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Global payments infrastructure is shifting as institutions adopt multi-stablecoin strategies across cross-border markets. The change is driven by differences in corridor requirements, counterparties, and regulatory conditions, which in turn affect which settlement assets are practical in each region. As a result, platforms are increasingly expected to support multiple stablecoins alongside fiat.
In an April 24 insight, Ripple said global stablecoin transaction volume reached $33 trillion in 2025, describing it as larger than global credit card volume. Ripple added that the institutions driving this activity are not concentrating on a single asset.
Ripple stated that these institutions are operating across RLUSD, USDC, USDT, EURC, and local-currency stablecoins at the same time. The rationale, according to Ripple, is that different corridors, counterparties, and regulatory environments require different assets.
Ripple also said the GENIUS Act, signed in July 2025, accelerated infrastructure timelines. Ripple suggested this has placed early adopters ahead, while others face pressure as volumes consolidate and relationships form.
Ripple noted that the $33 trillion figure reflects settled activity already flowing through live platforms. It argued that delayed adoption carries costs, emphasizing that the shift is not hypothetical.
“This is not a future state, it is how payments are already operating today.”
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