Stablecoins Surpass Visa in 2024 Transactions
Key Takeaways
In 2024, stablecoins surpassed Visa in transaction volume for the first time — marking a turning point in global payments. According to a report by Bitwise, stablecoins reached an annual volume of nearly USD 14 trillion, while Visa remained at around USD 13 trillion. This development highlights the growing importance of stablecoins as a means of payment — especially in international transactions.
Stablecoins: What’s Behind Them?
Stablecoins are cryptocurrencies whose value is pegged to stable assets such as the US dollar or gold. The goal is to avoid the typical price volatility of other cryptocurrencies. The most well-known stablecoins are USDT (Tether) and USDC (Circle), which together make up the majority of the market. Tether currently leads with a market capitalization of USD 148 billion, followed by USDC at USD 59 billion.
Why Is Transaction Volume Important?
Transaction volume is an indicator of the actual use of a digital currency. While many cryptocurrencies are primarily used for speculation, stablecoins are increasingly being used for real-world payments — particularly for cross-border transactions. These have traditionally been handled by established financial service providers like Visa or SWIFT.
Focus on Cross-Border Payments
Bitwise CEO Matt Hougan sees stablecoins as future key players in international payments. He predicts that stablecoins could dominate the USD 44 trillion market for cross-border B2B (business-to-business) payments within the next five years. Major companies such as PayPal, Fidelity, Stripe, and Bank of America are already showing interest in integrating stablecoins into their systems.
Regulation as the Key to Mass Adoption
A crucial factor for further growth is legal regulation. Currently, two bills to regulate stablecoins are under consideration in the U.S. Congress. According to Bitwise, legislation could be passed by July 2025. Jerome Powell, Chair of the U.S. Federal Reserve, also called regulation a “good idea” — a strong signal of institutional acceptance.
Impact on DeFi and the Crypto Ecosystem
The increasing use of stablecoins could also strengthen other areas of the crypto market — especially DeFi (Decentralized Finance). DeFi includes blockchain-based financial applications that operate without central intermediaries. Stablecoins provide a stable value foundation for lending, trading, and other applications.
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Our Assessment
The rise in stablecoin transaction volume is more than just a technical milestone — it reflects a structural shift in global payments. For users, this means faster, cheaper, and more transparent transactions, especially for international payments. For the crypto industry, a new chapter is opening with real-world use cases beyond speculation. If the proposed regulations are implemented, adoption is likely to grow — including among traditional financial service providers and businesses.
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