Stablecoins hit 83% of USD spot trading volume, Kaiko finds

Kaiko data shows stablecoins dominate USD crypto spot markets. As of late March 2026, stablecoins account for 83.03% of all USD-denominated spot trading volume on centralized exchanges, while direct fiat USD pairs fall to 16.97%. The shift is large versus prior cycles. In 2021, USD spot trading was split more evenly: stablecoins 77.75% vs fiat pairs 22.25%. From 2024–2025, stablecoins pushed above 80% and have continued to hold the majority. Kaiko frames this as more than convenience. Stablecoins increasingly function as the “operational dollar” for settlement, liquidity, and pricing across many major trading pairs. Fiat token pairs such as BTC/USDT and ETH/USDC tend to offer deeper liquidity, tighter spreads, and 24/7 trading without reliance on traditional banking hours or settlement delays. The article also links the trend to global access. In regions with capital controls or limited banking infrastructure, stablecoins can act as a parallel dollar rail for remittances and everyday payments. It claims USD-backed stablecoins process hundreds of billions in daily spot volume, while euro-denominated stablecoins remain comparatively small. Market share is concentrated. Tether’s USDT leads, often taking more than 80% of stablecoin-driven volume, with USDC as the second-largest contributor. Regulation is cited as a tailwind: U.S. policy frameworks introduced in 2025 are said to encourage issuance and compliance, while exchanges with less direct U.S. banking access route more activity via stablecoin pairs. On regulated U.S. venues, fiat USD pairs still exist but often represent low double-digit—or even single-digit—volume. Trade-off risks remain, including reserve transparency, market concentration, and ongoing regulatory scrutiny.