In 2025, stablecoins processed $33 trillion in transactions — nearly double Visa's $16.7 trillion. What was once seen as the boring parking lot of crypto now rivals the world's largest payment network.
Stablecoin Issuers Now Hold More US Treasuries Than Major Nations
Stablecoin issuers hold $155 billion in US Treasury bills.Tether alone holds $127 billion, Circle holds $25 billion. Combined, they rank among the top 20 holders of US government debt. The market surged from $5 billion in 2020 to $313 billion in March 2026 — a 60x increase in six years. Transaction volume rose 72% year-on-year. Stablecoins now represent over 1% of all US dollars in circulation, with 99% pegged to the dollar.
GENIUS Act Opens Doors for Banks and Institutions
In July 2025, the US signed the GENIUS Act — the first federal law specifically for stablecoins. Three core rules: each stablecoin must be backed 1:1 by real reserves; issuers must publish monthly reserve reports; holders get paid first if an issuer goes bankrupt. The law unlocked immediate activity: banks can now issue their own stablecoins, and institutions have a legal framework. An EY and Coinbase survey of 211 US institutional investors found 83% believe the GENIUS Act will drive greater willingness to engage with stablecoins.
Visa, Stripe, Mastercard All Moving In
Visa is integrating stablecoins into its settlement layer. Stripe now accepts stablecoin payments globally. Mastercard acquired stablecoin infrastructure firm BVNK for $1.8 billion. Base processed $17 trillion in stablecoin volume across 17 countries in 2025. ARK Invest data shows a sharp surge in stablecoin transaction volume after the GENIUS Act. The stablecoin market is projected to reach $2 to $4 trillion by 2030 — roughly 10x today's size.
For everyday users, the shift is visible: in Argentina and Nigeria, people use dollar-pegged stablecoins as savings accounts because local currencies are collapsing. Stablecoins offer dollar stability where traditional banking cannot. The dollar is going digital, the infrastructure is ready, and the institutions have arrived.