Quick Breakdown
- Stablecoins moved $46T in transactions, up 106% year-over-year.
- Adjusted $9T volume surpasses half of Visa’s payments.
- Supply exceeds $300B as dollar-backed tokens dominate finance.
Stablecoins have quietly evolved into one of the world’s largest payment systems, moving more than $46 trillion on-chain over the past year, according to Andreessen Horowitz’s State of Crypto 2025 report released Wednesday. That figure marks a 106% increase from the previous year and positions stablecoins alongside major financial networks like the U.S. Automated Clearing House (ACH).
Stablecoins challenge traditional finance infrastructure
The report calls stablecoins the “clearest signal” of crypto’s maturity, noting that their transaction activity now rivals the ACH — the network handling most direct deposits and bill payments in the U.S. Even after filtering out automated or high-frequency flows, stablecoins still processed $9 trillion in genuine transactions over 12 months, surpassing half of Visa’s payment volume and more than five times PayPal’s.
Monthly adjusted transactions also hit a record $1.25 trillion in September 2025, underscoring stablecoins’ growing real-world use beyond speculative trading.
4 takeaways from the @a16zcrypto 2025 State of Crypto report: https://t.co/SsXDt64UuO pic.twitter.com/4fqFDQWALg
— a16z (@a16z) October 22, 2025
Record supply and growing dollar dominance
The total stablecoin supply has soared past $300 billion, with Tether (USDT) and USD Coin (USDC) accounting for 87% of circulation. Their reserves collectively hold more than $150 billion in U.S. Treasuries — ranking as the 17th-largest holder globally, even ahead of several sovereign nations.
This surge has boosted demand for dollar-backed assets at a time when foreign central banks are diversifying away from U.S. debt. Nearly all major stablecoins remain pegged to the dollar, reinforcing its global dominance.
A16z predicts the market could exceed $3 trillion by 2030, cementing stablecoins as a cornerstone of global digital finance.
A parallel projection from Citi’s Securities Services Evolution report suggests the broader financial system is also moving toward tokenization. Citi expects that by 2030, one-tenth of global market turnover will be conducted using stablecoins and tokenized securities, reflecting how blockchain-based settlement is steadily merging with traditional post-trade infrastructure. The study highlighted bank-issued stablecoins as the preferred tool to enhance collateral efficiency.
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