Circle's USDC faces competition from JPMorgan's tokenized deposits within SAP

Circle 与 SAP 支持的 Tereina 将 USDC 和 EURC 集成至 SAP 云 ERP 支付系统

财务团队可以在 SAP Pay 内部选择稳定币结算，而无需管理钱包或托管资产。目前，两家公司尚未披露任何客户信息、支付规模或商业发布日期。尽管稳定币在全球支付总量中仍占极小份额，但 Circle 与 SAP 持有股份的支付公司 Tereina 于 10 月 7 日宣布，USDC 和 EURC 将嵌入 Tereina 的支付基础设施，首批应用将在 SAP Cloud ERP 中实现。

符合条件的企业将通过 SAP Pay 访问这两种稳定币。SAP Pay 是现有用于审批发票和释放银行转账的环境，因此财务部门不再需要依赖单独的加密货币平台来以数字美元或欧元进行结算。

Arc 成为默认网络，尚无 SAP 客户被点名

USDC 被指定为美元支付的优选稳定币，EURC 则覆盖欧元资金流。Arc 是 Circle 自行开发的区块链，被命名为初始工作流的优先网络。这意味着 Circle 将同时提供代币及其运行的网络。该公司表示，跨境支付和 treasury（资金管理）结算是预期的主要用途。

下一阶段包括由培训和合作伙伴集成支持的客户价值验证项目。公告未提及参与客户，也未公布支付规模。全面商业部署的日期同样缺失。

Circle-Tereina 集成概览

• 美元支付：USDC (Preferred stablecoin for US dollar settlement)
• Euro payments: EURC (euro denominated option)
• Network: Arc (Circle's blockchain, preferred for initial workflows)
• Access point: SAP Pay (located within SAP Cloud ERP)

Undisclosed information: participating customers, payment size, commercial release date.

SAP's stake in Tereina was not disclosed, and the announcement did not describe a direct agreement between Circle and SAP itself. Caution should also be exercised about the headline figure in the announcement, which states that "the SAP ecosystem supports businesses that represent 84% of global business activity." The figure only measures the coverage of SAP software and does not say how many of these activities will end up using USDC for settlement.

Tereina dips wallet and custody responsibilities from treasurer

Tereina launched its payments service within SAP Business Software on October 6, a day before Circle's announcement. Prior to this, companies running SAP often relied on external integration to perform payments, resulting in payment instructions and related invoices being dispersed in different systems.

According to Tereina's documents, the service processes more than 40 currencies through traditional channels, including ACH, wire transfers, SEPA and CHAPS, and simultaneously provides USDC settlement options. The invoice is approved under the company's existing approval process, the payer selects the channel, and the confirmation information is automatically reconciled with the original records in SAP. Tereina also stated that customers do not need to manage blockchain wallets or custody rights in the supported workflow, a statement that describes the original purpose of the product's design but has not been independently verified among customers.

Expected payment process (Conceptual, based on company description)

1. Invoice approval: Existing SAP approval procedures apply
2. Channel selection: ACH, wire transfer, SEPA, CHAPS or USDC / EURC
3. Settlement: The stablecoin part runs on Arc and does not require the customer wallet
4. Reconciliation: Confirm that the information matches invoices in SAP

Custody and accounting are often where corporate stablecoin projects stall. Treasurers who want to use USDC to pay suppliers must arrange for the safe custody of tokens and then find a way to match transfers on the chain with ledger entries. Integrating these two steps into ERP eliminates these efforts, and for the finance team, the savings from manual reconciliation may be more important than the speed of transfers.

目标成本基础庞大。一份 2025 年的毕马威报告估计，传统跨境银行网络每年处理约 150 万亿美元，结算通常需要两到五天，在其考察的场景中，每笔交易的成本为 25 至 35 美元。

2260 亿美元的 B2B 稳定币支付仍仅占全球流量的 0.02%

麦肯锡与 Artemis 在 2026 年 2 月发表的研究中，基于 2025 年的活动，将年度稳定币支付量定为 3900 亿美元。其中，企业对企业（B2B）交易占 2260 亿美元，接近可识别支付的 60%，同比增长 733%。该估算排除了交易、自动转账以及加密账户之间的资金流动。即便如此，作者得出结论，稳定币约占全球支付总量的 0.02%。

关键数据指标

• 年度稳定币支付量： 3900 亿美元
• B2B 支付量： 2260 亿美元
• B2B 同比增长： +733%
• 全球支付量占比： 0.02%

来源：麦肯锡与 Artemis，2026 年 2 月。基于过滤后的 2025 年活动估算。

Visa released updated data on October 1. In its fiscal year 2026 to date, corporate and commercial programs account for approximately 17% of stablecoin card transactions, involving more than 160 card programs, and their payment volume has tripled year-over-year. Visa also cites Allium's research, which indicates that annual stablecoin payments range from $401 billion to $527 billion, and that 43% of B2B transactions cross borders. Allium and McKinsey's data are based on different data sets and cannot be added or compared as growth rates.

Siemens and BMW have settled on JPMorgan's blockchain, but have not used stablecoins

Circle has entered a market where existing banks are active. Siemens has been using JPMorgan Kinexys Digital Payments since 2021 and in October 2025 expanded it to near-real-time U.S. dollar/euro conversions outside the normal settlement window. BMW subsequently followed suit in December 2025, implementing an automatic euro to dollar transfer between Frankfurt and New York triggered by predefined balance conditions.

Neither company uses stablecoins. Kinexys moves tokenized commercial bank deposits on the licensed blockchain, meaning that the funds remain JPMorgan's claims throughout the process. The bank also has its own SAP partnership, covering payment adapters and tools, although some of these Kinexys demos are still in the conceptual stage in this context.

Four ways for digital funds to enter corporate payments

公司内部转账可能是 SAP 客户测试的第一个工作流

如果集成投入生产，选择 USDC 将成为财务团队已使用菜单中的一个结算选项，类似于在电汇中选择 SEPA。这一决策从公司的数字资产战略层面降到了单笔支付运行的层面。

仍有几个依赖因素存在。收到 USDC 付款且需要本地货币的供应商仍然必须通过受监管的提供商进行转换，这一步骤可能会增加区块链环节所避免的成本和延迟。欧洲、亚洲和美国在赎回和报告方面的规则不同，因此跨国公司可能会发现某些走廊可用，而其他走廊受阻。

A value verification project should produce the first available evidence, and the detail worth paying attention to is which workflow the customer tests first. Tereina juxtaposes intra-company transfers with purchase orders and payroll in the use cases it supports. Moving funds between different subsidiaries of the same group does not require external suppliers to accept stablecoins, making it the path with the fewest number of counterparties that require persuasion.