Stablecoins are having their moment. Ripple President Monica Long recently called out three major stablecoin trends showing how blockchain payments are bridging traditional finance and crypto—and it’s not just crypto Twitter talking anymore. Banks and payment companies are now discussing stablecoins in their earnings calls, signalling a real shift towards tokenised money.
As Long put it: “Payments is finally getting the full embrace from both tradfi and defi as a killer use case for blockchain.”
Here’s what’s actually happening behind the hype.
The Stablecoin Surge: Too Many Coins, Not Enough Purpose?
We’re seeing a “stablecoin flurry” right now—everyone and their hedge fund is launching a U.S. dollar-pegged token. But does the market really need this many?
Long compared the current wave to the NFT boom of 2020–21: lots of noise, lots of projects, but not all of them serving real needs. Many stablecoins are purely hype-driven, while others actually solve problems—like enabling faster interbank settlements or powering customer loyalty programs.
The takeaway? Not all stablecoins are created equal. Some are built for utility; others are just riding the wave.
Payment Networks Popping Up Everywhere (But Buyer Beware)
The second trend is the rise of branded stablecoin payment networks. Big names are jumping in, but Long warns: look under the hood first.
If the provider behind the network doesn’t have proper licensing, you might just be getting old-school correspondent banking—”but hey! on a blockchain.” That’s not innovation; it’s just repackaging the same friction points with shinier tech.
Ripple itself offers Ripple USD (RLUSD), designed for real-world payment and settlement use cases. The key difference? Infrastructure that’s actually built for compliance and cross-border utility.
Proprietary Blockchains: The Long, Expensive Road
Long’s third observation? Companies are racing to build their own blockchains—and it’s not cheap or quick.
Achieving decentralisation, building liquidity, and developing payment-ready infrastructure takes serious capital and years of work. Meanwhile, public networks like XRPL already offer established, scalable payment rails.
Long put it simply: “There are public L1/L2 chains that serve payments well (like…XRPL!).”
For new chains to succeed, they’ll need deep pockets and patience—or they risk burning resources on reinventing the wheel.
The Bottom Line
Stablecoins are moving from crypto novelty to core financial infrastructure. Institutional players are jumping in, but not every project will make it. Winners will have real utility, proper licensing, and infrastructure that scales—not just blockchain hype.
Keep watching how major institutions integrate stablecoins, and whether they build on proven networks or reinvent the wheel.
FAQ
Q1: What are stablecoins and why are they important for payments?
A: Stablecoins are cryptocurrencies pegged to stable assets like the U.S. dollar, making them ideal for payments without crypto’s typical volatility. They’re bridging traditional finance and blockchain by enabling faster, cheaper cross-border transactions.
Q2: What is Ripple USD (RLUSD)?
A: RLUSD is Ripple’s stablecoin designed for real-world payment and settlement use cases. It’s built to work within compliant, institutional-grade infrastructure for cross-border transactions.
Q3: Why is Monica Long skeptical of so many new stablecoins?
A: Long compares the current stablecoin surge to the NFT boom—lots of hype-driven launches without clear utility. While some stablecoins solve real problems, many are just riding the trend without adding genuine value.
Q4: What’s the risk with branded stablecoin payment networks?
A: If the provider lacks proper licensing, these networks may just replicate traditional correspondent banking problems with a blockchain wrapper. It’s important to verify whether the infrastructure actually improves on existing systems.
Q5: Should companies build their own blockchains for payments?
A: Long suggests it’s expensive and time-consuming. Public networks like XRPL already offer proven payment infrastructure, making them a more practical choice unless you have major capital and years to invest.
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