In the past two years, the boundaries between cryptocurrency payments and banking services have rapidly blurred: the instant settlement capability centered around stablecoins is seen by payment giants and banks as a key option to enhance the efficiency of cross-border and merchant settlements. Meanwhile, the advancement of regulation and institutional custody has gradually dismantled the traditional barrier of "trust," entering a new stage that emphasizes both "compliance and efficiency."
First, payment companies are accelerating the integration of cryptocurrency settlements into existing merchant ecosystems. Companies like PayPal and Stripe are set to launch products supporting stablecoins or direct settlement with cryptocurrency in 2025, claiming to achieve lower cross-border fees and faster settlement speeds, attracting numerous e-commerce and international acquiring scenario pilots. PayPal's official statements indicate that its "Pay with Crypto" products have significant advantages in settlement speed and costs, prompting merchants to begin testing cryptocurrency as an optional payment channel.
Second, traditional banks are moving from observation to participation. Large banks are evaluating and piloting custody, clearing, and market access services for stablecoins or digital assets, aiming to bring their existing regulated deposit and asset management capabilities into the digital asset space. Institutions like Citigroup have publicly stated that they are researching the feasibility of providing tokenized custody and stablecoin payment services for high-quality assets (such as government bonds and cash), indicating that banks wish to occupy a "base trust" role within a compliance framework rather than being marginalized to a simple channel.
New regulatory actions are catalysts for the rapid implementation of this integration. Recent U.S. legislation and regulatory guidelines related to stablecoins have clarified that stablecoins must be backed by high-quality, liquid assets, while also defining and regulating the boundaries of bank participation; regulators are also engaged in policy negotiations regarding whether banks can directly provide interest on cryptocurrency assets and whether banks are allowed to issue stablecoins. The statements from the U.S. Congress and regulatory agencies are redefining the triangular relationship of "who can issue coins, who can provide custody, and who can settle," which directly impacts the business model design of banks and cryptocurrency companies.
Against the backdrop of parallel policies and markets, banks—especially large banks with cross-border settlement networks—see opportunities to enhance cross-border settlement efficiency and reduce costs through digital dollars/stablecoins. U.S. monetary regulators (OCC) have also clarified the powers of banks in digital asset services, allowing pilot custody and trading services under strict compliance and risk control, providing legal grounds for large banks to enter cryptocurrency custody and settlement.
On the technology and ecosystem front, on-ramps, off-ramps, and settlement infrastructure are rapidly maturing: payment networks like Mastercard and Visa are educating the market and launching API-level cryptocurrency access solutions, supporting seamless fiat ↔ stablecoin circulation between wallets and bank accounts; simultaneously, improvements in blockchain settlement layers regarding throughput and costs have made micro-payments and instant settlement scenarios feasible, further stimulating merchants to experiment.
However, risks and frictions still exist. First, inconsistent regulation remains the biggest concern—rapid legislation in the U.S. combined with cautious attitudes in some countries has led to fragmented global market rules, requiring companies to prepare multiple compliance solutions when promoting stablecoin payments across borders. Second, banks' concerns about deposit outflows may lead to restrictions on stablecoin interest rates and product designs, affecting the attractiveness of stablecoins to retail customers. Third, technical and operational risks (including contract vulnerabilities, custody key security, and anti-money laundering compliance) require ongoing investment, especially as transaction volumes increase, where any misstep in any link could trigger systemic trust issues.
From a business model perspective, three typical competitive patterns may emerge in the next 12–36 months: first, a "payment giant + stablecoin issuer" alliance, using their merchant networks to normalize stablecoin payments; second, a "bank + custody service provider" model, where banks provide compliant custody and settlement channels to retain customer funds and expand fee-based services; third, a "neutral infrastructure provider" path, offering cross-chain settlement, compliance interfaces, and risk control services, connecting payment companies and banks, acting as a neutral layer in the market. These three paths are not mutually exclusive but rather represent an ecosystem evolution of cooperation and competition.
The impact on merchants and end-users is bidirectional: for cross-border e-commerce and international acquirers, stablecoin payments can significantly reduce exchange costs and shorten settlement times; for ordinary consumers, education and incentive mechanisms (such as discounts and instant cashback) are needed to facilitate habit changes. At the same time, privacy and data protection, as well as consumer protection rules, must be improved in parallel to avoid sacrificing user rights in the pursuit of efficiency.
In conclusion:
The integration of cryptocurrency payments and banking services has moved from concept validation to an amplification phase of engineering and compliance. The "dual promotion" of policy and technology will determine whether this transformation can shift from industry trials to large-scale adoption: clear and executable rules from regulators, compliant custody and extensive merchant access from banks and payment giants, and technology providers solving settlement efficiency and security issues are all necessary for the true "digital cash era" to take root in the real economy. For industry participants, the short-term focus should be on seizing compliance windows and optimizing cross-border settlement products; in the medium term, continuous investment in risk management and user experience is needed to capture the benefits of this payment transformation driven by stablecoins and custody services.
Related: Reports indicate that global regulators and exchanges oppose tokenized stocks in a letter to the SEC.
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