Binance Research's latest data shows stablecoins processed approximately $33 trillion in transaction volume in 2025, surpassing Visa's roughly $14 trillion in payments volume. This milestone signals that blockchain-based payment networks have scaled beyond traditional payment giants. However, further analysis reveals that only a small fraction of this activity represents real-world payments, while the majority remains tied to trading and liquidity flows.
Key Takeaways
- Binance Research stated stablecoins processed $33 trillion in 2025, exceeding Visa in raw transfer volume.
- Fireblocks data shows about 60% of banks are accelerating stablecoin use for cross-border payments and FX.
- Binance Co-CEO Richard Teng noted stablecoins significantly reduce costs and delays in cross-border payments.
Stablecoins vs Visa: The Numbers Behind the Headlines
In an analysis published on April 21, Binance Research emphasized that stablecoin transaction activity has now surpassed legacy payment networks in overall scale. The firm posted on social media platform X: “Yes, the raw figure includes on-chain noise. The point is the trajectory — stablecoin rails are now operating at payments-network scale.” After excluding MEV and internal exchange flows, adjusted stablecoin volume climbed from approximately $0.5 trillion in 2022 to over $7 trillion today, while Visa’s figures remained largely flat. The firm noted that organic, payments-like stablecoin usage is now driving growth.
However, this comparison carries a critical caveat. Research from McKinsey estimates that stablecoins moved about $35 trillion in 2025, yet only around $390 billion (12%) reflected actual payments, with the rest largely tied to trading, liquidity flows, and other blockchain-native activity. This distinction underscores that headline transaction values may overstate real-world commercial usage. When narrowed to consumer and business payment activity, the stablecoin advantage over Visa is far less definitive.
Banks Accelerate Deployment
Fireblocks data shows rising institutional focus: about 60% of banks target cross-border payments and FX, 52% prioritize real-time settlement, 37% focus on treasury optimization, and custody and collateral use cases each sit near 30%. Binance Research noted: “Banks aren’t exploring. They’re deploying.” This indicates a transition from pilot programs to active implementation within banking operations.
Cost Efficiency Drives Adoption
Cost efficiency remains a central driver. Binance Research detailed that a $10,000 cross-border transfer using stablecoins typically carries near-zero fees and settles almost instantly, compared with about $70 and 12 hours via fintech platforms, $150 and 72 hours through SWIFT, $300 and 48 hours via card networks, and roughly $350 and 24 hours using digital money transfer operators. “The gap is structural, not marginal,” the firm stressed.
Regulatory Momentum Supports Adoption
Binance Co-CEO Richard Teng’s remarks at the Hong Kong Web3 Festival on April 20 further highlighted the role of stablecoins in addressing cross-border payment inefficiencies. He described them as a practical answer to legacy payment friction. “Stablecoins represent that alternative. It’s totally built on blockchain. If you do a transfer on stablecoin, it’s instantaneous at a fraction of the cost,” he said. Hong Kong has since granted its first fiat-backed stablecoin issuer licenses to HSBC and Anchorpoint Financial under the city’s Stablecoins Ordinance. Teng argued that regulatory fragmentation remains a hurdle, even as jurisdictions including the U.S., EU, Japan, UAE, and Hong Kong develop clearer rules. He pointed to compliance standardization as a necessary step toward scaling cross-border adoption.
Taken together, institutional adoption, regulatory progress, and growing payment utility suggest stablecoins are gaining traction as a viable layer for global payment infrastructure, despite the gap between raw volume and real payments.