.
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Even stablecoins, designed to maintain parity with the dollar, do not fully solve these problems, although they are entering the mainstream due in part to regulatory controls. The picture that develops. Questions about accounting processing, integration with enterprise systems, and reliability of counterparties create friction in processes that CFOs have spent years improving.
Nearly 4 in 10 companies cite integration with existing financial systems as a barrier. This is not a marginal concern. It speaks directly to whether the payment method can be integrated into the daily routine of accounts payable, receivable and treasury operations.
This is evident in how companies behave when they transact using cryptocurrencies. The report shows that 100% of cryptocurrency payments received are instantly converted into USD. For stablecoins, 88% of incoming payments are transferred instantly.
Companies are willing to use digital assets as a channel to move money, especially in cross-border contexts. They are not willing to hold it as part of working capital or liquidity management. In fact, digital assets are used as a railway, but not necessarily as a reserve.
Trust still operates through banks
When adoption occurs, it tends to follow familiar channels. Businesses prefer to access stablecoins through integrated banking solutions rather than standalone crypto platforms or self-custodial wallets.
This preference underscores a broader point. The path to broader use goes through institutions and infrastructure that CFOs already trust.
Cryptocurrency companies gaining access to basic payment systems, and banks expanding custody and settlement services, indicate a gradual convergence between digital assets and traditional finance. However, this convergence is still unfolding, and remains incomplete for many companies. PYMNTS Intelligence respondents point to regulatory clarity and integration with major banking partners as conditions that would make digital assets more important.
