Stablecoins have quietly become one of the biggest payment networks in the world, moving trillions of dollars on-chain and cementing their role in global finance.
According to Andreessen Horowitz’s State of Crypto 2025 report released Wednesday, these digital tokens processed $46 trillion in total transaction volume over the past year, a 106% increase from the previous year.
vACH processes most direct deposits, payroll and bill payments across American banks, making this milestone a sign that stablecoins are beginning to operate at the same scale as the infrastructure that powers traditional finance. On an adjusted basis that filters out bot-driven or artificial activity, stablecoins processed about $9 trillion in the past 12 months, up 87% from a year earlier.
Stablecoin transaction activity now approaches that of the US Automated Clearing House, or ACH, the electronic backbone of the US banking system.
Stablecoin supply has also surged to record levels, surpassing $300b. The two largest issuers, Tether (USDT) and USD Coin (USDC), account for roughly 87% of all circulating supply.
Usage continues to rise sharply. Monthly adjusted transaction volume hit an all-time high of $1.25 trillion in Sept. 2025 alone, showing momentum that remains uncorrelated with speculative crypto trading. This trend, A16z said, points to strong organic demand and growing real-world utility.
Although dominated by these incumbents, new issuers and networks are gaining traction. Developers are building stablecoins tied to local currencies and region-specific rails, expanding the market beyond US-denominated assets.
A16z’s data shows stablecoins are now a meaningful macroeconomic force. More than 1% of all US dollars in circulation now exist in tokenized form on public blockchains.
Ethereum and Tron remain the main blockchains for settlement, processing about $772b in adjusted stablecoin transactions in September, or nearly two-thirds of global volume.
