Stablecoin networks moved $28 trillion in real economic volume during 2025, according to data from Chainalysis. This figure excludes speculative trading and bot activity, focusing exclusively on organic payments, remittances, and settlements. By comparison, Visa’s total payment network volume for the 2025 fiscal year reached approximately $13 trillion.
The data indicates a rapid shift in global payment infrastructure. Stablecoin volume has maintained a 133% compound annual growth rate since 2022. If this trend continues, analysts project transaction volume could reach $719 trillion by 2035, with a theoretical ceiling of $1.5 quadrillion should merchant adoption and wealth transfers accelerate.
Regulatory shifts and economic impact
Washington is responding to this growth with new oversight. The U.S. Treasury and FinCEN proposed rules on April 8 requiring stablecoin issuers to implement Bank Secrecy Act obligations. These requirements include filing Suspicious Activity Reports and adhering to the Travel Rule for transactions exceeding $3,000. Issuers must also maintain board-approved anti-money laundering programs overseen by a U.S.-based compliance officer.
Simultaneously, the White House Council of Economic Advisers released a study evaluating the proposed GENIUS Act, which seeks to ban yield-bearing stablecoins. The report found that such a ban would cost consumers $800 million in lost welfare while providing only a 0.02% increase in bank lending. Even under a model where stablecoin adoption scales six-fold, the projected increase in bank lending remains marginal at 4.4%.
While traditional financial markets faced volatility this week—marked by a 12% drop in the S&P 500—stablecoin infrastructure operated without interruption. Unlike legacy systems that close at 4 p.m. ET, the blockchain-based networks continued to process transactions throughout the market turbulence. The data highlights that stablecoins are increasingly functioning as a high-velocity utility for global commerce, operating at a fraction of the cost per transaction compared to traditional card networks.
