In the past year, the total trading volume of blockchain-based USD stablecoins has reached $11 trillion, nearing the $12 trillion annual transaction volume of traditional card networks like Visa. In just over a decade, stablecoins have rapidly evolved from experimental assets on the fringes to key financial instruments that rival mainstream payment networks, showcasing the profound transformative power of blockchain technology on the traditional financial system.
Market data indicates that the annual growth rate of stablecoins is approaching 50%. If this momentum continues, the total market capitalization of the industry is expected to exceed $468 billion next year. Currently, there are no clear signs of a slowdown, suggesting that the penetration rate is still accelerating.
Top global financial institutions are accelerating their integration into the stablecoin ecosystem. Visa and Mastercard have directly supported USDC transactions on the blockchain, bypassing traditional banking networks; banks like JPMorgan, Citibank, and HSBC are testing tokenized deposits and on-chain settlement services. Mastercard has also partnered with SoFi to enable SoFiUSD for real-time processing of corporate fund transfers and cross-border remittances, ushering in a new era of borderless payments.
This transformation is not limited to crypto-native enterprises. Global insurance company Aon has piloted accepting stablecoin payments for premiums; the Circle Payments Network covers multiple countries including the U.S., EU, Singapore, India, and the Philippines, providing stablecoin cross-border settlement services. Stablecoins are evolving from speculative tools to core components of financial infrastructure.
On the regulatory front, developments are also keeping pace. The U.S. GENIUS Act provides a legal framework for the application of stablecoins in areas such as insurance, while the EU's MiCA regulations aim to establish unified standards for issuance and operation. Major economies around the world are gradually incorporating stablecoins into formal financial regulatory systems.
As over $312 billion flows through stablecoins on-chain, the traditional banking system is facing unprecedented pressure from capital diversion. The power restructuring between financial institutions and stablecoin issuers is quietly changing the underlying logic of global finance.