Ripple executive Reece Merrick has drawn parallels between the current crypto payments landscape and early e-commerce development, as reported by crypto.news. Speaking about the crypto payment market, Merrick stated that crypto payments are quietly moving through the same slow, foundational phase before inevitable mainstream normalization. He specifically compared today's crypto payment market with online retail in 2000, when internet shopping made up only a tiny part of global retail sales. According to Merrick, in 2000, the dot-com bubble was bursting and buying things online was globally negligible, with consumers not yet trusting the web with their money despite systems already forming behind online shopping.
Merrick identified that scalable blockchains, stablecoins, regulated fiat on-ramps and simple wallets now serve as payment infrastructure, similar to how broadband, cards and mobile phones enabled e-commerce growth. As reported by crypto.news, he explained that global e-commerce later became part of daily life because infrastructure improved with secure payment gateways, better internet access and smartphones. Merrick emphasized that crypto payments are moving through the same early stage that e-commerce faced more than two decades ago, with the focus shifting toward payments rather than trading as the area where crypto may gain wider use.
According to crypto.news reports, Ripple CEO Brad Garlinghouse has previously stated that stablecoins may become a main entry point for businesses using crypto, with finance teams and treasurers reviewing stablecoins for payments and treasury operations. This aligns with Ripple's current product direction, which has focused on stablecoins, cross-border payments, tokenized settlement and enterprise infrastructure while pushing for clearer U.S. digital asset rules. The company has expanded its payment stack through stablecoin integrations, including the launch of MXNB, a Mexican peso-backed stablecoin on the XRP Ledger with Ripple and Bitso, as reported by crypto.news.
As reported by crypto.news, Mastercard has moved in the same direction, supporting USDC, RLUSD and PYUSD through its global settlement network, with dollar-backed stablecoin supply nearing $300 billion. The report noted that dollar-backed stablecoin supply was nearing $300 billion, with USDT and USDC holding the largest share. However, Merrick's analysis points to a separate question regarding XRP demand, as banks can use the XRP Ledger without buying large amounts of XRP, with stablecoins and tokenized assets moving on the ledger while using only small XRP amounts for fees. According to crypto.news, this gap matters for markets, as Ripple may continue expanding its payments business while XRP price action depends on direct token demand, exchange flows, ETF activity and broader risk appetite.
