Stablecoins Surpass Visa With $46 Trillion On-Chain Volume in 2025

Stablecoins have experienced explosive growth in 2025, with transaction volumes reaching approximately $46 trillion annually, nearly three times the throughput of Visa, according to Andreessen Horowitz's (a16z) State of Crypto 2025 report. Even after adjusting for bot activity and internal transfers, the volume stands at about $9 trillion, surpassing traditional payment networks like PayPal and approaching the scale of the U.S. Automated Clearing House (ACH) system. Monthly adjusted transaction volume hit a record $1.25 trillion in September 2025, with stablecoins like Tether (USDT) and USD Coin (USDC) dominating, holding 87% of the supply, which exceeds $300 billion. Ethereum and Tron blockchains process around 64% of these transactions, leveraging their robust infrastructure and smart contract capabilities. The rise of stablecoins signals a shift from speculative use to essential real-world functions, including cross-border payments, institutional treasury management, and corporate settlements, challenging traditional banking and correspondent models. Furthermore, stablecoin issuers have accumulated significant U.S. Treasury holdings, highlighting their growing macro-financial influence and marking 2025 as a pivotal year for on-chain economic maturity.