Stablecoins are solidifying their role in global payments as transaction activity reaches mainstream financial network scale. Binance Research reported on April 21 that stablecoins processed approximately $33 trillion in 2025, compared with roughly $14 trillion in Visa payments volume, highlighting how blockchain-based settlement is gaining visibility in cross-border finance.
Binance Research stated on social media platform X that stablecoin transaction activity has moved ahead of legacy payment networks in overall scale. The post acknowledged that raw volume includes on-chain noise, while stressing that long-term growth trends offer a clearer signal of network evolution than headline figures alone. “Yes, the raw figure includes on-chain noise. The point is the trajectory — stablecoin rails are now operating at payments-network scale,” the firm explained.
After excluding MEV and internal exchange flows, Binance claimed in a follow-up post, “stablecoins still overtake Visa in 2026.” The firm added that adjusted volume for stablecoins has climbed from about $0.5 trillion in 2022 to more than $7 trillion today, while Visa’s figures have remained largely flat. This suggests growing contribution from payment-like activity alongside trading-related flows. Binance noted: “Organic, payments-like stablecoin usage is doing the work now.”
Banks Move from Exploration to Deployment
Fireblocks data showed rising institutional focus. About 60% of banks target cross-border payments and FX. Another 52% prioritize real-time settlement. Around 37% focus on treasury optimization. Custody and collateral use cases each sit near 30%. This reflects broader integration beyond simple transfers. Binance Research stated: “Banks aren’t exploring. They’re deploying.” The data indicates a transition from pilot programs to active implementation within banking operations.
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.
Caveats and Regulatory Momentum
However, the comparison with Visa carries an important caveat. Research from McKinsey estimates stablecoins moved about $35 trillion in 2025, yet only about $390 billion reflected actual payments, with the rest tied largely to trading, liquidity flows, and other blockchain-native activity. This underscores that headline transaction values may overstate real-world commercial usage.
Binance Co-CEO Richard Teng’s remarks at Hong Kong Web3 Festival on April 20 highlighted stablecoins 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 granted its first fiat-backed stablecoin issuer licenses to HSBC and Anchorpoint Financial under the city’s Stablecoins Ordinance.
The stablecoin economy has crossed $315 billion in total market capitalization, with Circle’s USYC leading weekly gains. As jurisdictions including the U.S., EU, Japan, UAE, and Hong Kong develop clearer rules, compliance standardization is seen as a necessary step toward scaling cross-border adoption. Stablecoins are increasingly viewed as a viable layer for global payment infrastructure.