Since the sector’s very inception, the story of digital assets has been one of promise, hype and volatility.
Cryptocurrencies like bitcoin and ethereum captured the imagination of technologists and speculators but rarely gained traction in the everyday economy. Stablecoins, tokens pegged to fiat currencies, offered a more practical bridge, yet remained trapped in regulatory uncertainty.
Central banks, meanwhile, toyed with the idea of issuing their own digital currencies, balancing innovation with monetary control. But those pilots rarely went anywhere beyond proving the technical feasibility of distributed ledger innovations.
Now, as the fall of 2025 unfolds, a convergence of forces is accelerating a new phase in this saga. Big Tech platforms are designing payments-first blockchains. Regulators in Washington and Brussels are jockeying for influence. Global payments networks are forging alliances with crypto-native firms. And a surprising new player, artificial intelligence (AI) agents, could become the largest users of stablecoins in the decade ahead.
The result is a financial system on the brink of reinvention, with consequences that could rival the dawn of the internet.
Read more: Zombie Blockchains Are Coming Back From the ‘Dead’ as Crypto Rebounds
The Blockchain-Based Payments Ecosystems of Tomorrow
Stablecoins occupy an increasingly contested middle ground between private innovation and public oversight. They demonstrate the practical appeal of blockchain technology, but also highlight the unresolved risks around reserve management, systemic exposure and consumer protection.
In a sign of the changing times, Stripe, once a crypto skeptic, is building a blockchain designed explicitly for payments. Together with crypto investment firm Paradigm, Stripe on Thursday (Sept. 4) announced a “payments-first blockchain” called Tempo that is optimized for stablecoins and real-world payments.
The emphasis on payments, rather than on broader decentralized finance applications, addresses one of the longstanding criticisms of cryptocurrency: that despite billions of dollars in market value, it has done little to improve the day-to-day experience of moving money.
By designing infrastructure specifically for transaction speed, cost efficiency and compliance, Stripe is betting that blockchain can be made practical for mainstream commerce.
At the same time, Fireblocks, also on Thursday, launched a platform aimed at enabling businesses to use stablecoins for instant settlement, while integrating compliance and risk management tools.
Separately, Thunes, a cross-border payments provider, on Tuesday (Sept. 2) partnered with Ripple to bring blockchain-based settlement into its global network.
See also: Institutional-Grade Custody Remains Missing Link in Crypto’s Mainstream Breakthrough
Unfinished Regulatory Frameworks
In parallel, the European Central Bank is pressing ahead with its own plans for a digital euro. ECB board member Piero Cipollone recently framed the project as a way to improve resilience and inclusiveness in Europe’s financial system. The argument is partly about sovereignty: European policymakers remain uneasy about their dependence on U.S.-based card networks and large technology platforms.
Europe’s approach may set an important precedent for how other advanced economies manage the tension between keeping pace with technological change and mitigating the risk of private stablecoins becoming a dominant medium for digital payments.
While Europe is advancing a state-led digital project, the U.S. Securities and Exchange Commission (SEC) has said that providing clarity around crypto assets is a top priority. But Congress is considering bills that could shift parts of that responsibility to the Commodity Futures Trading Commission and create new rules for stablecoin issuers.
A less obvious but potentially transformative factor is the rise of artificial intelligence agents. Stablecoins, programmable and borderless, fit naturally with machine-to-machine commerce. If AI adoption accelerates, demand for digital tokens could expand beyond human users, creating a new category of economic activity.
Of course, this raises regulatory and ethical questions that go beyond payments. Who is accountable if an autonomous agent misuses funds? How do anti-money laundering rules apply when algorithms transact with one another? These issues could shape not only the growth of stablecoins but the governance of AI-driven commerce itself.
What ties these threads together is a sense of flux in the payments system. Private firms are experimenting with new rails, central banks are exploring state-backed alternatives, and regulators are struggling to keep pace. None of the initiatives — Stripe’s blockchain, the digital euro or Fireblocks’ network — have yet proven their ability to operate at global scale. But collectively, they signal that the architecture of money is no longer assumed to be fixed.
