Ripple: Multi-asset stablecoin rails power cross-border payments

On April 24, Ripple reported that institutions settled $33 trillion in global stablecoin transactions in 2025, a figure the company says exceeds global credit card volume. Ripple identified RLUSD, USDC, USDT, EURC and local-currency stablecoins as the primary settlement assets in those flows.

Ripple said institutional flows span multiple tokens and fiat because corridor requirements, counterparty preferences and regulatory regimes differ. The company noted that relying on a single settlement asset is impractical for many cross-border payment routes.

Ripple outlined technical requirements for platforms that handle these flows: support simultaneous settlement in multiple stablecoins and fiat, and integrate custody, liquidity and conversion functions so institutions do not need to rebuild infrastructure for each token. The report described Ripple’s payments solution as operating across financial institutions and able to handle multi-asset settlement at scale.

Regulation is affecting asset choice. Ripple noted that the EU’s Markets in Crypto-Assets rules (MiCA) may require the use of approved tokens in some transactions. The company also said the GENIUS Act, signed in July 2025, accelerated payments infrastructure timelines and advanced early adopters as networks and commercial links consolidated.

Banks and custodians are facing operational and commercial pressure as volumes move to platforms that support multiple assets. AMINA Bank’s chief product officer commented, “Our clients need payment infrastructure that can handle both fiat and stablecoin rails simultaneously, but traditional correspondent banking networks weren’t designed to support this.”

Ripple warned that late adopters will face higher costs as settlement activity concentrates on live platforms. Ripple added that institutions that selected infrastructure already operating across assets, rails and markets can avoid extra conversion steps and operational frictions.

The report highlighted that some corridors favor local stablecoins tied to domestic currencies or regulatory regimes. It said custody arrangements, bank relationships and compliance requirements are key factors driving different token choices across markets.