Stablecoins Surpass Visa with $46 Trillion in On-Chain Transactions

TLDR

• Stablecoins processed $46 trillion in transactions in 2025, surpassing Visa’s annual volume by a wide margin.
• The total supply of stablecoins has grown to over $300 billion, with USDT and USDC accounting for 87% of the market.
• Ethereum and Tron blockchains process 64% of all stablecoin transactions, solidifying their dominance in the digital economy.
• Stablecoins now represent more than 1% of all U.S. dollars in circulation, highlighting their growing role in the global economy.
• The surge in stablecoin use signals a fundamental shift in how value is transferred, moving beyond speculative trading.

Stablecoins have emerged as the driving force of on-chain finance, with transactions surpassing $46 trillion annually. According to Andreessen Horowitz’s 2025 report, this figure significantly outpaces Visa’s transaction volume. This shift reflects a significant transformation in the global movement of value, as stablecoins evolve from trading tools to a core part of international finance.

Stablecoins Process $46 Trillion Surpassing Visa

In 2025, stablecoins processed $46 trillion in transactions, a figure three times higher than that of Visa. The report notes that even when adjusting for inorganic activity, stablecoins still surpassed the volume of PayPal. Andreessen Horowitz’s partners remarked, “This shift signals a fundamental change in how value is transferred globally.” With a monthly adjusted volume of approximately $1.25 trillion in September 2025, stablecoins are proving essential for non-speculative purposes.

Furthermore, stablecoins are becoming critical for global economic activities beyond speculative trading. This shift demonstrates their growing role in global settlement networks. Digital dollars are now central to real-world economic transactions, marking a significant milestone for blockchain technology.

Tether (USDT) and USD Coin (USDC) remain the dominant stablecoins in the market, accounting for 87% of the total supply. Combined, these two tokens have a total circulation of over $300 billion. The Ethereum and Tron blockchains remain the primary conduits for transactions, processing 64% of stablecoin activity as of September 2025.

The dominance of Tether and USDC highlights the central role of these coins in the digital economy. Their vast market presence solidifies stablecoins as a key infrastructure in the financial system.

Macroeconomic Impact and Growth

Stablecoins have become a major player in the U.S. economy, now representing over 1% of all U.S. dollars in circulation. Issuers of these digital currencies are also top holders of U.S. government debt, with over $150 billion in Treasury holdings. As the report states, “This stablecoin surge is the clearest sign of a broader industry transformation.”

The rise of stablecoins is accompanied by an increase in crypto users, now ranging from 40 to 70 million. This growth reflects improvements in blockchain infrastructure, which now processes over 3,400 transactions per second. The surge in stablecoin use underscores the ongoing maturation of the cryptocurrency sector and its increasing integration into mainstream finance.

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