North America – Mature Markets, Stablecoin Clarity, and Cyber Risk

Overview North America (led by the US) grew 5% in 2025. Card revenues continue to dominate, but real-time systems and stablecoins are accelerating quickly. The US GENIUS Act and the Federal Reserve's focus on cross-border stablecoins are providing welcome regulatory clarity for the next phase of innovation. Key Challenges • Cyber-fraud and operational resilience — 88% of financial institutions reported being hit in recent surveys. • Legacy ACH versus instant rails coexisting (and competing) at scale. • US–Canada–Mexico trade tensions ahead of the USMCA review in 2026. • Balancing rapid innovation with strong consumer protection. Breakdown by Significant Financial Centres New York The global USD hub and emerging stablecoin leader, although a high compliance burden continues to raise the cost of operating at scale. Chicago A futures, options, and derivatives payments stronghold — particularly strong on the wholesale side of the stack. Toronto Canada's open-banking work continues to progress, while the regulatory posture on crypto remains more measured than its US neighbour. Case Example The Federal Reserve's examination of stablecoins for cross-border use highlights their dual role: a powerful efficiency tool, and a potential systemic-risk vector if oversight lags adoption. Implications for Global Payments Firms North America rewards scale and serious technology investment, but demands top-tier fraud prevention and disciplined liquidity management. Firms that win here treat resilience and compliance as product features, not cost lines.