Coinbase has reignited the stablecoin payments debate by pointing to a striking figure: stablecoins settled about $33 trillion in 2025.
The exchange framed the milestone as proof that “the internet finally has real money,” contrasting always-on blockchain settlement with slower and more expensive traditional payment rails. According to Coinbase’s post, stablecoins can move value 24/7, settle near instantly and cost fractions of a cent on leading networks, while card systems can involve multi-day settlement and merchant fees that often exceed 3%.
The comparison is deliberately provocative, but the underlying data is hard to ignore. Artemis Analytics data reported by Bloomberg also put 2025 stablecoin transaction volume at roughly $33 trillion, up about 72% year over year. That is larger than Visa’s annual payment volume and puts stablecoins in the same conversation as the world’s most important payments infrastructure.
USDC and USDT Led the Surge
Dollar Tokens Still Dominate the Market
The stablecoin market remains overwhelmingly dollar-based. Bloomberg’s reporting on Artemis data said USDC led 2025 volume with about $18.3 trillion, while USDT processed around $13.3 trillion.
That distribution matters because it shows stablecoin growth is not only about one issuer. Tether remains the largest stablecoin by circulation and liquidity across much of the global crypto market, while Circle’s USDC has become increasingly important for regulated platforms, fintech integrations and institutional use.
Together, the two tokens account for the vast majority of stablecoin settlement activity. That gives dollar-backed tokens a dominant role in on-chain finance, even as non-dollar stablecoins and central bank digital currency projects continue to develop.
Stablecoins Are Becoming the Internet’s Settlement Layer
The reason stablecoins are gaining traction is simple: they are programmable dollars that move at internet speed.
A business can use stablecoins for cross-border supplier payments. A crypto trader can move collateral between exchanges. A user in a high-inflation country can hold digital dollars. A fintech app can settle funds without waiting for banking hours.
That mix of use cases helps explain why raw stablecoin volume has grown so quickly. Stablecoins are not only being used for payments at checkout. They are also used for trading, treasury management, remittances, DeFi, arbitrage and internal exchange flows.
The old way:
→ 3-5 days to settle
→ 3%+ fees
→ Closed evenings, weekends, and holidaysThe new way:
→ $33T settled in stablecoins last year
→ Sub-cent fees
→ 24/7/365The internet finally has real money. We built the stack. https://t.co/uWGjfqzSwl
— Coinbase 🛡️ (@coinbase) April 27, 2026
The Visa Comparison Needs Context
Bigger Volume Does Not Mean the Same Kind of Volume
The $33 trillion figure is powerful, but it should be read carefully. Visa’s payment volume mostly reflects card-based consumer and business payments. Stablecoin transfer volume includes a much wider mix of activity, including exchange transfers, trading settlement, market-maker movement, treasury transfers and internal wallet flows.
That distinction matters. A stablecoin transaction between two exchange wallets is not the same as a consumer buying groceries with a Visa card.
Visa itself has highlighted this issue through its stablecoin analytics work with Allium Labs. Visa’s dashboard separates raw on-chain volume from adjusted volume, removing some high-frequency trading, arbitrage and other non-payment activity to give a cleaner picture of economic use.
Reuters reported that Visa’s own crypto lead, Cuy Sheffield, said merchant acceptance of stablecoins is still not available at scale. That is the biggest caveat in the Coinbase argument. Stablecoins may already move payment-network-sized value on-chain, but they have not yet replaced card networks at the checkout counter.
Adjusted Volume Still Looks Serious
Even after adjustments, the numbers are large. Visa’s on-chain analytics page recently showed more than $10 trillion in adjusted stablecoin transaction volume over the prior 12 months.
That means the stablecoin story does not depend entirely on inflated raw volume. Even when analysts strip out obvious noise, stablecoins are still moving trillions of dollars in economic value.
The better conclusion is not that stablecoins have already beaten Visa in everyday payments. It is that stablecoins have reached infrastructure scale, and traditional payment networks now have to respond.
Why Coinbase Is Pushing This Narrative
Coinbase has strong reasons to promote stablecoins. The company is closely aligned with USDC through its commercial relationship with Circle, and stablecoins are central to its broader vision for on-chain payments, Base activity and crypto’s role in mainstream finance.
By calling stablecoins “real money” for the internet, Coinbase is positioning them as more than trading tools. It is arguing that stablecoins are the missing settlement layer for online commerce, global payroll, remittances and machine-to-machine payments.
That narrative also supports the broader U.S. policy debate around dollar stablecoins. If dollar-backed tokens become the default payment asset for the internet, they could reinforce global demand for dollars rather than weaken it.
Card Networks Are Not Standing Still
The rise of stablecoins does not mean Visa and Mastercard are becoming irrelevant. In fact, the opposite may be true. Card networks are increasingly trying to connect stablecoins to their existing payment infrastructure.
Visa has already launched stablecoin settlement pilots and has said stablecoin-linked card providers are showing growing demand. Reuters reported that Visa’s own stablecoin settlement volume had reached a $4.5 billion annualized run rate, still small compared with its overall payment volume, but growing month over month.
This suggests the future may not be a simple battle between stablecoins and card networks. Stablecoins may become settlement rails underneath products that still look familiar to consumers, including cards, wallets and merchant payment tools.
What This Means for Crypto
The $33 trillion figure helps explain why stablecoins have become one of crypto’s most important real-world use cases.
Unlike many crypto applications, stablecoins solve a problem people already understand: moving money quickly, globally and cheaply. They are especially useful in markets where banking access is limited, inflation is high or cross-border transfers are expensive.
For crypto businesses, stablecoins are also becoming the default liquidity layer. Exchanges, DeFi protocols, payment apps and tokenized asset platforms all rely on stablecoins to move dollar value on-chain.
That makes regulation critical. As stablecoins grow, governments will focus more closely on reserves, issuer supervision, anti-money-laundering controls, sanctions compliance and consumer protections.
What Comes Next
The next major question is whether stablecoin reports can better separate trading flows from genuine consumer and business payments. Raw transaction volume is useful, but the market needs cleaner categories to understand how stablecoins are actually being used.
The second question is how card networks respond. Visa and Mastercard may compete with stablecoins in some areas, but they may also integrate them more deeply into settlement, treasury and cross-border products.
The third question is regulation. If stablecoin laws become clearer in the U.S., Europe, Hong Kong and other major markets, institutions may become more comfortable using on-chain dollars at scale.
For now, Coinbase’s $33 trillion claim captures a real shift. Stablecoins are no longer just crypto market plumbing. They are becoming a serious part of global money movement, even if the industry still needs better data to separate real payments from trading activity.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Always conduct your own research before making any investment decisions.
