Stablecoins Volume Soars to $46T in 2025, Net $9T Excluding Bots

Published: 2025-10-23 15:04:48 |

Stablecoins reached a record $46 trillion in onchain transaction volume in 2025, according to a16z’s State of Crypto report. After filtering out bot activity and artificial inflation, net volume totaled $9 trillion—more than five times PayPal’s annual transfers. The total supply of stablecoins surpassed $300 billion, with USDT and USDC accounting for 87% of circulation. These tokenized U.S. dollars now represent over 1% of all physical U.S. dollars in circulation. Ethereum and Tron blockchains processed 64% of settlement volume, while stablecoin issuers held more than $150 billion in U.S. Treasury debt. Active monthly crypto users jumped from 40 million to 70 million. Network capacity has scaled to 3,400 transactions per second. This surge marks a shift from speculative trading to real-world finance and mainstream payments. Traders should monitor ongoing stablecoins integration into DeFi and traditional finance platforms.

Neutral

While the surge in stablecoins transaction volume and adoption highlights growing infrastructure and real-world use, stablecoin prices remain pegged to the U.S. dollar. This report is bullish on usage metrics but has limited direct impact on price movements. In the short term, increased volume may support market stability and liquidity. Long term, deeper integration into payments and DeFi could strengthen confidence and drive broader ecosystem growth, yet price pegs will keep volatility low.