Stablecoin monthly transaction volumes are surpassing payment giants as total supply expanded 33% this year to more than $304 billion, the report found.
Stablecoins are now processing more adjusted volume each month than major payment networks such as Visa and PayPal, according to Delphi Digital. The firm described stablecoins as “the most important infrastructure story in crypto” due to rapid growth in usage and supply.
Notably, by October, monthly adjusted stablecoin transaction volume climbed to $1.5 trillion. For comparison, Visa and Mastercard recorded network spending volumes of $4.4 trillion and $2.7 trillion, respectively, during the third quarter of 2025.
This places the stablecoin market ahead of individual consumer payment platforms.
Our 2026 Infra Year Ahead Report is out now!
Stablecoins have become the most important infrastructure story in crypto.
Every fintech wave promised to fix payments but just layered better UX on the same infrastructure. Revolut and Nubank delivered better experiences while… pic.twitter.com/zEhC6sndmv
— Delphi Digital (@Delphi_Digital) December 17, 2025
The report also noted that total stablecoin supply has expanded by 33% this year to more than $304 billion. Last week only, the market saw $1.4 billion in new stablecoin supply despite weaker DEX volumes.
Dec 8–Dec 14, 2025 #LookonchainWeeklyReport
Despite weaker DEX volumes, the market saw $1.4B in new stablecoins and strong institutional accumulation. Whales and funds continued to rotate aggressively into ETH and majors, including Bitmine's 102K ETH purchase and Saylor’s 10.6K… pic.twitter.com/Cpy8rW6P5O
— Lookonchain (@lookonchain) December 15, 2025
Why Stablecoins Are Gaining Ground
Delphi argued that previous fintech waves improved the user experience but left the underlying payment structure mostly unchanged. Digital banks and payment apps made transfers easier, but transactions still moved through the same chain of intermediaries involving merchants, acquirers, card networks, and issuers.
However, stablecoins settle transactions directly onchain. This removes several layers from the process and shortens settlement times. According to Delphi, this shift is the primary reason behind the recent stablecoin growth, particularly in cross-border payments.
Regulation has also played a major role in the sector’s rise. The GENIUS Act, passed in July, introduced a federal framework for dollar-backed stablecoins in the US. This regulatory clarity encouraged banks, payment firms, and tech companies to act more quickly.
Tether and Circle Remain Market Leaders
Despite the growing list of issuers, the market remains concentrated. Tether holds about 60% of the stablecoin supply, with roughly $186 billion in circulation. Circle’s USDC USDC $1.00 24h volatility: 0.1% Market cap: $77.61 B Vol. 24h: $14.08 B follows with a 25% share and a market cap near $78 billion.
Since the Oct. 11 market crash, Tether and Circle have combinedly issued over 20 billion in new stablecoins as of early December, according to Lookonchain. Together, the two account for about 85% of the total stablecoin market cap, which exceeds $315 billion, based on CoinMarketCap data.
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