Stablecoin transaction volume reportedly hit $1.5 trillion in July, signaling the continued expansion and utility of digital currencies in the global financial landscape. The figure was shared by prominent crypto analyst "The Wolf Of All Streets" on social media. This substantial volume underscores stablecoins' growing role in facilitating various on-chain activities, from trading to remittances.
The reported July volume places stablecoins in direct comparison with traditional payment giants. In 2024, stablecoin transfer volumes, reaching an annual total of $27.6 trillion, notably surpassed the combined transaction volumes of Visa and Mastercard. This milestone highlights the increasing adoption of blockchain-based payments and their potential to disrupt conventional financial systems.
However, the reported transaction volumes often include a significant portion of automated or non-economic activity. Reports from early 2025 indicated that up to 70% of stablecoin transaction volume in 2024 was attributed to bot activity, particularly on high-speed networks like Solana and Base. Visa's analysis also suggested that over 90% of stablecoin transaction volumes might not originate from genuine user payments.
Tether (USDT) continues to dominate the stablecoin market, especially on the Tron Network, which facilitated a significant portion of USDT transactions in 2024 due to its efficiency and lower fees. USD Coin (USDC) remains a preferred choice for decentralized finance (DeFi) activities, with its on-chain popularity steadily increasing. The surge in stablecoin usage reflects growing trust in their expanding use cases, including tokenized real-world assets.
Despite the debate surrounding adjusted versus unadjusted transaction volumes, the consistent growth in stablecoin activity points to their integral role in the evolving digital economy. As these digital assets gain broader acceptance, they continue to attract regulatory scrutiny while offering quicker and more affordable international payment solutions.