Blockchain Payments Poised for $3 Trillion Boom by 2025 as Costs โPlummet & Speed Increases
NEW YORK – Blockchain-based cross-border payments โare experiencing explosive growth, projected to reachโ $3 trillion by 2025, according to a new report by CoinLaw. The surge is โfueled by dramatically reduced transaction fees and significantly fasterโ processing times compared to customary financial systems.
theโข study reveals that blockchain paymentsโ have grown at an annual โคrate of 45% over the past decade. โThis โขacceleration is driven by benefits like a 70-80% reduction in average transaction fees and processing times slashed to just 3-10 seconds – a stark contrast to the 2-5 days frequently enough โrequiredโ by legacy systems. RippleNet currently processes over $15 billion in cross-border transfers monthly, demonstrating the technology’s current capabilities.
the trend extends beyond private companies. Over 120 countries are actively developing Central Bank Digital Currencies (cbdcs) to streamline international transactions. CoinLaw’s research also indicates that nearly 40% of โglobal remittance firms are now utilizingโฃ blockchain solutions, with africa leading in adoption, experiencing a 60% surge driven by demandโค for affordable and efficient remittance infrastructure.
Adoption is also gaining traction within establishedโ financial institutions. Approximately โข85% of US banks are either pilotingโ or โขhave fully integrated blockchain-based solutions intoโ theirโค payment systems. The Asia-Pacific โregion is at the forefront, withโ 60% of financial institutions leveraging blockchain, followed by Northโ America (55%) andโค Europe (50%).
Major payment processors are also embracing the โtechnology. visa and Mastercard have reportedly processed over โข$5 billion in cryptocurrency transactions this year โฃthrough partnerships with blockchain startups.
Beyond โฃspeed and cost, blockchain is impacting operational efficiency. โinsuranceโฃ companies have increased blockchain usage to 35%โข for faster claimsโ processing, up from 18% in 2022. Banks are โขrealizing savings ofโ up to 35% on operational costs through the elimination of โฃintermediaries and reduced fraud, with โaverage transaction speedsโ decreasing to 10 minutes from over โ10 minutes five years ago.
The growing adoption of cryptocurrency is also linked to macroeconomic factors. El salvador has seen approximately 35% โฃof its population using crypto wallets since bitcoin became legal tender. Nigeria leads peer-to-peer trading activity in Africa, accounting for 45% of the continent’sโข total crypto transactions. โฃArgentina and Turkey have recorded a 60% surge in adoption this year, spurred by persistent inflation and currency instability.
https://coinlaw.io/blockchain-payments-statistics/
https://cryptopotato.com/us-crypto-boom-america-becomes-the-worlds-4-2-trillion-fiat-gateway/