Overview
- Dollar‑pegged crypto tokens processed about $7.5 trillion in transactions in the latest monthly reading, surpassing the U.S. ACH bank transfer network for the first time, according to industry data.
- Market structure is shifting as USDC overtakes USDT in organic on‑chain volume and yield‑bearing stablecoins expand, signaling a move toward more regulated and interest‑earning designs.
- Roughly 60% of stablecoin flows are now business‑to‑business, with companies using on‑chain dollars for cross‑border treasury, supplier payments, and settlement.
- Asia‑Pacific accounts for a majority of payment volume and on‑chain card usage is climbing, yet limited merchant acceptance still blocks everyday consumer spending.
- Chainalysis projects adjusted volumes could reach $719 trillion by 2035 and as high as $1.5 quadrillion if a large wealth transfer to younger, crypto‑native users and point‑of‑sale rollout accelerate adoption, while deals by Stripe and Mastercard and the U.S. GENIUS Act show incumbents building the rails.