Stablecoins Hit $310 Billion as On-Chain Settlement Goes Mainstream

Fresh data shows stablecoins operating as core settlement rails under newly enforced reserve standards.

Overview

On-chain stablecoin transactions in 2025 topped $40 trillion, with corporate treasury, payroll, B2B settlements and cross-border payouts overtaking trading activity.
Market concentration remains pronounced, with USDT near 62% share and USDC around 26%, reflecting scale, redemption reliability, and regulatory clarity.
At least ten major banks launched or announced stablecoin initiatives, and card networks built payout rails reaching roughly 150 million merchant locations.
In high-friction payment corridors, reported costs drop by 58–94% and settlement times fall from days to minutes, improving cash flow and reducing fees.
Issuers now hold more than $120 billion in U.S. Treasuries, with projections suggesting holdings could approach $1 trillion by 2028 as issuance growth moderates and liquidity sits on the sidelines.