According to the latest Stablecoin Status Report released by the Ethereum Layer 2 network Morph, the on-chain trading volume of stablecoins reached $33 trillion in 2025, surpassing the combined total of $25.5 trillion from Visa and Mastercard. This data indicates that tokenized dollars have quietly overtaken traditional card payment networks, becoming the core settlement layer of global finance. Although the total market capitalization of stablecoins is only in the hundreds of billions, their trading volume is now comparable to that of the largest payment networks in the world.
The report notes that approximately 60% of stablecoin trading flows are inter-company transactions, with businesses increasingly relying on dollar tokens for cross-border financial management, vendor payments, and procurement. “The adoption of stablecoins by enterprises is no longer a hypothesis, but a fact demonstrated by the data,” the Morph team stated, highlighting the growing role of stablecoins in institutional liquidity and settlement workflows as the average transaction size increases. In recent months, stablecoin trading volume has exceeded $1.5 trillion, matching or exceeding the monthly transaction volume of major card programs.
Additionally, forecasts from Bloomberg Intelligence suggest that stablecoin trading flows could reach $56.6 trillion by 2030. Other reports indicate that 90% of surveyed financial institutions are using stablecoins in some form, from settlement to collateral management. Another report on cross-border payments mentions that traditional financial institutions like SWIFT are testing blockchain and digital asset payment networks, implying that when stablecoins capture 10% of the global cross-border transaction market, ordinary users may find the lines between “cryptocurrency” and traditional payments becoming increasingly blurred.