a16z Stablecoin Report: Q1 Volume Hits $4.5 Trillion as Use Shifts to Domestic Business Payments

Stablecoins, typically pegged to fiat currencies such as the U.S. dollar, were initially used mainly to trade digital assets and move funds between crypto platforms. Their round-the-clock availability and rapid settlement are now attracting broader use in cross-border transfers, merchant payments and digital financial services. The shift is important because it positions stablecoins as a potential bridge between blockchain networks and traditional finance, rather than merely a source of liquidity for cryptocurrency markets.

Stablecoin transfer volume reached $33 trillion in 2025, underscoring the expanding scale of activity beyond exchange-based trading. The figure suggests the tokens are increasingly functioning as underlying payment rails across physical and digital commerce. Wider adoption will depend on regulatory clarity, transparent and liquid reserves, and integration by payment companies, banks and merchants, but the 2025 total marks a significant step in stablecoins’ transition from a crypto-market instrument to mainstream financial infrastructure.

Stablecoins have evolved from cash-like parking assets for crypto traders into settlement rails for payments, remittances and tokenized markets. Market capitalization measures the stock of coins outstanding, while adjusted onchain volume captures how intensively that liquidity is used. Tighter eligibility under the U.S. GENIUS Act and the European Union’s MiCA regime, alongside competition from yield-bearing tokenized U.S. Treasuries, is pushing the sector toward compliant, transaction-heavy use rather than passive balances.

In June 2026, total stablecoin market capitalization fell $7.7 billion, or 2.39%, to $312 billion, the biggest monthly dollar decline since TerraUSD collapsed in May 2022. Yet Visa’s Allium-powered Onchain Analytics recorded $1.79 trillion in adjusted settlement volume, up 63% from May and 125% from a year earlier, surpassing the previous $1.78 trillion record set in February. USDC handled about 67% of the flow, signaling that a smaller pool of stablecoin liquidity is turning over at a faster rate.

Stablecoins, once used primarily for crypto trading and as a hedge, are increasingly being adopted for everyday payments, consumer spending and asset liquidity management. Crypto exchange Changelly said the shift has implications for corporate payment infrastructure and user adoption, while also reflecting stablecoins’ expansion into broader financial applications.

Changelly’s newly released 2026 Stablecoin Trends Report, based on platform data and a user survey from 2025, showed a significant increase in stablecoin use for everyday purchases. The report summary did not disclose transaction values or growth rates. The company also plans to hold a dedicated discussion on May 15, 2026, focusing on the development of corporate stablecoin infrastructure.

Stablecoins, once viewed mainly as tools for trading crypto assets, are increasingly being used for corporate payments and settlement by financial institutions. Juniper Research said they can reduce the time and cost of traditional cross-border transfers while supporting supply-chain payments, treasury management and international settlement, making them an important area of development in global B2B payment infrastructure.

Juniper Research’s latest report forecasts that cross-border B2B stablecoin payments will reach $5 trillion by 2035 and account for 85% of the value of all stablecoin transactions. The projection signals a shift in the market’s focus from speculative trading to institutional use, with stablecoins enabling businesses to make programmable cross-border payments and manage funds around the clock.

Stablecoins maintain their value through backing by assets such as the U.S. dollar and are often seen as a bridge between traditional finance and blockchain-based payments. McKinsey says their circulation has reached $300 billion, but actual payments account for just 0.02% of the global market, indicating that trading activity has yet to translate into widespread everyday use.

McKinsey estimates that the stablecoin market could exceed $3 trillion by 2030 and could reach $4 trillion under an optimistic scenario. Revolut, Tether and Circle each advanced related initiatives this week, reflecting intensifying competition among banks, fintech companies and crypto firms for issuance, settlement and payment channels.

Stablecoins maintain price stability by pegging their value to assets such as the US dollar. Their use has gradually expanded beyond crypto trading into cross-border remittances, corporate settlement and everyday payments. Chainalysis believes that if adoption continues to rise, stablecoins could exceed the current scale of global cross-border payments by 2035 and become the default payment infrastructure.

Chainalysis’ latest forecast says stablecoin transaction volumes could reach $1.5 quadrillion by 2035, driven by organic growth, maturing regulatory frameworks and an intergenerational wealth transfer. Separate reports cited a $719 trillion estimate, reflecting differences in methodology and growth scenarios, but both point to a sharp expansion in transaction volumes over the next decade.

Stablecoins maintain their value against assets such as the U.S. dollar. Their ability to settle transactions around the clock and across borders via blockchains is helping them evolve from crypto trading instruments into payment infrastructure. With transaction volumes continuing to close in on those of traditional networks such as Visa and PayPal, comparisons with the U.S. Automated Clearing House (ACH) network have become an important benchmark.

According to blockchain data platform Artemis, stablecoin transaction volume reached $7.2 trillion in February, exceeding the $6.8 trillion processed by the U.S. ACH network over the same period for the first time. The difference was about $400 billion. The milestone indicates that stablecoins’ round-the-clock operations and borderless transfers are accelerating their adoption.

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.