Stablecoins Process $4.8T in 30 Days, but Just $1.1T Survives Adjustments, Visa Data Shows
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Key Takeaways
Stablecoins processed $4.8 trillion across 1.6 billion transactions over the past 30 days, according to Visa’s onchain analytics dashboard.
After filtering activity such as bots, intra-exchange transfers, and high-frequency transactions, adjusted volume falls to $1.1 trillion across 215.6 million transactions.
Separately, stablecoin card spending reached a record $1.035 billion in July, indicating consumer payment activity is growing even though it remains tiny compared to overall onchain settlement.
Stablecoins moved an eye-catching $4.8 trillion across public blockchains over the past 30 days, but Visa’s adjusted dataset suggests that most of the headline transaction volume does not resemble conventional economic settlement.
Visa Onchain Analytics recorded $4.8 trillion in total stablecoin transaction volume (As of Aug. 11) and 1.6 billion transactions. After applying filters intended to remove artificially inflated or non-economic activity, those figures fall to $1.1 trillion and 215.6 million transactions.
That means roughly 77% of reported dollar volume and about 86.5% of transaction count disappear under the adjusted methodology.
The gap illustrates one of the biggest problems with using raw blockchain throughput to measure stablecoin adoption.
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Why $3.7 Trillion Stablecoin Transactions Get Filtered Out
Visa explicitly warns that public blockchain data contains substantial noise because transactions can be generated automatically by bots and smart contracts rather than representing payments between end users.
Its adjusted dataset, developed with Allium, Artemis, and Castle Island Ventures, attempts to remove high-frequency activity, internal smart contract transfers, intra-exchange movements, and bot-related transactions.
The methodology also uses thresholds for unlabeled addresses. Wallets that generate more than 1,000 transactions or $10 million in transfer volume within a 30-day period can be excluded from adjusted activity unless they fall into recognized categories such as exchanges, lending, decentralized exchanges, or minting and burning.
The resulting $1.1 trillion figure, therefore, provides a narrower estimate of activity that Visa considers more representative of organic stablecoin usage.
Even within that adjusted total, retail payments remain small.
Visa recorded just $7.1 billion in retail-sized stablecoin transfers over the last 30 days, despite 146.7 million such transactions.
Visa defines retail-sized transfers as adjusted transactions worth less than $250.
That $7.1 billion represents less than 1% of adjusted stablecoin volume, even though retail-sized transfers account for roughly 68% of adjusted transaction count.
Stablecoin Card Spending Hits $1 Billion
A separate payments indicator is moving rapidly in the opposite direction.
Monthly stablecoin card spending reached a record $1.035 billion in July, according to data shared by The Kobeissi Letter, citing PaymentScan. That was up from $888 million in June, an increase of about 16.6% month over month.
BREAKING: Monthly stablecoin card spending volumes surged another +16% in July, to a record $1.03 billion.
This marks +200% year-over-year volume growth with over 10 million purchases made during July.
The dataset also recorded more than 10 million purchases during July, while The Kobeissi Letter said volume has risen about 200% year over year.
Stablecoin card spending has climbed steadily from $382 million in August 2025 to $619 million in February, $860 million in May, and more than $1 billion in July.
The card data should not be directly compared with Visa’s $1.1 trillion adjusted blockchain volume. Card spending measures a much narrower consumer use case, while Visa’s dataset includes exchange flows, DeFi, lending, minting and other onchain activity.
However, the numbers reveal a more nuanced stablecoin market: trillions of dollars are moving onchain, but only a fraction represents retail spending, while consumer card usage is now growing from a much smaller base.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Dr. Guneet Kaur is a senior editor at CCN.com and a Science Fellow at Exponential Science. She is a fintech and blockchain expert with extensive experience in digital finance education, blockchain ecosystems, and cryptocurrency markets. She has worked with global media such as Cointelegraph, as well as education and blockchain platforms, to design and lead strategic content and learning initiatives. As an educator and assessor for top-tier executive programs, she bridges real-world fintech trends with academic insight.
Dr. Kaur is also a published researcher and peer reviewer across fintech and data science journals, including Financial Innovation Journal and International Journal of Big Data Intelligence and Applications. Her work spans data-driven analysis, Web3 innovation, and technical content development. With a strong foundation in both industry and academia, she translates complex financial technologies into practical applications, empowering learners, professionals, and institutions across the rapidly evolving digital finance landscape.
