Stablecoins are quickly outpacing traditional payment tools.

That’s according to the latest State of Crypto 2025 report from venture capital firm Andreessen Horowitz on October 22, which said that digital dollars now rival fintech giants Visa and PayPal.

Over the past year, stablecoins processed $46 trillion in total transaction volume, up 106% from 2024, the report said.

That’s nearly three times Visa’s volume and approaching the scale of the US banking system’s automated clearing house network.

On an adjusted basis, which filters out bots and artificial volume, stablecoins still moved $9 trillion, up 87% year-on-year.

It’s thus no wonder that crypto companies building stablecoin products have enjoyed record fundraising results in 2025.

$1.25 trillion

In previous cycles, stablecoins were mostly used to settle crypto trades.

Now, a16z Crypto says they’ve evolved into “the fastest, cheapest, and most global way to send a dollar in less than one second for less than one cent, almost anywhere in the world.”

Monthly transaction volume hit an all-time high of $1.25 trillion in September 2025, even as overall crypto trading activity slowed, which, the firm says, is evidence of “non-speculative use and true product-market fit.”

The total supply of stablecoins has also blown past $308 billion, according to DefiLlama data, with Tether (USDT ($1.00)) and USDC ($1.00) controlling 87% of the market.

Together, the Ethereum and Tron blockchains process 64% of all stablecoin transactions, handling $772 billion in adjusted volume in September alone.

US dollar strength

A16z Crypto described stablecoins as a “global macroeconomic force.”

More than 1% of all US dollars now exist as tokenised stablecoins on public blockchains, and their impact extends far beyond crypto.

“Stablecoins are strengthening dollar dominance,” the report said, noting that they now rank as the 17th-largest holder of US Treasuries, up from 20th last year.

Collectively, they hold over $150 billion in Treasury bills, which is more than the central banks of many sovereign nations.

Even as foreign central banks reduce their US debt holdings and shift toward gold and other assets, demand from stablecoin issuers is surging.

Over 99% of all stablecoins are denominated in dollars, and a16z forecasts that the sector could grow tenfold to more than $3 trillion by 2030.

Citibank has made similarly bullish calls, projecting $4 trillion by 2030.

Crypto market movers

• Bitcoin is up 1.3% over the past 24 hours at around $110,995.
• Ethereum is down 1.5% over the past 24 hours, trading at $3,950.

What we’re reading

• Railgun hits record $4bn in volume as privacy demand surges — DL News
• Ethereum poised to hit $5,200 as privacy tech takes centre stage, says analyst — DL News
• 8 Reasons Why Unchained Decided to Stream on Pump.Fun — Unchained
• Retail vs Wall Street: Why The Odds Are Stacked Against You — Milk Road
• Bitcoin investors flee ETFs to the tune of $1bn as volatility spikes
• — DL News

Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email lance@dlnews.com.