TechFlow News, April 25: According to a report released by a16z crypto researchers Robert Hackett and Jeremy Zhang, stablecoins are evolving from early-stage tools for trading and savings into core financial infrastructure.
On the regulatory front, the U.S. GENIUS Act has established the first federal stablecoin issuance framework. Although the European Union’s MiCA regulation led to the delisting of USDT from certain exchanges, it has instead spurred sustained demand for non-USD stablecoins, with monthly trading volume remaining steady between $15 billion and $25 billion.
In terms of usage, consumer-to-business (C2B) stablecoin transaction volume grew 128% year-on-year in 2025, reaching 284.6 million transactions. Stablecoin velocity rose from 2.6x in early 2024 to 6x, indicating that existing supply is increasingly being used for payments rather than held passively. After excluding transactions related to trading and treasury flows, an estimated $350–550 billion in stablecoin volume in 2025 represents genuine payment activity.
Geographically, nearly two-thirds of stablecoin payment volume originates from Asia—primarily Singapore, Hong Kong, and Japan—while North America accounts for approximately one-quarter and Europe about 13%. Notably, cross-border transaction share is actually declining; domestic transactions have risen from roughly 50% in early 2024 to nearly 75% by early 2026. The BRLA stablecoin, pegged to the Brazilian real, now sees monthly transfer volume of approximately $400 million—evidence of the rise of localized stablecoin payments.
The report states that stablecoins are developing into a globally designed, locally implemented universal payment infrastructure. Non-USD stablecoins are also expanding rapidly. While the overall landscape remains in its early stages, the direction is becoming increasingly clear.
