As stablecoins become a core part of global payments, the biggest challenge is shifting from transaction speed to liquidity. While stablecoin transfers can settle within seconds, payment providers must still maintain sufficient local currency across multiple markets to ensure recipients receive funds instantly. Tanzanian fintech NALA's recent credit facility illustrates why liquidity is becoming one of the most valuable assets in scaling cross-border stablecoin payments.
For years, conversations around stablecoins have focused on regulation, reserves, and adoption. However, as blockchain-based payments mature, liquidity is increasingly emerging as the industry's biggest operational challenge.
NALA recently secured an initial $25 million credit facility, with the option to increase it to $50 million, from private credit firm Liquidity and MUFG-backed Mars Growth Capital. The financing was not intended to cover operating losses or extend the company's cash runway. Instead, it was raised to strengthen working capital and support growing payment volumes. The development highlights a common misconception about stablecoins. Although assets such as USDC and USDT can move across blockchains almost instantly, businesses facilitating cross-border payments must still maintain enough local currency in destination markets before payments arrive.
For example, when a business in the United States sends payments to recipients in Kenya, Nigeria, or Tanzania, the stablecoin transaction may settle immediately, but recipients can only receive funds instantly if the payment provider has already pre-funded local accounts. Without sufficient liquidity, settlement delays can occur while additional funds are sourced.
According to NALA Founder Benjamin Fernandes, the company's rapid growth created pressure on one-way payment corridors, making it increasingly difficult to maintain enough liquidity despite strong customer demand. Rather than raising additional equity and diluting existing shareholders, NALA opted for debt financing. The facility enables the company to pre-fund payment corridors, support larger enterprise transactions, expand into new markets, and maintain faster settlement times by recycling working capital as payments flow through its network.
The case also demonstrates that blockchain alone does not solve cross-border payment challenges. Beyond on-chain settlement, providers must still convert stablecoins into local currencies, maintain banking relationships, manage foreign exchange exposure, comply with regulatory requirements, and ensure continuous liquidity across multiple jurisdictions.
To address these challenges, NALA has expanded its payment infrastructure by building licensed on- and off-ramp services while partnering with companies such as Noah and MoneyGram to connect stablecoin settlement with local banking systems and mobile money networks.
NALA's strategy highlights how the stablecoin industry is entering a new phase where access to liquidity may become a greater competitive advantage than blockchain technology itself. As cross-border payment volumes continue to grow, the companies best positioned to succeed are likely to be those capable of efficiently financing, managing, and deploying liquidity across multiple markets while delivering fast, reliable settlement for businesses and consumers.