On-chain KYB for merchants in stablecoin settlements

Curious how different players are handling KYB for merchants utilizing stablecoin payment rails. It's one thing to onboard an individual user with KYC, but when you're talking about businesses, particularly those operating across multiple jurisdictions and potentially in higher-risk categories, the standard fiat-world KYB becomes a nightmare. Are we seeing any viable on-chain solutions emerge that genuinely satisfy regulatory requirements for beneficial ownership, or is it still largely an off-chain document hunt that then tries to shoehorn into a blockchain transaction? The cross-border element seems especially challenging with current regulations.