Quick Summary: Fednow and RTP Networks Double Transaction Volume in 2025
- FedNow and The Clearing House RTP network processed over 100 million transactions per quarter in 2025, doubling year over year.
- Citi’s Token Services managed $5 billion in cross-border treasury transactions during 2025.
- Circle’s stock fell after Open USD’s debut, highlighting the power struggle in stablecoin markets.
- Tokenized real-world assets grew to $24.5 billion by early 2026, from $1.7 billion two years earlier.
- JPMorgan’s Kinexys network handled $2.1 billion in daily intraday repo, showcasing rapid settlement capabilities.
Source: Open external resource
Source: Read original article
The battle for dominance in American finance is no longer just theoretical. Network effects are reshaping the landscape, with the struggle centering on who controls the infrastructure for stablecoins, tokenized assets, and real-time payments. This is not just about technology; it’s a fight over distribution power. 2025 is at the center of this development.
Recent developments in the stablecoin market underscore this shift. Circle’s stock took a hit following the launch of Open USD, a rival stablecoin backed by giants like Visa and BlackRock. The real story is the market’s realization that control over acceptance and settlement infrastructure is the ultimate advantage. The question now is whether network effects will deepen existing market power or democratize finance.
Behind the scenes, institutional players are making significant moves. The Federal Reserve’s FedNow and The Clearing House RTP network are processing vast transaction volumes, and banks like Citi and Goldman Sachs are integrating tokenized services into their core operations. These developments highlight the tangible benefits of network effects: faster settlement and increased liquidity.
However, with great power comes great risk. The concentration of financial infrastructure in the hands of a few could magnify operational failures or market dominance. As regulators and market participants navigate these changes, the focus will be on whether these networks can transition from pilot projects to essential financial infrastructure.
It also cited industry data showing affirmation rates above 95 percent after the SEC’s T+1 settlement shift took effect on May 28, 2024. The same reporting said the SEC still has not clearly signaled how it will treat smart-contract-mediated cash flows, and cross-border tax treatment remains muddy even after IRS guidance issued in February 2026.
finance said the Federal Reserve’s FedNow had more than 1,300 participating institutions as of early 2026, while combined volumes on FedNow and The Clearing House RTP network topped 100 million transactions per quarter in 2025 and were doubling year over year since launch. TechBullion said Citi’s Token Services processed roughly $5 billion in cross-border treasury-management transactions during 2025, while Goldman Sachs completed three sovereign issuances on its GS DAP platform in the second half of 2025.
1 billion in daily intraday repo with average settlement in under three minutes, compared with traditional T+1 settlement. 4 billion through 2025, constrained by securities-law fractionalization rules and distribution costs.
1 times in 2025, and in on-chain money-market and repo activity used by large institutions. What happens next is likely to hinge on regulatory clarity and whether these networks can cross from pilots into default infrastructure over the rest of 2026.
The clearest recent revelation comes from the stablecoin market, where Bloomberg Law reported on July 2 that Circle’s stock fell after the debut of Open USD, a rival coin backed by Visa, BlackRock, Alphabet and Coinbase, before partially rebounding two days later. The significance was not merely a new token launch, but the market’s recognition that the biggest advantage may lie with firms that control acceptance, settlement, and user access.
Citi’s Token Services managed $5 billion in cross-border treasury transactions during 2025. 1 billion in daily intraday repo, showcasing rapid settlement capabilities.
4 billion through 2025, constrained by securities-law fractionalization rules and distribution costs. 1 times in 2025, and in on-chain money-market and repo activity used by large institutions.
The Federal Reserve’s FedNow and The Clearing House RTP network are processing vast transaction volumes, and banks like Citi and Goldman Sachs are integrating tokenized services into their core operations. The significance was not merely a new token launch, but the market’s recognition that the biggest advantage may lie with firms that control acceptance, settlement, and user access.
The scale and speed of this development has caught many observers off guard. Each new update adds another dimension to a story that is still unfolding, and the full picture will only become clear as more verified details emerge from the people and institutions directly involved.
Analysts who have tracked this issue closely say the current moment represents a genuine turning point. The decisions made in the coming weeks are expected to set the direction for months ahead, with ripple effects likely to extend well beyond the immediate actors in the story.
For those directly affected, the practical impact is already visible. People navigating this fast-changing situation are dealing with real consequences while new information continues to reshape what is known and what remains open to interpretation.
Historical parallels offer some context, though experts caution against drawing too close a comparison. Similar situations have played out before, but the specific combination of pressures, personalities, and timing here makes this moment distinct in ways that matter for how it ultimately resolves.
The political and economic dimensions of this story are deeply intertwined. What appears as a single event on the surface is in practice the convergence of multiple pressures that have been building quietly over a longer period than most public reporting has captured.