Stablecoin Payments Hit $9 Trillion in 2025, Rivaling Global Giants Like PayPal and Visa: A16z
Stablecoins have quietly develop into one of many greatest cost networks in the world, transferring trillions of {dollars} on-chain and cementing their position in world finance.
According to Andreessen Horowitz’s State of Crypto 2025 report launched Wednesday, these digital tokens processed $46 trillion in total transaction volume over the previous 12 months, a 106% improve from the earlier 12 months.
The report described stablecoins because the clearest sign of crypto’s maturity this 12 months. While complete volumes embrace high-frequency monetary flows somewhat than retail funds, the numbers are nonetheless staggering.
A16z Says Stablecoins Are Closing In On ACH Network Volumes
Stablecoin transaction exercise now approaches that of the US Automated Clearing House, or ACH, the digital spine of the US banking system.
ACH processes most direct deposits, payroll and invoice funds throughout American banks, making this milestone an indication that stablecoins are starting to function on the identical scale because the infrastructure that powers conventional finance.
On an adjusted foundation that filters out bot-driven or synthetic exercise, stablecoins processed about $9 trillion in the previous 12 months, up 87% from a 12 months earlier. That stage represents greater than half of Visa’s cost quantity and greater than 5 instances PayPal’s.
Organic Growth Signals Shift From Speculation To Everyday Use Across Global Markets
In earlier years, stablecoins had been primarily used for crypto buying and selling settlements. Now, they’ve develop into one of many quickest, least expensive and most borderless methods to ship US {dollars}.
Transfers usually settle in lower than a second and price lower than a cent. The report calls them the “spine of the on-chain economic system” as they energy remittances, cross-border funds and decentralized monetary companies.
Usage continues to rise sharply. Monthly adjusted transaction quantity hit an all-time high of $1.25 trillion in Sept. 2025 alone, displaying momentum that continues to be uncorrelated with speculative crypto buying and selling. This development, A16z stated, factors to robust natural demand and rising real-world utility.
Stablecoin supply has also surged to record levels, surpassing $300b. The two largest issuers, Tether (USDT) and USD Coin (USDC), account for roughly 87% of all circulating provide.
Ethereum and Tron stay the primary blockchains for settlement, processing about $772b in adjusted stablecoin transactions in September, or practically two-thirds of world quantity.
Although dominated by these incumbents, new issuers and networks are gaining traction. Developers are constructing stablecoins tied to native currencies and region-specific rails, increasing the market past US-denominated belongings.
A16z’s information reveals stablecoins are actually a significant macroeconomic drive. More than 1% of all US {dollars} in circulation now exist in tokenized type on public blockchains.
Stablecoins Now The seventeenth Largest Holder Of Treasuries, Up From twentieth Place Last Year
Stablecoin reserves collectively maintain over $150b in US Treasuries, making them the seventeenth largest holder, forward of many sovereign international locations and up from twentieth place final 12 months.
This comes as international central banks scale back publicity to US authorities debt and improve gold holdings for the primary time in three many years. Even as world demand for Treasuries weakens, stablecoins are driving renewed urge for food for dollar-denominated belongings.
Nearly all stablecoins are pegged to the US greenback, which reinforces its place because the world’s reserve foreign money. A16z initiatives the whole stablecoin market might develop tenfold, surpassing $3 trillion by 2030.
The report concludes that stablecoins, as soon as a distinct segment buying and selling software, are actually a pillar of digital finance. They bridge the worlds of conventional cash and blockchain networks, and for the primary time, they’re starting to rival the cost giants that formed the trendy monetary period.
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