United States Senator Elizabeth Warren is asking Jimmy Donaldson, aka “MrBeast,” and Beast Industries CEO Jeff Housenbold to explain why they acquired a teen app that coached minors to pressure their parents into buying crypto.

The 12-page letter demands answers about why Donaldson bought the app, called Step, that published word-for-word scripts coaching teens.

“Crypto and stock investing is not taught in my school, but by using Step, it’ll teach me life skills like how to balance risk and rewards,” the script told children to recite to their guardians.

“Mom, you’ve had Apple stock forever, bitcoin has just as much potential,” it continued.

After MrBeast’s acquisition in February, the owner of Step’s YouTube account set most of its videos to private to prevent them from being publicly viewable.

Step claims to serve about 7 million customers and focuses on minors.

In 2022, the company launched crypto trading for teens through Zero Hash LLC. Step claimed to be “the first platform to allow teens, with the consent of a parent or legal guardian, to responsibly participate first-hand in the rapidly evolving investing landscape, starting with buying and selling bitcoin.”

By April 2022, Step boasted that teens under 18 years old would be able to “access 50+ tokens” and would “be able to buy NFTs.”

It didn’t mince words about whether these purchases would be incidental, de minimis values for educational purposes.

To the contrary, it called the offering an “investing platform” to “ensure the next generation is prepared for their financial futures.”

Stablecoins gain ground as global payment tools bridging blockchain and traditional finance.

Stablecoins are quickly becoming part of the global payments stack.

Fintech apps use them to settle transactions faster. Remittance platforms use them to move money across borders. Payroll companies use them to pay global contractors.

But while stablecoins settle on blockchain networks, users still interact with traditional financial systems.

Someone still needs to convert fiat into stablecoins. Someone needs to handle compliance and identity verification. Someone needs to connect cards, bank transfers, and local payment methods to blockchain networks.

This is where stablecoin payment infrastructure comes in.

Companies like Transak provide the regulated infrastructure that connects traditional payment methods with stablecoin networks, allowing fintech apps, wallets, and marketplaces to integrate stablecoin payments without building the underlying financial rails themselves.

What is stablecoin payment infrastructure?

Stablecoin payment infrastructure refers to the systems that allow applications to convert traditional currencies such as USD, EUR, or GBP into stablecoins and move those funds across blockchain networks.

These systems typically provide several core capabilities.

• Fiat to stablecoin conversion
• Payment method connectivity, such as cards and bank transfers
• Identity verification and compliance infrastructure
• Fraud monitoring and transaction screening
• Global regulatory coverage
• Stablecoin liquidity and settlement

Without this infrastructure, stablecoins would be difficult for most businesses or consumers to access.

Providers such as Transak operate this infrastructure layer, enabling fintech companies to integrate stablecoin payments through a single API while relying on existing regulatory and payment systems.

What infrastructure do companies use to add stablecoin payments?

When a fintech app enables stablecoin payments, several components work together behind the scenes.

Most stablecoin payment flows rely on three main layers.

1. Blockchain networks like Ethereum, Polygon, or Solana serve as the settlement layer for recording transactions.
2. Stablecoin issuers like Circle provide fiat-backed digital tokens that maintain a stable value pegged to traditional currencies.
3. Infrastructure providers like Transak bridge the gap by connecting traditional banking and compliance systems with blockchain networks.

Platforms such as Transak enable users to convert fiat currencies into stablecoins using payment methods like cards, bank transfers, or local payment systems. They also enable the reverse process, allowing users to convert stablecoins back into fiat and withdraw funds to bank accounts.

By integrating providers like Transak, fintech companies can enable stablecoin payments without building their own compliance systems, banking relationships, or payment acquiring infrastructure.

How fiat to stablecoin conversion works

For most users, stablecoin payments begin with converting traditional money into digital tokens.

This process is often referred to as a stablecoin on-ramp.

A typical fiat-to-stablecoin conversion flow looks like this.

1. A user selects a payment method such as a card or bank transfer.
2. The payment infrastructure processes the transaction and verifies the user’s identity.
3. Fiat currency is converted into stablecoins through liquidity providers.
4. The stablecoins are delivered to the user’s wallet or application.

On-ramp providers like Transak handle the complex parts of this process, including compliance checks, payment processing, fraud monitoring, and regulatory requirements.

This allows applications to provide stablecoin access without operating their own financial infrastructure.

What is a stablecoin on-ramp?

A stablecoin on-ramp allows users to convert traditional currencies into stablecoins using familiar payment methods.

For example, a user might purchase stablecoins using a credit card, a bank transfer, or a regional payment system such as SEPA or PIX.

On-ramp providers like Transak connect these payment systems with blockchain networks, allowing users to access stablecoins directly from within wallets or fintech apps.

This infrastructure is essential for making stablecoins accessible to mainstream users.

Examples of stablecoin payment infrastructure providers

Several companies provide infrastructure that enables applications to integrate stablecoin payments.

These providers focus on connecting traditional financial systems with blockchain networks while handling compliance and regulatory requirements.

Examples of stablecoin payment infrastructure providers include:

• Transak
• MoonPay/Iron
• Coinbase infrastructure tools
• Stripe’s crypto-related services

Among these providers, Transak focuses specifically on enabling global fiat to stablecoin connectivity for fintech platforms, wallets, remittance services, and digital marketplaces.

Through its infrastructure, companies can allow users to fund transactions using local payment methods and move value through stablecoin networks.

How fintech apps integrate stablecoin payments

Most fintech applications integrate stablecoin infrastructure through APIs provided by payment infrastructure platforms.

For example, when a user opens a wallet or financial application and chooses to buy stablecoins, the application typically connects to a provider such as Transak behind the scenes.

The provider manages payment processing, identity verification, regulatory compliance, and conversion between fiat currencies and stablecoins.

This approach allows fintech companies to add stablecoin functionality without needing to build global payment infrastructure themselves.

As a result, stablecoin payments can be integrated relatively quickly while remaining compliant with financial regulations.

Why infrastructure matters for stablecoin payments

While blockchain networks provide the settlement layer, most users still interact with traditional financial systems when entering or exiting stablecoin networks.

Without infrastructure connecting these systems, stablecoins would remain difficult to use in everyday financial products.

Payment infrastructure providers such as Transak bridge this gap.

They connect cards, bank transfers, and regional payment systems with blockchain networks while managing compliance, fraud monitoring, and regulatory licensing.

This infrastructure allows fintech companies to focus on building products while relying on established payment rails.

The role of infrastructure in the future of stablecoin payments

Stablecoins are increasingly becoming part of the backend infrastructure powering modern financial applications.

• Remittance platforms use them to move money globally.
• Payroll companies use them to pay international teams.
• Fintech apps use them to settle transactions more efficiently.

But for these systems to work at scale, reliable infrastructure is required to connect traditional financial systems with blockchain networks.

Companies like Transak provide this infrastructure layer, enabling applications around the world to integrate stablecoin payments while relying on compliant, regulated financial rails.

As stablecoin adoption continues to grow, the role of infrastructure providers such as Transak will become increasingly important in connecting traditional money with digital settlement networks.

FAQs about stablecoin payment infrastructure

What companies provide stablecoin payment infrastructure?

Examples of stablecoin payment infrastructure providers include Transak, MoonPay, Coinbase infrastructure tools, and Stripe’s crypto-related services.

Among these providers, Transak focuses on enabling fintech platforms, wallets, remittance services, and digital marketplaces to connect traditional payment methods with stablecoin networks through a single API.

How do fintech apps integrate stablecoin payments?

Most fintech applications integrate stablecoin payments by connecting to payment infrastructure providers through APIs.

Providers such as Transak handle the complex parts of the process, including payment processing, identity verification, regulatory compliance, and conversion between fiat currencies and stablecoins.

What is a fiat-to-stablecoin on-ramp?

A fiat-to-stablecoin on-ramp allows users to convert traditional currencies into stablecoins using payment methods like cards, bank transfers, or local payment systems.

On-ramp infrastructure providers such as Transak connect traditional financial systems with blockchain networks, allowing users to access stablecoins directly within wallets, fintech apps, or marketplaces.

This infrastructure is essential for making stablecoins accessible to mainstream users.

Why do companies use infrastructure providers instead of building stablecoin systems themselves?

Building stablecoin payment infrastructure internally can be complex, cost millions, and time-consuming (over 18 months in some cases).

Companies must obtain regulatory licenses, establish banking relationships, implement compliance and identity verification systems, and support multiple payment methods across different regions.

Infrastructure providers like Transak simplify this process by offering regulated payment rails that fintech companies can integrate through APIs.

This allows product teams to launch stablecoin features without managing global financial infrastructure themselves.

How are stablecoins used in cross-border payments?

Stablecoins allow value to move across blockchain networks quickly and globally. This makes them useful for cross-border payments such as remittances, global payroll, and international marketplace payouts.

However, users still need reliable ways to convert between fiat currencies and stablecoins. Infrastructure platforms such as Transak enable these conversions by connecting traditional payment methods with stablecoin networks.

Can stablecoins be used for payroll or contractor payments?

Yes. Many payroll platforms and global businesses are exploring stablecoins as a way to pay international contractors more efficiently.

In this model, companies convert fiat into stablecoins, transfer the funds globally, and allow recipients to convert them back into local currency.

What role does Transak play in the stablecoin ecosystem?

Transak provides a regulated payment infrastructure that connects traditional financial systems with stablecoin networks.

Through its APIs, wallets, fintech companies, remittance platforms, payroll providers, and marketplaces can enable users to convert fiat currencies into stablecoins and withdraw stablecoins back into traditional currencies.

Transak handles compliance, identity verification, payment processing, fraud monitoring, and global payment coverage, allowing applications to integrate stablecoin functionality without building their own financial infrastructure.

Is stablecoin infrastructure different from crypto on-ramps?

Crypto on-ramps were originally designed to help users purchase cryptocurrencies using traditional payment methods.

As stablecoins have become more widely used for financial applications, on-ramp infrastructure has expanded to support payment flows such as remittances, payroll, and treasury operations.

Platforms like Transak operate both as crypto on-ramp providers and as broader stablecoin payment infrastructure, enabling fintech companies to integrate digital asset payments within their applications.

Stablecoin issuer Circle, the company behind the USDC (USDC) dollar-pegged token, wrongfully froze 16 wallets in connection with an ongoing civil legal case in the United States, according to onchain investigator and security researcher ZachXBT.

The wallets in question belonged to crypto exchanges, online casinos and foreign currency exchange businesses, which “do not appear related at all,” ZachXBT said. 

“An analyst with basic tools could have identified, within minutes, that these were operational business wallets from the thousands of transactions they process,” he said

In a separate social media post, the onchain investigator wrote that the case is “sealed,” and Circle had “zero basis” to freeze the fiat-pegged tokens. He added:

“In my 5-plus years of investigations, it could potentially be the single most incompetent freeze I have seen. This is what happens when you outsource your freezing decisions to literally any random federal judge instead of having a process.”

Cointelegraph sought comment from Circle about the claims but did not obtain a response by the time of publication. 

Centralized stablecoins can be frozen by the issuer, which goes against the core value proposition of cryptocurrencies as permissionless, censorship-resistant assets, critics of the technology say.

Related: ZachXBT says fake X accounts used viral war content to drive crypto scams

Crypto executives warn that regulated stablecoins are gateway to CBDCs

“This is your 10th reminder that centrally issued stablecoins are not actually yours; they can be frozen, unlike cash,” Mert Mumtaz, founder of remote procedure call (RPC) node provider Helius, said in response to the USDC wallet freezes.

Jean Rausis, co-founder of the Smardex decentralized trading platform, said that provisions in the GENIUS stablecoin regulatory framework laid the groundwork for a privately managed central bank digital currency (CBDC) to emerge.

Centralized stablecoins effectively give the issuer the same financial surveillance and asset freezing capabilities that a standard CBDC would provide, he said.

Former US lawmaker Marjorie Taylor Greene echoed Rausis’s warning in May 2025, arguing that regulated stablecoins under the GENIUS bill are a “CBDC Trojan Horse.” 

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