- Bitwise report shows stablecoins processed nearly $14 trillion, exceeding Visa’s $13 trillion.
- Growth driven by cross-border payments, institutional interest (PayPal, BoA), potential US regulation.
- Ethereum network, supported by Layer 2s, remains key infrastructure for stablecoin activity.
In what’s a major milestone, stablecoin transaction volume surpassed Visa’s global total for the first time in 2024.
A new Bitwise report shows stablecoins processed close to $14 trillion in transactions last year, exceeding Visa’s $13 trillion. This marks a major shift in the global payments system.
What’s Driving Stablecoin Growth?
This record volume follows rapid growth, with stablecoin transactions doubling from roughly $7 trillion just a year earlier. Stablecoins like Tether’s USDT and Circle’s USDC provide price stability unlike more volatile cryptocurrencies such as Bitcoin or Ethereum.
That stability, combined with low costs and high speed, makes stablecoins well-suited for cross-border payments – a key area of growth. They are proving particularly useful in regions with volatile local currencies, such as parts of Latin America
Source:coinedition.com
