The Block reports: Singapore, June 6, 2025 — Leading crypto venture capital firm Foresight Ventures today released its latest research report (Beyond Payments: Building the Financial Operating System for Global Commerce). The report provides an in-depth analysis of the trend of global financial infrastructure gradually evolving towards crypto-native financial solutions.
2025 is hailed as the "Year of Stablecoins," with global merchants actively seeking more efficient and cost-effective alternatives to traditional payment systems. As the number of global cryptocurrency users reaches 660 million, merchants are accelerating their adaptation to this growing market demand.
The report comprehensively analyzes how crypto-native payment solutions are reshaping payment infrastructure, merchant acquisition models, and global business operation logic.
The key points of the report are as follows:
Currently, over 30,000 merchants support cryptocurrency payments, thanks to aggressive channel partnerships and system integration;
Despite processing trillions of dollars in transactions each year, traditional payment systems charge merchants billions in fees, exposing the inefficiencies of outdated infrastructure;
Cryptocurrency payment service providers typically charge a fixed fee of 1%, offering immediate or near-immediate settlement, significantly reducing intermediary costs;
Coinbase Commerce and Binance Pay are currently the leaders in the cryptocurrency payment space, with total payment transaction volumes exceeding $1.5 billion;
Channel partnerships are key to scaling— for instance, the integration of Binance Pay with xMoney increased its merchant count from 12,000 to 32,000 in three months;
The three models of custodial, non-custodial, and hybrid custody each have their pros and cons, balancing compliance, operational complexity, and merchant experience;
A strategy centered on stablecoins helps provide price stability and simplifies accounting processes;
Cross-product revenue models are becoming increasingly important, covering value-added services such as corporate fund management and foreign exchange optimization, and have become a key monetization path beyond transaction fees.
The report points out that traditional payment systems generally face severe efficiency issues: multiple intermediaries, high costs, and slow cross-border transactions. Cryptocurrency solutions significantly improve these pain points through lower fees, faster settlement speeds, and new user access.
In terms of custody and settlement mechanisms, the report provides a detailed comparison of three mainstream models: custodial, non-custodial, and hybrid custody.
Non-custodial solutions provide higher transparency and asset control for crypto-native merchants;
The custodial solution (such as the internal ledger system of Binance Pay) provides a more streamlined Web2-style user experience;
Hybrid custodial models are becoming increasingly popular, especially favored by traditional merchants, combining on-chain payments with automatic conversion of fiat currency and traditional settlement methods. BitPay is a typical representative of this model, allowing merchants to accept cryptocurrencies and automatically convert them to fiat currency, thereby significantly reducing volatility risks.
In product design, the report emphasizes that innovations such as stablecoin-first strategies, smart fund management, and gas abstraction are crucial for optimizing user experience. For example, invoicing and settlement using USDC not only provides price stability but also simplifies operational processes.
"Payment infrastructure is rapidly evolving and increasingly integrating into broader corporate financial operations. The future of global commerce will revolve around flexible, embedded financial services that help businesses manage their cash pools, optimize foreign exchange, and seamlessly integrate into existing systems," said Alice Li, investment partner at Foresight Ventures.
The report also points out that the industry's profit model is transforming. Platforms are shifting from a single transaction fee model to a diversified product revenue model, such as embedded credit and yield-generating fund management products. Distribution partnerships and channel strategies are also core factors driving global cryptocurrency payment adoption.
As cryptocurrency payments mature, their functions have long transcended being mere "payment tools" and are evolving into a complete "financial operating system," providing value-added services that traditional finance cannot match.
