Key Takeaways
- Annual stablecoin transaction volume reached $46 trillion in 2025, nearly tripling Visa’s throughput, according to a16z’s State of Crypto report.
- Adjusted monthly stablecoin transaction volume peaked at $1.25 trillion in September 2025.
- The total stablecoin supply exceeded $300 billion, with USDT and USDC dominating the market.
- Ethereum and Tron blockchains handle the majority of stablecoin settlement activity, accounting for 64% of volume.
- Over 1% of all U.S. dollars are now represented as stablecoins on public blockchains.
Stablecoins Drive On-Chain Finance Growth
Stablecoins have emerged as a critical engine for on-chain finance, processing an astonishing $46 trillion in annual transfers, according to a 2025 report by Andreessen Horowitz (a16z). This volume is nearly triple that of traditional payment giant Visa, underscoring a significant shift from stablecoins being solely trading tools to becoming a foundational element of a global settlement network.
The a16z report, titled State of Crypto 2025, highlights that even after accounting for inorganic activity and adjusting the figure to $9 trillion, stablecoin throughput still significantly exceeds legacy financial systems. This indicates a fundamental transformation in how value is being transferred globally.
A New Era for Global Value Transfer
In September 2025, the monthly adjusted transaction volume for stablecoins reached a near-record $1.25 trillion. A key observation from a16z analysts is that this surge in stablecoin usage is largely independent of broader cryptocurrency trading volumes. This suggests that stablecoins are increasingly being utilized for substantive economic purposes rather than pure market speculation.
The total supply of stablecoins in circulation has expanded to over $300 billion. Tether (USDT) and USDC are the leading stablecoins, collectively making up 87% of the total supply. The Ethereum and Tron blockchains continue to be the dominant platforms for stablecoin settlements, processing 64% of all adjusted transaction volume as of September.
Macroeconomic Implications of Tokenized Dollars
The rise of stablecoins carries profound macroeconomic implications. Data from a16z’s report indicates that more than 1% of all existing U.S. dollars are now tokenized as stablecoins on public blockchains. Furthermore, stablecoin issuers have collectively become significant holders of U.S. government debt, ranking 17th globally with over $150 billion in Treasury holdings.
The Maturing Digital Asset Ecosystem
This significant growth in stablecoin usage is presented as the most prominent indicator of a broader industry transformation, marking 2025 as a pivotal year for the mainstream adoption of on-chain technologies. The a16z report authors suggest a foundational maturity has been reached across the digital asset sector.
The number of monthly active crypto users has grown substantially, ranging between 40 and 70 million, representing an increase of approximately 10 million users over the past year. This user expansion is complemented by advancements in underlying blockchain infrastructure, with networks now processing over 3,400 transactions per second collectively – a more than 100-fold increase compared to five years ago.
Expert Summary
The latest State of Crypto report from a16z underscores the transformative impact of stablecoins on global finance, demonstrating their capacity to facilitate trillions of dollars in transactions annually. This surge in stablecoin adoption, alongside a growing user base and enhanced blockchain infrastructure, signals a maturing digital asset ecosystem poised for further innovation and integration.