David Schwartz, chief technology officer at Ripple, has praised Xaman, a popular XRP wallet, for swiftly reacting to a large-scale supply chain attack on the Node Package Manager (NPM) ecosystem. 

A reputable developer’s NPM account was recently compromised, and widely JavaScript packages ended up being infected with malicious code. 

The malware specifically targets cryptocurrency wallets such as MetaMask in order to redirect the funds of uninitiated crypto users to the attackers by secretly swapping addresses. 

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As reported by U.Today, Ledger CTO Charles Guillemet has urged crypto users who do not have hardware wallets with clear signing to temporarily stop conducting on-chain transactions. 

Xaman’s reaction 

The team behind the Xaman wallet immediately conducted an audit, which showed that it was safe for users. 

XRPL Labs co-founder Wietse Wind Supply has noted that chain attacks are becoming “more and more common.”

Stablecoin rails are on pace to challenge incumbent cross-border networks by 2026, as monthly on-chain dollar settlement already runs in the trillions and merchant access widens through mainstream processors.

Per RWA.xyz’s live dashboard, stablecoins moved about $3.3 trillion on chain in July, with roughly 37.9 million monthly active addresses, while total stablecoin value sits near $259 billion.

The crossover case rests on three levers. First, payments access is improving. Stripe said it has reintroduced crypto payments, starting with USDC on Solana, Ethereum, and Polygon, putting stablecoins back into standard checkout flows with further feature rollouts in 2025.

Coinbase and PayPal followed by waiving fees on PYUSD conversions on April 24, 2025. Reuters noted that the integration enables merchant settlement in PYUSD instead of card rails.

Second, off-ramp costs are falling on Ethereum L2s after Dencun and the Pectra blob-capacity increase, bringing median rollup transaction costs down to the low-cent range, per Galaxy’s post-4844 analysis and subsequent blob-market update, and real-time fee trackers show sub-dime sends on major L2s.

Third, cash-like yields on tokenized T-bills are becoming a pull factor for treasury and fintech flows. RWA.xyz’s treasuries panel shows on-chain T-bill value around $7.0 billion, and Securitize said BlackRock’s BUIDL fund surpassed $3 billion AUM in June.

Framing the benchmark matters. Visa’s 2024 10-K cites $16 trillion in total payments and cash volume, while SWIFT materials reference roughly $300 billion a day on gpi for capital-markets flows, illustrating how legacy networks aggregate large-value transfers across use cases.

Modeling future stablecoin payments

Stablecoin payments are not a like-for-like series with either, so a scenario lens is more useful for a 2026 crossover narrative than headline comparisons of raw totals.

A simple forward model anchored to observable drivers produces a $3 trillion to $5 trillion 2026 payments-settlement range.

Assume monthly active addresses compounding 2% to 3% month over month as merchant rails broaden through Stripe and fee-free PYUSD conversions, average payment ticket in the $400 to $1,200 band as remittance and B2B use normalizes, off-ramp penetration to mainstream accounts rising via processors and exchanges, and L2 costs staying near post-Dencun levels.

Apply a conservative haircut to exclude internal exchange churn, then scale by months and a 10% to 20% cash-out factor. Under those constraints, annualized end-user settlement clears $3 trillion in a base case and pushes toward $5 trillion if address growth and average ticket expand together.

Remittance costs also create a wedge, with the World Bank’s RPW citing a 6.26% global average as of March 27. This leaves room for stablecoin rails to compete on price, speed, and transparency.

Macro tailwinds strengthen the floor. The U.S. GENIUS Act, now law, requires fiat-backed reserves and monthly disclosures, reinforcing dollar-stablecoin credibility and, by extension, demand for short-dated Treasuries that sit behind many tokens.

On costs, Galaxy’s work shows rollup fee revenue fell while margins improved after 4844, consistent with sustained low end-user fees as capacity grows.

On acceptance, PayPal cites tens of millions of merchant relationships in filings and industry trackers, which, combined with Stripe’s return to stablecoin checkout, extends distribution beyond crypto-native channels.

The 2026 crossover is less about displacing SWIFT or cards and more about stablecoins absorbing specific corridors where speed, cost, and 24/7 settlement are binding constraints, with on-chain volumes already ample, fees compressed by L2 upgrades, and regulatory clarity catalyzing merchant and treasury adoption.

Mentioned in this article

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

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June 2, 2025

Crypto industry groups are urging US lawmakers to advance a landmark stablecoin bill as it heads to the Senate floor this week, warning that unrelated amendments could derail long-awaited regulatory clarity.

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is poised for Senate debate, following a procedural green light on May 19.

The measure, which would establish clear rules for stablecoin issuance and oversight, is expected to have sufficient votes to move to the House.

Crypto Groups Urge Lawmakers to Prioritize Stablecoin Oversight Bill

Several crypto advocacy organizations, the Blockchain Association, Crypto Council for Innovation, Digital Chamber, and DeFi Education Fund, issued a joint statement on June 2, calling on lawmakers to prioritize the bill’s “targeted and comprehensive approach to stablecoin oversight” as it advances through potential amendments.

After initial Democratic hesitation due to concerns over former President Donald Trump’s crypto ties, including a family-backed stablecoin initiative, support for the bill has strengthened in recent weeks.

However, the legislation faces a new hurdle: a proposed amendment on credit card fees.

Senators Dick Durbin and Roger Marshall are pushing to attach the Credit Card Competition Act (CCCA), which would force networks like Visa and Mastercard to compete on swipe fees charged to merchants.

The move is strongly opposed by banks and card companies, who argue it represents government overreach.

Crypto advocates fear the controversial amendment could derail progress.

“Unacceptable,” is how James Czerniawski of Americans for Prosperity described the proposal, adding that it would harm consumer credit access.

Additional proposed amendments include enhanced disclosure rules for government officials holding stablecoins, restrictions on foreign and Chinese ownership of stablecoin issuers, provisions addressing Trump family crypto involvement, and updates to Bank Secrecy Act and Anti-Money Laundering regulations.

Without consensus on these amendments, procedural delays could push final Senate passage into the week of June 9, according to journalist Eleanor Terrett.

Stablecoin Market to Surge 10x to $2 Trillion by 2030

Citigroup has projected a dramatic rise in the stablecoin market, forecasting that its total market capitalization could soar from nearly $240 billion today to over $2 trillion by 2030.

The prediction says the growth in adoption would be driven by regulatory developments and increased interest from both financial institutions and the public sector.

According to the banking giant, stablecoin supply could reach $1.6 trillion by the end of the decade under its base-case scenario, while a more optimistic outlook places the figure at $3.7 trillion.

As reported, the number of active stablecoin wallets has surged by over 50% in the past year, reflecting growing adoption and engagement within the digital asset ecosystem.

On May 6, Coinbase chief executive Brian Armstrong urged Congress to move stablecoin and broader crypto market rules across the finish line before lawmakers leave for the August recess.

Armstrong asked the Senate to advance Senator Bill Hagerty’s Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act while encouraging the House to sharpen and pass a revised version of the Financial Innovation and Technology for the 21st Century Act (FIT21).

Will Congress Miss Its 2025 Deadline for Stablecoin Laws?

The twin measures would deliver the first federal framework for the $240 billion stablecoin sector, which remains dominated by Tether’s USDT and Circle’s USD Coin.

The GENIUS Act proposes reserve, audit, and licensing standards. The revised House draft of FIT21 also clarifies the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) jurisdiction over digital assets, setting clear rules for cryptocurrencies.

Although lawmakers rejected the proposal in May 2024, it was recently revived with a market-structure discussion draft.

Each bill still faces hurdles. With the GENIUS bill requiring 60 Senate votes, nine Democrats have shown opposition over perceived gaps in anti‑money‑laundering and national security safeguards.

Armstrong, however, framed this moment as a narrow window, echoing earlier predictions from lawmakers and industry advocates who see 2025 as the outer deadline for clear rules.

The White House tracks two separate proposals: the STABLE Act and GENIUS. While the STABLE Act cleared the House Financial Services Committee on a 32‑17 vote last month, the GENIUS proposal, viewed as more industry‑friendly, has progressed further.

Analysts at Nansen noted that a compliance‑focused exchange such as Coinbase would gain from firm rules that could channel institutional demand toward regulated platforms.

Congressional action will determine how the U.S. policies on dollar‑backed tokens balance consumer safeguards against innovation and compete with other financial centers already licensing stablecoin issuers.

Lawmakers now face a choice: break the long stalemate or watch the fast‑growing market evolve elsewhere.

Can Trump-Linked USD1 Challenge Tether’s Stablecoin Dominance?

In an open letter to the Office of Government Ethics, a group of Senators pressed for clarity on President Trump’s crypto venture.

They wonder if offering exclusive White House access to top TRUMP token holders violates bribery laws or the emoluments clauses. The senators also expressed concerns that foreign actors could use the memecoin to gain influence without public disclosure.

The White House has not explained how the president’s crypto holdings remain separate from policy decisions, and this continues to fuel concerns.

These developments follow news that Abu Dhabi’s state-backed MGX will use USD1 to fund a $2 billion investment in Binance. World Liberty Financial, the Trump family-linked venture, issues this stablecoin.

World Liberty Financial co-founder Zach Witkoff announced the deal alongside Eric Trump at a Dubai crypto conference, calling USD1 “the official token” for closing the transaction.

Backed one-to-one by US Treasuries and cash equivalents, USD1 is intended to offer transparency and regulatory compliance.

Tether’s USDT commands a 75% share of the crypto market with a market cap of $149 billion and a $1 billion operating profit in Q1 2025. Meanwhile, the Trump-linked USD1 commands a market cap of $2.1 billion.

How Are Stablecoins Disrupting Global Remittances?

While USD1 attempts to carve out its niche in the political sphere, the broader stablecoin ecosystem continues to evolve rapidly across financial markets. Several major financial players have made major moves recently.

For example, Stripe has begun testing a U.S.‑dollar stablecoin payout tool. They’ve invited exporters and SaaS firms outside the US, UK, and EU to participate in the pilot.

CEO Patrick Collison says its product, built on Bridge rails, will let platforms settle instantly in tokenized dollars. Stripe still handles compliance and conversion behind the scenes.

In a parallel development, First Abu Dhabi Bank (FAB) teamed with sovereign investors ADQ and IHC to unveil a dirham‑backed stablecoin on the ADI blockchain.

Subject to central bank sign‑off, the token seeks to give Gulf corporations a regulated on‑chain cash option, closing the FX loop for oil trade and cross‑border e‑commerce across MENA.

The momentum spilled into card networks as Visa and its newly acquired Bridge rolled out stablecoin‑linked cards across six Latin American markets. Similarly, Mastercard joined forces with OKX and Nuvei to let users spend USDC and other tokens at millions of merchants.

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