In the past 12 months, the global transaction volume of stablecoins soared to approximately $46 trillion.
This figure is drawn from the “State of Crypto 2025” report by Andreessen Horowitz (a16z), which states that stablecoins are fast becoming the backbone of on-chain value movements.
On an adjusted basis (i.e., filtering out bot activity and certain internal transfers), the estimated volume is about $9 trillion for the same period—still enormous compared with traditional payment networks.
What’s Driving the Surge in Stablecoins Transaction Volume
1. Infrastructure and rails optimisation
Stablecoins are increasingly used as real-time settlement rails:
- The a16z report notes that monthly adjusted stablecoins transaction volume reached ~ $1.25 trillion in September 2025.
- The total supply of stablecoins exceeded $300 billion in 2025, dominated by major issuers like Tether (USDT) and USD Coin (USDC).
- Settlement chains such as Ethereum and TRON handled about 64 % of the volume.
2. Not just trading — broader utility
While stablecoins began as trading-tools, the report highlights that the near-$46 trillion number signals usage for broader settlement, cross-border flows, institutional treasury functions and other non-speculative purposes.
3. Relative scale vs traditional networks
For perspective: the $46 trillion figure is nearly triple the annual throughput of payment giants like Visa Inc. (when compared with similar periods) and signals stablecoins are playing a different role in global value transfer.
Implications of the Growth in Stablecoins Transaction Volume
Global payments & cross-border trade
The explosion in transaction volume suggests that stablecoins may increasingly serve as an alternative to traditional payment rails, especially for cross-border transfers, fintech treasury management, and corporate settlement. This could challenge the traditional correspondent bank model.
Monetary & macroeconomic dimensions
The a16z report points out that more than 1% of all U.S. dollars in existence now reside as tokenised stablecoins on public blockchains.
Moreover, stablecoin issuers are becoming significant holders of U.S. Treasuries—reportedly over $150 billion—which gives them macro-financial heft. a16z crypto
Regulatory and risk perspectives
With such large volumes:
- Regulators will scrutinise how stablecoins are used (payments, settlements, cross-border flows) and the implications for AML, sanctions and monetary sovereignty.
- The fact that adjusted volume (~$9 trillion) is significantly smaller than gross (~$46 trillion) suggests high levels of non-payment activity (bots, internal transfers) must be monitored carefully.
What to Watch: Future Trends in Stablecoins Transaction Volume
- Whether the adjusted-volume to gross volume gap narrows: i.e., more genuine payments and settlement activity, less bot/trading noise.
- Expansion of stablecoin usage into retail, institutional treasuries, and emerging-market cross-border payments.
- Which jurisdictions establish legal/regulatory frameworks for stablecoins, enabling more mainstream usage.
- The role of new blockchain rails (Layer 2s, interoperable chains) in reducing costs and friction, thereby increasing volume further.
- How traditional payment networks like Visa, Mastercard and SWIFT respond or integrate with stablecoin-based rails.
Conclusion
The surge in stablecoins transaction volume to approximately $46 trillion during the past year marks a major milestone in the digital-asset ecosystem. It reflects a transition from speculative trading into real-world value transfer, settlement and global payments infrastructure. While challenges remain—in particular around genuine use vs internal flows and regulatory risks—the scale of stablecoins now demands attention from fintech, banks, regulators and payments networks alike.
