Stablecoins Move Twice as Much as Visa—And They’re Just Warming Up

• The stablecoin market cap is now $233 billion, up from $138 billion in February 2024.
• Stablecoins recorded $35 trillion in transfer volumes throughout 2024, more than double Visa’s $15.7 trillion.
• Pro-crypto regulations could soon allow stablecoins to integrate with existing financial systems and payment processors.

The stablecoin market cap has doubled, and transaction volumes have more than tripled over the past year, surpassing Visa as the digital payments industry increasingly adopts assets like Tether (USDT), USD Coin (USDC) and PayPal USD (PYUSD).

Stablecoins Outpace Visa

According to Dune’s State of Stablecoins 2025 report , stablecoins saw significant growth between February 2024 and February 2025, reaching a supply of $214 billion and handling $35 trillion in transactions.

Monthly volumes soared from $1.9 trillion to $4.1 trillion during this period.

This figure is more than double Visa’s $15.7 trillion in payments —down $1.1 trillion from 2023. Meanwhile, stablecoin volumes have more than tripled since 2023.

However, Visa isn’t losing to stablecoins. Instead, the payments giant has embraced the technology. In 2020, it became one of the first financial networks to settle a transaction in USDC.

Visa has since expanded its involvement, assisting banks in developing stablecoin-powered payment solutions and rolling out crypto-backed debit cards.

It has also integrated with Solana for USDC payments and partnered with major exchanges like Coinbase while monitoring stablecoin activity through its on-chain analytics platform.

Pushing for Adoption

Visa, Mastercard, and FinTech startups are pushing not just for stablecoin infrastructure but also for widespread adoption.

Apple Pay, Stripe, and other payment providers are slowly integrating crypto into their platforms.

However, Foresight Ventures notes that stablecoins remain in a transitional phase—primarily acting as a bridge between fiat currencies rather than fully replacing them.

As firms build consumer-grade digital payments infrastructure, non-crypto users are expected to adopt stablecoins naturally.

PayPal’s PYUSD has demonstrated this in practice, offering advantages for businesses, especially those in international trade.

However, regulatory uncertainty has hindered stablecoin adoption in traditional finance.

This is expected to change as the U.S. moves forward with pro-crypto legislation over the next year, potentially unlocking greater integration between stablecoins and global financial systems.