Stablecoin Volumes Hit $33 Trillion; USDC Flips Tether in Activity

Transaction Volume vs. Market Cap

Total stablecoin transaction volume climbed to $33 trillion in 2025 (+72%), a figure that eclipses the GDP of most G20 nations. Data from Bloomberg and Artemis Analytics confirms a critical market divergence: while Tether (USDT) retains the market cap crown at $187 billion, Circle’s USDC has become the settlement engine of the crypto economy.

USDC processed $18.3 trillion in 2025, beating USDT’s $13.3 trillion. The discrepancy highlights distinct capital behaviors: Tether remains the dominant store of value and offshore dollar proxy, while USDC is the preferred rail for high-velocity DeFi settlement and smart contract interaction.

“USDC is more favored by DeFi traders… whereas USDT is more commonly used for daily payments.” Anthony Yim, Artemis Co-founder

The $56 Trillion Projection

The distinction between “transaction volume” and “payment flows” is vital. While total on-chain volume hit $33 trillion, actual payment flows (economic settlement excluding trading noise) stood at $2.9 trillion. Bloomberg Intelligence projects this specific “payment flow” metric will explode to $56.6 trillion by 2030.

This 1,850% projected growth relies on the continued integration of stablecoins into traditional banking rails. Western Union’s scheduled integration with Solana in H1 2026 and the regulatory clarity provided by the U.S. GENIUS Act (signed July 2025) are widely cited as the primary catalysts for this institutional migration.

Regulatory Tailwind

The volume surge correlates directly with the Trump administration’s “GENIUS Act,” which established federal frameworks for stablecoin issuance. Since the bill’s passage, institutional velocity has accelerated, with Q4 2025 volumes alone hitting $11 trillion. The market signals are clear: regulatory clarity didn’t stifle activity. It compounded it.