From Ripple to Stellar: Top failed TradFi partnerships

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From Ripple to Stellar

Ripple: Partnerships built on subsidies

Ripple claimed that its XRP token would become the fuel for global payments, an alternative to SWIFT. Reports and press releases featured partners like UnionPay, SBI, RationalFX, and MoneyGram — creating the impression that a revolution in traditional finance was imminent.

However, several examples revealed a simpler truth: Ripple was paying “market development fees” to its partners just to make them use the technology and mention the brand. The best-known case was its alliance with MoneyGram. In 2019, the companies announced a “strategic partnership” to use XRP for instant transfers. Everything looked convincing until it became clear that Ripple was simply paying MoneyGram tens of millions of dollars in “market development fees.” The transfers lasted only as long as the payments did.

When the money ran out, so did the enthusiasm. Then came the SEC lawsuit, which classified XRP as an unregistered security. Ripple responded with another wave of flashy announcements — this time with Finastra and Travelex Bank — but these partnerships also quickly faded from the headlines.

In recent months, a persistent rumor has spread through crypto circles: Ripple and BlackRock — two companies with very different profiles — are allegedly working together on a secret megaproject to create a tokenized infrastructure for global financial markets and digital identity.

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These rumors didn’t come out of nowhere — they were fueled by a series of coincidences and analytical commentary from several well-known crypto researchers. While no official confirmation has surfaced, the puzzle looks suspiciously complete.

Stellar and IBM

If Ripple’s story is one of bold statements, Stellar’s is one of good intentions. Founded by Ripple co-founder Jed McCaleb, the Stellar Development Foundation promised accessible cross-border payments, social finance, and technology built for people, not corporations.

In November 2017, IBM and Stellar announced the creation of IBM Blockchain World Wire — a global payments platform based on the Stellar protocol. At launch, the project supported 47 currencies across 72 countries, and IBM called it “the future of global payments.” The partnership looked historic: a world-class corporation and a blockchain proving that decentralized technology could work inside the banking system.But after a few years, World Wire quietly disappeared. IBM open-sourced the code and shifted its focus to other blockchain initiatives. Stellar couldn’t convince banks to adopt its rails — the technology was ready, but the institutions weren’t.

Even so, Stellar continues to seek common ground with TradFi. The network supports the Circle-issued USDC stablecoin, and since 2023, it has hosted the Franklin Templeton OnChain U.S. Government Money Fund — the first U.S. government bond fund on blockchain, with over $430 million in assets. In late 2025, Visa announced plans to integrate the Stellar network into its stablecoin settlement platform to streamline cross-border payments and reduce conversion costs. Yet, analysts note that real user activity remains limited — most of Stellar’s partnerships still demonstrate potential rather than widespread adoption.

Why TradFi and crypto rarely form lasting alliances

The problem isn’t technology or even interest. Banks operate in a world of regulation and caution, while crypto thrives on speed and risk. When these two approaches collide, the outcome usually requires compromises — and that’s often where partnerships fall apart.

For traditional institutions, blockchain is a laboratory for testing new tools without changing the old system. For crypto projects, it’s a path to legitimacy and recognition beyond speculation. But most alliances fade once the media buzz subsides. Even the OECD’s 2025 report notes that the key barriers to blockchain adoption remain political and regulatory rather than technical.

And yet, the story continues. Every new partnership is an attempt to rewrite the script that feels already written.

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The latest example is the collaboration between Solana and Western Union. The global remittance giant officially announced plans to launch a U.S. dollar–denominated stablecoin on the Solana blockchain, which will serve as the backbone of its new payment infrastructure. The initiative aims to modernize cross-border money transfers by leveraging blockchain efficiency and Solana’s high throughput. According to Western Union, the stablecoin will lower settlement costs while improving transaction speed and transparency.

Perhaps Solana will finally achieve what Ripple and Stellar couldn’t — or perhaps it will simply continue their story, but with a new rhythm and fresh expectations.

Because in the world of traditional finance, where change moves far slower than data on a blockchain, even another attempt can still be considered progress.

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