Stablecoin Is Surpassing Visa—Here Is What Will Happen Next

Stablecoin is no longer just a segment of cryptocurrency, but today, they are the infrastructure layer driving the next generation of global payments. In the past year, the market capitalization of stablecoins has doubled, from under $150 billion to a record $232 billion, while trading volume has tripled, even surpassing the vast network of Visa. Tether (USDT), USD Coin (USDC) and PayPal's PYUSD continue to dominate transaction flows, but dozens of new stablecoins continue to penetrate the market, each targeting specific regions, user segments, or business needs. Combined with explosive growth, these developments affirm the evolution of stablecoin: No longer a niche cryptocurrency market but a foundational payment infrastructure. Stablecoins now operate at the intersection of regulation, financial technology, and real-world application. Upcoming regulations in the United States could be a historical milestone. Perhaps the most important development is Washington's new seriousness about regulation concerning stablecoins. The bipartisan GENIUS Act in the Senate proposes what could become the first balanced federal framework for this sector. It recognizes both banking and non-banking issuers, allowing state-managed organizations to continue operating while imposing full 1:1 support requirements and strict compliance with consumer protection laws. It is designed to make stablecoins safer without stifling innovation. The STABLE Act, expected to be reviewed by the House Financial Services Committee on April 2, focuses on risk management and abuse prevention through enhanced anti-money laundering protocols and tighter oversight. Together, these bills signal that the United States is no longer sitting on the sidelines. Treasury Secretary Scott Bessent has publicly supported the development of stablecoins as a strategic priority. He views stablecoins as a way to expand the dominance of the US dollar into the digital economy. With stablecoins, the United States can maintain its global financial influence without having to overhaul the entire current monetary system. Enterprise infrastructure is transitioning to the blockchain. The latest report from Foresight Ventures demonstrates how stablecoins are addressing long-standing gaps in traditional finance: While bank transfers remain costly and slow for cross-border transactions, stablecoin payments are instantaneous for just a few cents. They operate globally, around the clock, without relying on outdated rails like SWIFT or ACH. The adoption by businesses is happening faster because stablecoin offers quicker liquidity, cheaper payments, and programmability. Stripe's acquisition of Bridge emphasizes the growing commitment of major payment service providers to stablecoin. Bridge enables businesses looking to participate in the blockchain economy to issue and manage stablecoin. BVNK automates payment routing between fiat, cryptocurrency, and local bank partners, making it easier for global companies to integrate stablecoin into their treasury. Stablecoins that generate profit, such as Mountain's USDM or Ethena's USDe, are providing a new utility for digital dollars by offering better returns than most savings accounts, with fewer intermediaries. If these use cases prove to be sustainable, they could become increasingly attractive to both businesses and consumers. Consumer payment applications are rapidly adopting stablecoin. Stablecoin is transitioning to applications that people are already using, with PayPal, Venmo, Nubank, and Revolut embedding stablecoin functionality directly into their interfaces. It allows consumers to transact globally, send remittances, and pay merchants without needing to know anything about blockchain. The adoption by merchants is catching up, with the acceptance of stablecoin by Stripe and the upcoming integration of Apple Pay and Google Pay will remove the final barriers to everyday usage. Platforms like Helio and Decaf allow merchants to accept payments in stablecoin through Shopify and other e-commerce channels. These tools are crucial in emerging markets where credit card networks are inefficient or nonexistent. Freelancers and gig workers are increasingly using stablecoin to receive direct payments without losing money on conversion or experiencing delays in banking operations. Behind the scenes, processors like MoonPay, Ramp, and Alchemy Pay manage complex compliance tasks, facilitating fiat currency conversion and KYC verification. This infrastructure is key to the smooth and compliant use of stablecoins at scale. The native economy of stablecoin is emerging. A new financial architecture is emerging. In many regions, especially in Latin America and Southeast Asia, stablecoins have outperformed local banking services: People hold stablecoins instead of local fiat currency to preserve value. For example, from July 2023 to July 2024, 47% of transactions under $10,000 were conducted using stablecoins, reflecting their importance in daily transactions and remittances. High inflation and depreciation of the local currency mean that users are increasingly depositing their savings into stablecoins, while businesses use them for real-time treasury operations and developers are building stablecoin-native applications completely bypassing banks. Solana and Tron together processed $77 billion in stablecoin transactions by providing speeds and fees that traditional finance cannot match. Emerging companies, such as Codex, even share sequence fees with stablecoin issuers to build direct distribution incentives into the payment layer. These chains are optimized for finality, cost, and throughput—exactly what stablecoin finance requires. The revenue-sharing model is utilized by issuers such as Paxos and Agora, providing a network effect for stablecoins - fintech applications, payment processors, and even traditional banks now have the incentive to integrate and distribute them. What's next? The next growth phase will focus on widespread adoption and regulatory maturity. National stablecoins will emerge, and businesses will increasingly hold profitable stablecoins as part of their treasury strategy. Consumers will transact with stablecoins seamlessly—often even without a clear awareness—because financial products increasingly use them as a foundational infrastructure instead of fiat currency. With the current rate of adoption, the market capitalization of stablecoins will exceed $400 billion by next year. The year 2025 is a decisive year for the United States regarding its leading position in digital finance. With the legal frameworks taking shape and the existing technological infrastructure, the passage of both the GENIUS Act and the STABLE Act will position the United States to lead the next era of global digital payments.