According to new data highlighted by a16z crypto, stablecoins have reached an unprecedented milestone, processing an estimated $46 trillion in transaction volume over the past 12 months. That figure officially places stablecoins ahead of Visa ($16 trillion) and within striking distance of the U.S. Automated Clearing House (ACH) network, which handled $87 trillion during the same period.
This marks one of the clearest signs yet that blockchain-based money transfers are scaling to the level of traditional finance, rivaling some of the world’s largest payment systems by volume.
Stablecoins Reach Institutional Payment Scale
The a16z analysis shows that even when transaction data is “adjusted” to remove artificial or high-frequency on-chain activity, stablecoins still processed around $9 trillion, a figure comparable to the annual throughput of entire national banking systems.
By contrast, PayPal processed $1.7 trillion, underscoring how blockchain settlement layers are moving well beyond retail payments and becoming a foundation for institutional money flows, remittances, and DeFi operations.
The Rise of Blockchain Settlement Infrastructure
Stablecoins, primarily USDT, USDC, DAI, and PYUSD, are now functioning as global settlement rails as global adoption soars, especially across decentralized finance, centralized exchanges, and cross-border commerce. Their transparency, programmability, and near-instant finality have made them the preferred medium for dollar-denominated transfers in crypto markets.
Analysts note that the $46 trillion figure represents more than just speculative activity. With the expansion of tokenized treasuries, on-chain FX settlements, and corporate integrations, stablecoins are increasingly being used as wholesale payment infrastructure, bridging the gap between traditional banking systems and the decentralized economy.
A New Era of Global Payments
The data underscores how blockchain networks are rapidly evolving from experimental fintech tools into core components of the global financial system. Stablecoins now rival Visa, Mastercard, and even ACH in scale, without relying on traditional intermediaries or regional restrictions.
As governments continue to debate central bank digital currencies (CBDCs), the private sector’s stablecoin adoption curve may already be proving that the future of money is programmable, borderless, and on-chain.
If current growth trends persist, stablecoins could overtake ACH volumes within the next two years — cementing blockchain’s role not just as an asset class, but as a global payments backbone.
