This highlights a historic shift where stablecoin transactions surpassed Visa payments in 2024, with stablecoins reaching over $10 trillion in volume, as shown in the chart from Bloomberg and Coin Metrics data.
Stablecoins, often pegged to fiat currencies like the US dollar, are increasingly used in decentralized finance (DeFi) for arbitrage and liquidity provision, which may inflate transaction volumes compared to Visa’s more traditional payment settlements, according to Visa’s Onchain Analytics insights.
This milestone reflects growing blockchain adoption, but the data includes automated bot activities on public blockchains, meaning not all stablecoin transactions directly compete with Visa’s user-driven payments, as noted in the Visa corporate report.
