Stablecoin Transaction Volume Surpasses Visa in Global Payments Activity

 Key Takeaways

·         Stablecoin transfer volume has exceeded Visa’s annual payment volume.

·         Data reflects on-chain settlement activity rather than consumer card payments.

·         Growth highlights stablecoins’ role in cross-border and institutional transfers.

Stablecoins Cross a Major Volume Threshold

Stablecoin transaction volume has overtaken that of  Visa, marking a notable moment in the evolution of global payment infrastructure. Aggregate on-chain data shows stablecoins processed more total value over the past year than Visa’s reported annual payment volume, underscoring the growing use of blockchain-based settlement rails alongside traditional financial networks.

The milestone matters less as a head-to-head contest and more as an indicator of how digital dollars are increasingly used for large-scale value transfer. Stablecoins, which are cryptocurrencies typically pegged to fiat currencies such as the U.S. dollar, have become a core settlement layer for crypto markets, cross-border payments and institutional transactions.

Two Very Different Payment Systems

Visa operates a global card network that facilitates consumer and commercial payments between banks, merchants and customers. Its reported volumes largely reflect retail and business purchases made with credit and debit cards, supported by fraud protection, chargeback rights and regulatory compliance.

Stablecoins, by contrast, function primarily as bearer instruments on public blockchains. Their transaction volumes include a wide range of activity, from exchange settlements and liquidity movements to treasury management and cross-border transfers. While some stablecoin payments now reach end users, a significant share of volume reflects wholesale or infrastructure-level transfers rather than consumer spending.

This structural difference is central to understanding why comparisons between stablecoin and card network volumes can be misleading if taken at face value.

Drivers Behind Stablecoin Growth

Several factors have contributed to the rise in stablecoin transaction volume. On-chain settlement allows transactions to clear around the clock, often within minutes, without reliance on correspondent banking networks. For large transfers, costs can be lower and settlement faster than traditional rails, particularly for cross-border activity.

Institutional adoption has also expanded. Trading firms, payment processors and multinational companies increasingly use stablecoins for treasury operations, liquidity management and international transfers. The growth of regulated stablecoin issuers and improved transparency around reserves has further supported adoption among professional market participants.

In parallel, blockchain infrastructure has matured, with higher throughput networks and more reliable custody and compliance tooling enabling larger transaction flows.

Market Impact and Interpretation

Despite the headline figure, the stablecoin milestone has not yet translated into a clear disruption of consumer payment markets. Visa continues to dominate everyday retail payments, both in volume of transactions and number of users. Stablecoins currently operate more as a settlement layer than as a mass-market payment instrument.

Industry analysts note that raw transaction value does not equate to economic activity in the same way across systems. A single large on-chain transfer can exceed the value of thousands of card payments, inflating aggregate volume figures without reflecting broader consumer usage.

As a result, markets have so far treated the data point as symbolic rather than transformative. There has been no immediate impact on card network revenues or fee structures attributable to stablecoin competition.

Industry Perspective

Payment companies and financial institutions increasingly view stablecoins as complementary infrastructure rather than direct competitors. Traditional networks, including Visa, have explored blockchain settlement, stablecoin-linked products and partnerships with crypto-native firms. The focus has largely been on improving back-end efficiency rather than replacing consumer-facing card products.

Regulators are also shaping the landscape. Legislative efforts aimed at defining reserve requirements, issuer oversight and redemption rights could influence how widely stablecoins are used beyond crypto markets. Clearer rules may encourage further institutional adoption while constraining riskier issuance models.

What Comes Next

Future comparisons between stablecoins and traditional payment networks are likely to depend on improved data segmentation. Distinguishing between retail payments, institutional transfers and internal liquidity movements will be critical for assessing real-world adoption.

At the same time, stablecoin use cases are expected to expand gradually into areas such as corporate payments, remittances and on-chain financial applications. Whether that growth eventually overlaps meaningfully with card-based consumer payments remains uncertain.