Stablecoins Process $27.6 Trillion in 2024, Surpassing Visa With 95% Settled on Ethereum

In 2024, stablecoin transaction volumes surpassed those of Visa for the first time, according to multiple industry sources including Bitwise.

Stablecoins processed over $27.6 trillion in transactions during the year, officially exceeding Visa’s total payment volume and edging out Mastercard by 7.7%.

The growth was driven by leading stablecoins such as USDT, USDC, and DAI, with 95% of the volume settled on the Ethereum network and fast-growing adoption on networks like Solana.

Stablecoins have also become a top 15 holder of US Treasuries, reflecting their increasing integration into traditional financial markets.

Some banks, including HSBC and ANZ, are already generating revenue from stablecoin-related payments, custody, and issuance. Additionally, stablecoins settled over $6 trillion in 2024.

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