Stablecoins are moving from crypto rails into mainstream financial infrastructure. Ripple executive Reece Merrick said on X that stablecoins processed $33 trillion in 2025, or roughly 2x Visa’s full annual volume. In his view, institutions now treat stablecoins as a core tool for moving dollars across borders, and RLUSD is aimed at firms that need fast and dependable settlement.
The figures he shared point to rapid expansion across the sector. In 2025, transaction volume rose 72% year over year, active users increased 146% across 106 countries, and total market capitalization reached $320 billion. Business payments stand out. Merrick said cross-border B2B payments jumped 733% and now account for $226 billion in global stablecoin flows.
Turkey, Nigeria, and remittance demand drive usage
Much of that growth is coming from emerging markets. Merrick pointed to Turkey as a leading market, where users are turning to stablecoins to protect themselves from local currency volatility. In Africa, remittances are adding another layer of demand. The report said Nigeria alone handles about $59 billion in annual remittance flows, and a growing share of transfers is shifting from banks to blockchain-based settlement.
The UAE is also pushing institutional adoption through regulated digital currency programs. Merrick said the country has launched a dirham-backed stablecoin, DDSC, approved for institutional settlement and aimed at a $170 billion global market.
Sonic launches USSD with Treasury-backed structure
New infrastructure is also being built around the stablecoin market. The Sonic network recently introduced US Sonic Dollar (USSD), a dollar-denominated token backed through U.S. Treasury assets managed by BlackRock, Superstate, and WisdomTree.
Developers positioned USSD as the core liquidity layer for the Sonic ecosystem. It runs on frxUSD infrastructure developed by Frax Finance. Users can mint the token by depositing supported assets such as USDC or USDT, while smart contracts handle issuance and redemption with no fees. Sonic also plans direct conversion routes across multiple blockchains.
Washington debate continues to shape the sector
Even with growth accelerating, policy disputes in the United States are still shaping the market’s direction. Lawmakers are debating the digital asset market structure bill known as the CLARITY Act. Coinbase pulled its support after proposals were introduced to limit customer reward programs. Banks oppose those incentives because they fear deposit outflows, while crypto firms argue that banks should compete rather than seek restrictions.
President Donald Trump recently blamed banks for slowing the legislation. The criticism came after a White House meeting with Coinbase CEO Brian Armstrong. Crypto adviser Patrick Witt also questioned banks that are resisting compromise and said blocking the bill could leave stablecoin rewards entirely unrestricted.