Crypto has moved from the fringe to the fabric of finance. Stablecoins are being embedded by card networks and major commerce platforms; spot Bitcoin ETFs live inside brokerage accounts; banks and central banks are piloting tokenized money and assets; and accounting/tax rules now assume crypto is part of reporting.
Why “part of the system” now actually means something
In 2024–2025, bridges between crypto and traditional rails matured. Visa expanded its stablecoin settlement platform (adding EURC and more USD stablecoins/chains). Mastercard announced end-to-end stablecoin capabilities from wallets to checkouts. Stripe and Shopify enabled stablecoin checkout so merchants can accept USDC while settling in fiat. Together, these steps put crypto rails behind familiar checkout buttons.
Stablecoins: the pragmatic on-ramp to utility
Stablecoins deliver fast, 24/7 settlement with programmable flows, which is why payments incumbents are wiring them in. Visa’s July 31, 2025 update broadened supported coins/chains (including EURC). Shopify, working with Stripe and Coinbase, turned on USDC payments across dozens of countries—letting merchants receive dollars without holding crypto. Regulators are also formalizing standards: the EU’s MiCA is restricting non-compliant stablecoins; Hong Kong’s licensing regime for fiat-referenced issuers took effect on August 1, 2025; Singapore finalized a redemption-at-par framework in 2023.
Remittances and cross-border payouts
Global remittances still cost about 6.26% on average, according to the World Bank’s benchmark. Stablecoins provide a wallet-to-wallet alternative that can reduce time and intermediaries—especially when on/off-ramps are integrated by PSPs—so they’re increasingly used for payouts and commerce.
Capital markets: tokenization moves from pilots to production
Tokenized real-world assets have grown quickly in 2025. Independent trackers put total on-chain RWAs around the mid-$20B range, with tokenized U.S. Treasuries and money-market funds a major slice; the Financial Times recently cited ~$7.4B in tokenized Treasury/money-market products alone. On the banking side, J.P. Morgan’s Kinexys has been piloting deposit tokens and cross-chain tokenized asset settlement with market infrastructure partners. Meanwhile, the BIS’s Project Agorá is testing a “unified ledger” approach to integrate tokenized bank deposits with tokenized central-bank money for cross-border payments.
ETFs and brokerage access
Crypto exposure now lives in mainstream investment stacks. On January 10, 2024, the U.S. SEC approved multiple spot Bitcoin ETPs, allowing brokers, RIAs, and retirement platforms to allocate via familiar fund plumbing (custody, creation/redemption). That’s a structural bridge from “crypto exchange accounts” to ordinary brokerage.
Accounting and tax reporting are catching up
Under US GAAP, ASU 2023-08 requires most in-scope crypto assets to be carried at fair value starting with fiscal years beginning after Dec 15, 2024 (i.e., 2025 calendar years). Globally, the EU’s DAC8 and the OECD’s CARF will bring automatic cross-border crypto tax reporting starting Jan 1, 2026 (first reports in 2027). These rules assume crypto is part of normal business records and tax cooperation.
Policy constraints (useful to know)
Integration is real, but rules shape availability. ESMA asked firms to restrict non-MiCA-compliant ARTs/EMTs (stablecoins) in the EU; Hong Kong’s HKMA is now accepting applications and expects its first stablecoin licenses in early 2026. Businesses should confirm issuer authorization and PSP licensing before switching on stablecoin acceptance in the EU or Hong Kong.
Where cryptocurrencies complement the current system best
- Cross-border commerce and payouts where card and bank settlement windows add friction; stablecoins can settle in minutes and auto-convert at the edge.
- Treasury and collateral operations using tokenized T-bills/money-market funds for programmable settlement and faster collateral mobility.
- Portfolio access via regulated wrappers (spot BTC ETPs), reducing custody complexity while keeping market risk.
Implementation checklist for businesses
- Choose the rail: start with USD/EUR stablecoins through a PSP that auto-settles to fiat (e.g., Shopify + Stripe/Coinbase).
- Map compliance: in the EU, only list or promote MiCA-authorized stablecoins; in Hong Kong, issuing fiat-referenced coins now requires a license.
- Treasury options: consider tokenized T-bill/money-market funds; verify issuer, chain, and transfer mechanics.
- Reporting stack: prepare for DAC8/CARF (customer KYC/tax residency, transaction fields) ahead of 2026 go-live.
- Accounting policy: adopt ASU 2023-08 fair-value measurement and disclosure controls; coordinate with auditors.
FAQ
Are stablecoins really being used by major payment networks?
Yes. Visa expanded its stablecoin settlement support (adding EURC and more USD options), and Mastercard unveiled end-to-end stablecoin acceptance in April 2025.
Can my Shopify store accept stablecoins without holding crypto?
Yes. Shopify, together with Stripe and Coinbase, turned on USDC checkout so merchants can accept stablecoins while receiving fiat settlement.
What’s the status of stablecoin rules in the EU and Hong Kong?
MiCA is in force for stablecoins, and ESMA told firms to restrict non-compliant tokens. Hong Kong’s licensing regime began on Aug 1, 2025, with first licenses expected in early 2026.
Is tokenization still just a pilot?
No. 2025 has seen multi-billion-dollar tokenized Treasury/money-market products and bank-led pilots for deposit tokens and tokenized asset settlement.
