Stablecoins Now Rival Global Payment Networks — What That Really Means for the Future of Money
I saw this fascinating diagram in the latest state of crypto report from a16z and while there are a number of really important charts on that report this one spoke the loudest to me.
It’s not often that a new form of money movement rivals the giants of global payments. But according to data from a16zcrypto, stablecoins processed more than $46 trillion in transaction volume over the past year — a figure that now sits between Visa ($16 T) and ACH ($87 T).
Even when “adjusted” to exclude inorganic activity like bots or exchange wash trading, the number — $9 trillion — still positions stablecoins alongside some of the world’s largest payment networks. That’s an inflection point worth paying attention to.
What Are Stablecoins, Really?
At their core, stablecoins are digital tokens pegged to stable assets, usually the U.S. dollar. Unlike Bitcoin or Ethereum, they’re not designed for speculation; they’re designed for utility — a bridge between traditional finance (TradFi) and decentralized systems (DeFi).
They maintain their value through reserves held in cash or short-term U.S. Treasuries. The most common ones — USDC, USDT, and PYUSD — act as digital dollars that can move 24/7, settle in seconds, and interoperate across blockchain networks.
In other words, stablecoins are programmable money that combines the stability of fiat with the speed and borderlessness of crypto.
Why This Matters
If you strip away the crypto buzzwords, what’s really happening is the quiet rebuilding of global payments infrastructure. For decades, money has moved through networks like Visa, ACH, or SWIFT — each with its own fees, settlement delays, and jurisdictional limits.
Stablecoins introduce something radically different:
Instant Settlement: Transactions clear in seconds — not days.
24/7 Operation: No cutoff windows or banking holidays.
Global Reach: Works across borders without currency conversion friction.
Composability: Developers can build new financial products directly on top of the same payment rails.
For businesses, that could mean instant supplier payments. For consumers, real-time global remittances. For fintechs and treasurers, programmable liquidity — where capital moves as code.
The Trust Layer Problem
But speed and openness come with new challenges. Stablecoins depend on trust in their issuers — whether Circle (USDC), Tether (USDT), or PayPal (PYUSD) — to hold sufficient reserves and maintain transparency.
Regulators are catching up: in the U.S., several stablecoin bills propose frameworks that could classify major issuers as “payment stablecoin institutions.” The EU’s MiCA framework already treats them like e-money.
The question isn’t whether stablecoins will become mainstream — it’s how they’ll be governed when they do.
What’s Next: From Experimentation to Execution
Stablecoins are already being integrated into major payment and settlement flows:
Visa is testing stablecoin settlement with Circle and Solana.
PayPal’s PYUSD is bringing stablecoins to consumer wallets.
Western Union just announced plans to launch its own U.S. dollar-backed stablecoin (USDPT) — built on Solana and issued by Anchorage Digital Bank — alongside a new Digital Asset Network that connects crypto to cash through its global retail and banking partners.
Fintechs and neobanks are exploring hybrid flows where stablecoins bridge traditional ACH rails with faster, cheaper liquidity movement.
The direction of travel is clear: stablecoins are shifting from speculative instruments to settlement infrastructure.
As product leaders, founders, and operators, the next frontier isn’t just building wallets — it’s designing trust, compliance, and usability around this new class of money.
The Bottom Line
Just as the Internet unbundled information, stablecoins are unbundling money movement.
Whether you see them as a regulatory headache or a payments breakthrough, the numbers don’t lie — they’re already playing in the same league as Visa and ACH.
And for anyone building in fintech or treasury management, the takeaway is simple:
Stablecoins are the infrastructure being built right now.
