Ripple sees stablecoins overtaking banks and legacy payment rails

Ripple executives say stablecoins are rapidly becoming the dominant settlement layer in global finance.

Stablecoin volumes have overtaken traditional payment processors in raw settlement value during 2025.

Reece Merrick, Ripple’s senior executive officer for the Middle East and Africa, outlined the trend in a public statement.

In 2025, stablecoin volume has become one of the most widely cited metrics in the crypto industry.

Reece Merrick said.

He said the metric matters because stablecoins now exceed legacy payment rails in total settlement activity.

Merrick projected that stablecoin transaction volumes could reach between $28 trillion and $30 trillion by year end.

He said this would represent year-on-year growth of between 50% and 60%.

Stablecoins have expanded beyond crypto trading into mainstream financial infrastructure.

Ripple executives say the assets now process volumes comparable to global banking networks.

Merrick said stablecoins account for around 30% of all onchain transaction activity.

This figure is up from roughly 20% to 25% in previous years.

Daily active stablecoin users have surpassed 10 million unique onchain addresses.

Industry participants increasingly view stablecoins as core infrastructure for cross-border payments.

Their use in institutional trading and liquidity management has also accelerated.

Programmable settlement features are attracting banks and fintech firms.

Merrick said adoption is no longer limited to crypto-native users.

With institutions starting to dip their toes and retail payments going live, it’s crazy to think where this leads.

Reece Merrick said.

Governments are also moving to regulate stablecoins rather than restrict them.

Regulatory clarity is emerging through frameworks in major jurisdictions.

In the United States, lawmakers passed the GENIUS Act to regulate payment stablecoins.

The European Union’s MiCA framework has also provided legal certainty.

Ripple executives say regulation is accelerating enterprise adoption.

Analysts expect stablecoin market capitalisation to double or triple in coming years.

Forecasts suggest the sector could reach several trillion dollars by the end of the decade.

Stablecoins are increasingly used for treasury operations and tokenised assets.

Merrick described the shift as historic for global finance.

We are witnessing the fastest modernisation of financial infrastructure in history.

Reece Merrick said.