Stablecoin Market Grows Rapidly but Payments Account for Just 0.02% of Global Market, McKinsey Says

Stablecoins maintain a steady value by pegging themselves to assets such as the U.S. dollar. Their use is gradually expanding beyond cryptocurrency trading into cross-border remittances and everyday payments. Bitwise Chief Investment Officer Matt Hougan said the vast user bases and payment ecosystems of major technology companies such as Meta and DoorDash could make their formal adoption of stablecoins a key turning point for broader uptake.

Hougan recently said Meta and DoorDash have begun using stablecoins in payment pilots, indicating that technology platforms are exploring ways to cut settlement costs and improve payment efficiency. He predicted that the stablecoin market could grow to $4 trillion by 2030, with adoption by large technology companies bringing hundreds of millions of users into the market.

Stablecoins were originally used mainly for crypto trading and cross-border remittances, but they are increasingly becoming tools for corporate payments, collections and treasury settlement. Venture capital firm Andreessen Horowitz (a16z) said the shift toward domestic business payments shows that stablecoins are becoming part of mainstream financial infrastructure, making their regulatory and market impact increasingly important.

a16z's latest report showed that adjusted stablecoin transaction volume reached $4.5 trillion in the first quarter of 2026. Domestic payments accounted for 75%, while consumer-to-business (C2B) payment volume rose 128% year on year. Asia generated about two-thirds of global volume during the period, indicating that usage has expanded from cross-border transfers to local payments.

Morph is an Ethereum Layer 2 project focused on increasing blockchain transaction speeds and reducing costs. Because stablecoins are typically pegged to fiat currencies such as the U.S. dollar, they can reduce exposure to crypto-asset volatility and are increasingly seen as an important tool for improving the efficiency of cross-border payments, remittances and settlement.

Morph’s latest forecast says stablecoins will capture 10% of the global cross-border payments market by 2030. Although the forecast does not provide a corresponding transaction value, the 10% penetration target suggests stablecoins could evolve from a medium for cryptocurrency trading into cross-border settlement infrastructure for companies and financial institutions.

Stablecoins maintain their value by being pegged to assets such as the U.S. dollar. Initially used mainly for cryptocurrency trading and hedging, they are increasingly being adopted for cross-border payments and bank settlement. Australia’s Macquarie Bank said faster adoption of onchain dollars by Visa, Mastercard and major banks could make stablecoins an important part of the global financial infrastructure.

As of July 2026, the global stablecoin market capitalization had surpassed $312 billion, up about 50% from a year earlier, although the cryptocurrency market still accounted for roughly 90% of transaction volume. Banks and card networks are now integrating stablecoins into existing payment, clearing and settlement systems, expanding their use in real-world financial services.