Stablecoin Transactions Hit $15.6T in 2024, 119% of Visa’s Total Txns

The transaction volume of stablecoins reached $15.6 trillion in 2024, surpassing Visa’s, according to recent data from ARK Invest. Notably, the transaction volume of stablecoins was approximately 119% that of Visa. A bar chart comparing stablecoins with major payment processors from 2019 to 2024 highlights the rapid rise of digital assets. Initially, stablecoins had minimal activity, with transaction volumes significantly lower than Visa, Mastercard, and American Express.  However, beginning in 2021, stablecoin usage accelerated, catching up with these traditional networks. By 2024, stablecoins dominated the chart, nearly reaching $16 trillion in transaction value. Mastercard followed a steady upward trend, reaching almost $8 trillion in transaction volume. Meanwhile, American Express maintained a lower transaction value, staying below $2 trillion. This shift in transaction volume underscores the increasing adoption of stablecoins in global payments. Tron Leads Stablecoin Transactions Tron Network processed $5.46 trillion in USDT transactions in 2024, handling 750 million transfers, according to Tronscan. Measured by monthly active addresses, Tron emerged as the leading blockchain, especially in emerging markets, due to its low transaction fees.  The volume of USDT transactions on Tron displayed an upward trend throughout the year. Late 2023 figures ranged between $5 billion and $15 billion in daily volume, while by the end of 2024, daily transactions frequently exceeded $20 billion to $30 billion. ARK Invest reported that stablecoin transactions hit 110 million monthly, equating to 0.41% and 0.72% of Visa and Mastercard’s respective figures. Alongside Tron, Solana, Ethereum, and Base also contributed significantly to stablecoin transaction volume in 2024. December 2024 set a record with a daily volume of $270 billion and a monthly volume of $2.7 trillion. Stablecoins Strengthen Dollar Influence It is important to note that USDT remained the dominant stablecoin, followed by USDC, with both accounting for 90% of the total supply. According to the research, stablecoins have expanded across multiple blockchains, reaching a total supply of $203 billion, representing approximately 0.97% of the U.S. M2 money supply. 

In December, active stablecoin addresses peaked at 23 million, the highest on record. Meanwhile, digital assets have increasingly aligned with the U.S. dollar as global financial systems shift. While China and Japan sold record amounts of U.S. Treasuries, Saudi Arabia ended its 45-year petrodollar agreement, and BRICS nations reduced their reliance on the dollar.  Previously, Bitcoin and Ether served as primary entry points into digital assets, but stablecoins now account for 35% to 50% of on-chain transaction volumes. Dollar-pegged stablecoins dominate with over 98% of total supply, while gold-backed and euro-backed stablecoins hold 1% and 0.5%, respectively. ARK Invest’s research suggests further expansion, including stablecoins backed by Asian currencies.