Money20/20 Vegas 2026: Keyrails' Rajpal Khangura on stablecoin-powered B2B payments

Quick Summary

The conversation around stablecoins is shifting from retail speculation to institutional utility. Rajpal Khangura of Keyrails joined the stage at Money20/20 Vegas 2026 to discuss how the industry is moving beyond experimental phases to handle high value B2B transactions. By bridging the gap between digital assets and traditional fiat banking, Keyrails is facilitating large scale cross border payments into emerging markets with a focus on trust and regulatory compliance.

Why does high value B2B infrastructure require a different approach?

While retail payments for small amounts can clear relatively easily, Keyrails focuses on transactions exceeding 500,000 dollars. Rajpal Khangura notes that moving these sums between emerging markets, such as from Nigeria into China, requires trusted rails that banks can fully understand. The company profiles every payment flow for its banking partners to ensure transparency. Although these payments may involve stablecoins at the start of the journey, they are landed in RTGS systems or via SWIFT with full tracking, ensuring they arrive as local currency for the beneficiary.

How is FX managed when using stablecoins for settlement?

A significant challenge in cross border trade is ensuring that currency fluctuations do not erode the value of high volume payments. Keyrails addresses this by leveraging direct banking relationships in London, providing access to London interbank rates for foreign exchange. The platform currently supports 48 different currencies. This allows clients to fund a transaction using USDC or USDT and convert it into a wide range of non USD currencies at favourable rates, which Rajpal Khangura identifies as a key differentiator in a market often dominated by dollar denominated settlements.

What defines institutional grade mean for stablecoin flows?

For Keyrails, being institutional grade is defined by rigorous licensing and the ability to articulate business models clearly to regulators. The company holds two primary licenses: a Canadian MSB and a Swiss SRO license. Rajpal Khangura highlights that the Swiss license was achieved in just seven weeks, demonstrating the company's deep understanding of its own operational risks. Owning this infrastructure allows the firm to set its own risk appetites and thresholds, ensuring that payments are validated against travel compliance and sanctions lists before they are landed safely.

What is the significance of the partnership with Mastercard?

The inclusion of Keyrails as a launch partner for the Mastercard crypto partner programme signals a move toward broader institutional adoption. Rajpal Khangura suggests that such partnerships prove that stablecoin use cases are no longer just experiments but are becoming part of the global financial fabric. Working with a major network ensures that all necessary checks on sending and receiving wallets are performed securely. This validation from a major industry player confirms that the market is ready for specialist providers who can bridge the gap between crypto and traditional banking.

FF NEWS TAKE:

The move by Keyrails to focus exclusively on high value B2B corridors highlights a maturing segment of the fintech market. By securing its own banking infrastructure and multiple international licenses, the company is bypassing the volatility and trust issues often associated with digital assets. The ability to settle stablecoins into 48 different fiat currencies at interbank rates suggests that the future of cross border trade lies in this hybrid model, where the speed of the blockchain meets the reliability of established clearing houses.