Stablecoins Surpass Visa and Mastercard in Transaction Volume
In 2024, the total transaction volume involving stablecoins reached a staggering $27.6 trillion, surpassing the combined transaction volume of the world's two largest payment networks—Visa and Mastercard—by 7.7%. Even a notable slowdown in the third quarter, driven by a downturn in the crypto market, did not prevent stablecoins from achieving this milestone. These insights come from a report by CEX.IO researchers.
According to the report, the total supply of stablecoins grew by over 59% in 2024, hitting a record high in September and exceeding $200 billion. As a result, stablecoins now account for approximately 1% of the total U.S. dollar supply, up from 0.63% at the start of the year.
In terms of blockchain networks, Ethereum and Tron, while still the primary players, have seen a slight decline in dominance. They now collectively handle 83% of stablecoin transactions, compared to 90% the previous year. The remaining market share has been increasingly taken over by emerging networks such as Base, Solana, Arbitrum, and Aptos.
An interesting trend noted in the report is the significant role of automated trading. Around 70% of the total stablecoin transaction value in 2024 was linked to trading bots. On networks like Solana and Base, bots were responsible for an overwhelming 98% of transactio
n volume.
In 2024, the total transaction volume involving stablecoins reached a staggering $27.6 trillion, surpassing the combined transaction volume of the world's two largest payment networks—Visa and Mastercard—by 7.7%. Even a notable slowdown in the third quarter, driven by a downturn in the crypto market, did not prevent stablecoins from achieving this milestone. These insights come from a report by CEX.IO researchers.
According to the report, the total supply of stablecoins grew by over 59% in 2024, hitting a record high in September and exceeding $200 billion. As a result, stablecoins now account for approximately 1% of the total U.S. dollar supply, up from 0.63% at the start of the year.
In terms of blockchain networks, Ethereum and Tron, while still the primary players, have seen a slight decline in dominance. They now collectively handle 83% of stablecoin transactions, compared to 90% the previous year. The remaining market share has been increasingly taken over by emerging networks such as Base, Solana, Arbitrum, and Aptos.
An interesting trend noted in the report is the significant role of automated trading. Around 70% of the total stablecoin transaction value in 2024 was linked to trading bots. On networks like Solana and Base, bots were responsible for an overwhelming 98% of transactio
n volume.