Tether USD (USDT) has surpassed $150 billion in circulating provide amid stablecoins averaging over $521 billion in weekly switch volumes in 2025,
The metrics posted by the main stablecoin are properly above the mixed weekly volumes of Visa and PayPal, which averaged $319 billion and $32 billion, respectively.
Tether described the milestone because the end result of over a decade of improvement since its 2014 launch, attributing the expansion to world demand for USDT from over 400 million customers.
USDT now represents 63% of the whole stablecoin provide, almost $238 billion as of Could 12.
Rising volumes
Artemis knowledge exhibits the rising dominance of stablecoins in transactional finance. Through the week of Jan. 20, stablecoins processed roughly $654.9 billion, exceeding the mixed Visa and PayPal quantity of $351.2 billion by greater than $303.7 billion.
Different weeks with massive spreads included Jan. 13 ($282.1 billion), Jan. 6 ($278.9 billion), Jan. 27 ($266.3 billion), and Feb. 3 ($242.5 billion), demonstrating a constant margin of management in the course of the begin of the yr.
On common, stablecoins moved $521.3 billion in weekly worth all through 2025, surpassing Visa by 63% and outpacing PayPal by over 1,500%.
The momentum is boosted by conventional monetary firms latest push into the stablecoin sector attributable to expectations of a friendlier regulatory atmosphere underneath President Donald Trump’s administration.
Adapting to the market
This sturdy efficiency comes after stablecoins reached $24.6 trillion in switch quantity final yr, surpassing Visa and Mastercard mixed volumes by 7.7%.
Nevertheless, the standard funds panorama giants are shortly adapting to this new actuality and contributing to those developments.
Visa introduced a platform to assist banks tokenize fiat currencies in October 2024, leading to extra stablecoins. Furthermore, the fee agency not too long ago launched stablecoin-powered playing cards in Latin America.
In the meantime, Mastercard reported to the US Securities and Change Fee (SEC) the tokenization of 30% of its 2024 transactions. Like Visa, Mastercard additionally introduced a card that enables customers to make funds with stablecoins.
PayPal launched its stablecoin, the PayPal USD (PYUSD), in August 2023. After surpassing $1 billion in circulating provide in August 2024, PYUSD’s market cap slowly slid beneath $450 million in December of the identical yr.
Nevertheless, PYUSD adoption not too long ago picked up, climbing 95% since February to just about $930 million as of Could 12.
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