Messari, a leader in blockchain research and analytics, has released its first-ever PayFi ecosystem report, providing an in-depth analysis of the rapidly evolving sector. As global financial systems face mounting challenges, PayFi is emerging as a cornerstone of the next era in global finance. The report explores how this transformative sector leverages blockchain and real-world assets (RWAs) to address inefficiencies such as high costs, settlement delays, and limited accessibility, while unlocking new opportunities across global markets.
The report describes the promise of the PayFi sector, which is poised to disrupt the $16 trillion in 2023 global credit card transaction market and $89 trillion trade finance market. The $4 trillion in pre-funded liquidity supporting remittances is another critical PayFi example, with one in nine people globally relying on cross-border payment remittances and facing inefficiencies in current systems. These challenges present the significant opportunity for PayFi solutions to deliver more efficient and accessible alternatives.
Over the past year, PayFi has gained significant traction as a key narrative within the crypto space, with Messari identifying it as a Crypto Thesis to watch in 2025. The report examines the contributions of Solana, Huma Finance, and Stellar, among other ecosystem players, to the sector’s development and growth.
Solana is highlighted for its high-performance infrastructure, capable of processing up to 65,000 transactions per second with network fees measuring in thousandths of a penny, enabling fast and cost-effective cross-border payments. Solana Pay, a central component of its ecosystem, allows businesses to accept stablecoins like USDC directly from customers, bypassing intermediaries to reduce costs and settlement times. By combining scalability, affordability and a rich economy of DeFi and payments applications, Solana provides the foundational infrastructure for developers to drive financial innovation globally.
Major PayFi projects building on Solana include:
- Rain: Offering digital asset-backed credit cards tailored to Web3 teams, powered by Solana’s infrastructure for seamless global spending.
- Helio: Integrating Solana Pay to enable merchants and developers to accept onchain payments, boosting e-commerce and marketplace adoption.
- Sanctum: Supporting monetization through liquid staking tools and community-driven tokens on Solana’s blockchain.
The report highlights Huma Finance’s role in advancing the PayFi sector through its innovative decentralized payment financing solutions. Having launched its PayFi Network on Solana in late 2024 and recently on Stellar’s Soroban, Huma connects businesses with decentralized lending pools to power applications like Arf, enabling on-chain liquidity for cross-border payments, and Rain, offering digital asset-backed credit cards. Huma also supports DePIN financing, with projects like Roam utilizing its infrastructure.
“PayFi is answering a critical call to modernize global finance,” said Erbil Karaman, Co-founder of Huma. “Every PayFi solution is more efficient, more accessible, and more scalable than its traditional alternatives by design. Messari’s report does an amazing job showcasing that stark contrast. This is a pivotal moment to be part of a rapidly growing ecosystem that’s building the future of everyday finance.”
Huma also introduced the PayFi Stack, a modular, open framework comprising six layers—transaction, currency, custody, compliance, financing, and application, as detailed in Messari’s report. This framework underpins diverse applications across the ecosystem, fostering collaboration and driving innovation.
The foundational role of Stellar in the PayFi ecosystem is also highlighted in the report, having been the first ever blockchain to focus on cross-border payment since 2014. With transaction speeds of approximately five seconds and costs as low as $0.00005 per transaction, Stellar provides the infrastructure for critical use cases such as bulk payouts for payroll and humanitarian aid through its open-source, Stellar Disbursement Platform SDP. Its Soroban smart contract layer further expands the possibilities for decentralized applications in payment financing.
“The new, affordable financing opportunities that PayFi can unlock combined with the Stellar network’s fast speed and low costs represent an exciting new vision for what blockchain technology can offer businesses and lenders,” said Tomer Weller, Chief Product Officer of Stellar Development Foundation. “Stellar was built for payments and is a leader in real-world asset tokenization, so being a leader in the growing PayFi ecosystem is a natural fit for the network.”
Applications built on Stellar and highlighted in the report include:
- Felix x Bitso: Leveraging Stellar rails to transform remittance payments in Latin America, reducing transaction fees by up to 80% and significantly increasing accessibility for underserved communities.
- Airtm: Utilizing Stellar to deliver digital dollar accounts and stablecoin-based payouts, enabling payouts for over 2 million users in emerging markets.
These initiatives underscore the foundational role of Stellar in advancing scalable and inclusive payment solutions within the ecosystem.
As the PayFi ecosystem continues to evolve, it represents a shift away from traditional blockchain-based payment models like Ripple’s centralized approach. Stablecoins, a key component of this evolution, have seen a 56% growth in market cap and a 117% increase in transfer volume year-to-date, underscoring their versatility and adoption in open networks. In contrast, Ripple’s reliance on its own stablecoin within a closed network limits its flexibility and broader applicability. While Ripple has been recognized for its efficiency in cross-border transactions, the report highlights how decentralized solutions are setting new benchmarks. By prioritizing transparency, scalability, and integration with real-world assets, these emerging models are redefining payment financing and shaping the next era of innovation in global financial systems.
Messari’s PayFi ecosystem report underscores the importance of collaboration and innovation among its contributors. By providing critical insights into this transformative sector, the report not only highlights the achievements of some of its key players but also invites new builders and visionaries to join the movement.
For a deeper dive into the PayFi ecosystem and its contributors, access the full Messari report here.