5 Minutes
Crypto payments compared to early online retail
Ripple executive Reece Merrick argues that crypto payment systems are passing through the same formative phase that e-commerce experienced around 2000. At that time, online shopping represented a tiny fraction of global retail and consumers still distrusted the internet for financial transactions. Merrick says today’s crypto payments face a similar trust and infrastructure challenge, even as the building blocks for mainstream use are being assembled.
Below, we examine the parallels between early e-commerce and the current payments-focused crypto landscape — and why stablecoins, regulated on-ramps and scalable blockchains are central to the story.
Original social post (embedded)
"In 2000, the dot-com bubble was bursting and buying things online was globally negligible," said Ripple executive Reece Merrick.
He said consumers did not yet trust the web with their money, even though the systems behind online shopping were already forming.
In 2000, the dot-com bubble was bursting and buying things online was globally negligible, estimated at roughly 0.2% of all retail sales. People simply didn't trust the web with their money yet.
Just as global e-commerce spent its first decade being dismissed as overhyped, it… pic.twitter.com/TfEetYuL83
— Reece Merrick (@reece_merrick) June 24, 2026
Infrastructure is the critical growth engine
Merrick emphasizes that e-commerce only became a routine activity after essential infrastructure matured: secure payment gateways, faster internet, reliable delivery systems and ubiquitous smartphones. Today, the analogous enablers for crypto payments are emerging. Scalable blockchains, stablecoins, compliant fiat on-ramps, and intuitive wallets form the rails that could make tokenized payments invisible to end users while blockchain settlement runs behind the scenes.
Scalable blockchains and easy wallets
Scalability matters for low-latency, low-fee payments. Networks that can handle high throughput without prohibitive costs will be more attractive to merchants and payment processors. User-friendly wallets that abstract private keys and transaction complexities will be just as important — consumers are unlikely to adopt payments that require technical expertise.
Stablecoins and regulated on-ramps
Stablecoins reduce volatility risk and can function like digital cash for cross-border settlement, corporate treasury operations and merchant payouts. Merrick and Ripple’s broader strategy reflect this shift: the company has integrated stablecoins and tokenized assets into its payment stack, positioning regulated on-ramps and enterprise tools as the path to broader adoption.
Ripple’s product moves and industry momentum
Ripple has been integrating stablecoin support into the XRP Ledger to enable regulated settlement corridors. Examples include MXNB, a Mexican peso-backed stablecoin launched with Bitso, and RLUSD, intended to facilitate U.S.–Mexico settlement. Ripple also continues to develop enterprise-grade infrastructure such as tokenized settlement and cross-border payment tooling.
Recent product efforts extend to automated agent payments: the XRPL AI Starter Kit allows software agents to transact in XRP and RLUSD using the x402 protocol, illustrating how programmable payments could operate in machine-to-machine use cases.
Payment network incumbents are also adapting. Mastercard’s global settlement initiative supports multiple dollar-backed stablecoins including USDC, RLUSD and PYUSD. Industry reports note dollar stablecoin supply approaching roughly $300 billion, dominated by USDT and USDC, signaling rising utility and liquidity in the payments layer.
Why XRP demand is separate from ledger adoption
Growth in payment volume on a ledger doesn’t automatically translate into immediate demand for the native token. Financial institutions and corporates can leverage XRPL for tokenized assets and stablecoin settlement while using minimal XRP for transaction fees. That separation means Ripple may scale payment services and client integrations even if XRP’s price action depends on distinct market drivers such as trading flows, ETF activity, macro risk sentiment and direct token adoption.
Market implications
For traders and investors, it’s important to distinguish infrastructure adoption from token demand. Broad merchant and corporate use of stablecoins and tokenized settlement can expand the crypto payments market without a one-to-one increase in native token buying pressure.
Roadblocks to mainstream normalization
Merrick’s comparison also highlights the barriers: trust, regulation and consumer protections are still works in progress. Crypto payments need reliable consumer safeguards, standard merchant tools, clearer regulatory frameworks, and robust on- and off-ramps. Without these, payments remain a niche solution rather than an everyday utility.
Adoption will likely be gradual. Like early e-commerce, crypto payments can mature quietly: users won’t need to understand ledgers or tokens to transact if the merchant and banking systems conceal the complexity.
Outlook: steady progress toward a payments future
The takeaway is pragmatic. Payments — not speculative trading — could be the area where blockchain technology first becomes routine. With scalable infrastructure, stablecoins, and improved user experience, crypto payments may follow e-commerce’s path: initially underestimated, then eventually embedded into daily financial life as the underlying technologies and regulations catch up.
For enterprises, treasuries and payment providers, the immediate focus remains on building compliant rails, minimizing friction and ensuring consumer protection. If those pieces fall into place, mainstream crypto payments could be less visible to users and more pervasive in how money moves globally.
Source: crypto
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