How big is global stablecoin transaction volume?

The full answer

Stablecoin volume is the value of all stablecoin transfers on public blockchains over a period. The raw total is very large and includes a great deal of automated and internal movement, so the useful number depends on what is filtered out.

What do Visa’s figures show?

Visa’s stablecoin page says there was $10.2 trillion of adjusted global stablecoin transaction volume over the last 12 months, and more than $51 trillion overall. It footnotes both to its Onchain Analytics Dashboard on April 17, 2025, with data from Allium Labs.[1]

For 2026, the figures we could read come through a news report. Solana Compass, reporting Visa Onchain Analytics on July 6, 2026, put adjusted volume in June 2026 at $1.79 trillion, a record, up 63% on May and 125% on June 2025. It gave $10.2 trillion for the 12 months to June 2026. USDC carried 67% of June’s adjusted volume and USDT 32%; by chain, Base had $565 billion (31.5%), Ethereum $562 billion and Tron $320 billion (about 18%).[5]

The two $10.2 trillion totals cover different 12-month periods. The match does not mean the same figure was repeated.

What does ‘adjusted’ volume strip out, and how big is unadjusted volume?

Visa’s dashboard says there is a lot of noise in stablecoin data because blockchains are general-purpose networks. Its adjusted figure counts only the largest stablecoin amount within a single transaction. It leaves out unlabeled addresses that sent more than 1,000 transactions or $10 million in a 30-day period. Exchange flows and minting and burning count as unadjusted.[3] A Visa article by Cuy Sheffield, Visa’s head of crypto, is dated July 21, 2025 on the page and was first published on April 25, 2024. It gives an example: removing inorganic activity cut one 30-day period from $3.9 trillion to $817.5 billion.[2] It does not say which 30 days.

Unadjusted volume is roughly five times the adjusted figure on both of Visa’s examples: $51 trillion against $10.2 trillion, and $3.9 trillion against $817.5 billion (our calculation).

How much of global stablecoin volume is payments versus trading and exchange movement?

Visa’s data does not answer this directly. Its dashboard says that in 2024 the leading labeled category for adjusted volume was centralized exchanges, with 41% of volume and 24% of transactions.[4] So even after filtering, a large share of what remains is exchange movement. CryptoSlate points out that a transfer can count as adjusted activity without being classified as a payment, and the two labels are not interchangeable.[6] As of September 29, 2026, we found no share of adjusted volume labeled as payments in the Visa pages opened.

What could make recent figures differ from the earlier $10 trillion pace?

We could not read the live 30-day number on Visa’s dashboard from here. A figure of about $320 billion for the last 30 days, from our earlier research notes, is not used on this page. There is a known reason why recent figures may run lower. Visa’s changelog says that a full data refresh on September 18, 2026 expanded its labeled addresses from about 15 million to roughly 600 million. It also added new heuristics, including one for short-term routing, and updated how organic and payment activity is identified. The definition of adjusted volume did not change; adjusted volume decreased and the adjusted transaction count fell by under 2%.[7] CryptoSlate noted that Visa does not publish comparable before-and-after volume totals in its changelog.[6] In our analysis, based on the changelog and CryptoSlate’s report, a number taken after September 18 and one taken before rest on different address data, so a gap between them is not evidence that activity fell.

Where does the XRP Ledger fit in?

For stablecoin volume on the XRP Ledger itself, see how much stablecoin value moves on the XRP Ledger. Which chains carry most stablecoin supply and volume is covered in XRP Ledger activity against other chains, and the size of cross-border payments for comparison is in how big the cross-border payments market is.

In our analysis, the strongest point against reading global volume as an opportunity for the XRP Ledger is where that volume already runs. In Visa’s June 2026 data as reported by Solana Compass, Base, Ethereum and Tron carried about 80% of adjusted volume,[5] and the case that those chains can serve as bridges without XRP is set out in Ethereum and Solana as a bridge.