Stablecoins now move more money than credit card giants Visa (NYSE: $V) and Mastercard (NYSE: $MA) combined.
In 2025 stablecoins processed $33 trillion U.S. in financial transactions, topping Visa and Mastercard’s combined $25.5 trillion U.S., according to a new “State of Stablecoins” report from Ethereum layer-2 network Morph.
Some analysts now expect stablecoins such as Circle Internet Group’s (NYSE: $CRCL) USDC (CRYPTO: $USDC) and Tether’s USDT (CRYPTO: $USDT) to handle more than $50 trillion U.S. of transactions in 2026.
More From Cryptoprowl:
The surge in stablecoin payments comes as corporations, banks, and artificial intelligence (AI) agents turn on‑chain dollars into payment rails.
Morph’s report states that stablecoins have moved beyond their speculative origins to become a core settlement layer for finance, with volumes now comparable to the world’s largest payment networks.
The report highlights that 60% of stablecoin transactions are business-to-business as corporations lean on dollar tokens for cross-border treasury management and supplier payments.
“Enterprise adoption is no longer a thesis; it is visible in the data,” writes the Morph team.
The report notes that in recent months, stablecoin volumes exceeded $1.5 trillion U.S., rivaling or surpassing the monthly throughput of major credit cards such as Visa and Mastercard.
Looking ahead, Morph projects annual stablecoin settlement volumes could exceed $50 trillion U.S. by the end of 2026, cementing their role as a parallel payment stack alongside banks, credit cards, and systems such as SWIFT.
By 2030, the report forecasts that stablecoins could account for around 10% of global cross-border payments, helped by lower fees, instant settlement, and regulatory clarity.
Stablecoins are cryptocurrencies pegged to an underlying asset, typically the U.S. dollar or price of gold.
