Stablecoin Monthly Volumes Now Outpace Visa, PayPal As Supply Crosses $300 Billion This Year: Report

Total stablecoin supply has grown more than 33% this year to approximately $304 billion, according to Delphi Digital.

• Stablecoin transaction volumes now exceed those of Visa and PayPal on a monthly adjusted basis, according to Delphi Digital.
• Tether’s USDT and Circle’s USDC continue to dominate issuance, controlling over 86% of the supply.
• Stablecoin issuers now hold about $133 billion in U.S. Treasuries.

Digital dollars are reportedly gaining ground in global payments, as monthly stablecoin transaction volumes over the past year have overtaken Visa (V) and PayPal (PYPL), while supply has expanded to more than $300 billion.

According to a report by Delphi Digital, total stablecoin supply has increased more than 33% this year to roughly $304 billion. That figure now represents just under 1.4% of the U.S. money supply (M2). 

However, the report noted that the overall stablecoin market remains highly concentrated. Tether’s USDT (USDT) accounts for about 60.8% of the total stablecoin supply, while Circle’s (CRCL) USD Coin (USDC) represents roughly 25.4%, together controlling more than 86% of the market.

On Stocktwits, retail sentiment around USDT improved to ‘neutral’ from ‘bearish’ territory over the past day, and retail sentiment around USDC remained in the ‘bearish’ zone.

USDT, USDC Expand Supply

The report noted that USDT has added more than $30 billion in net issuance, while USDC has expanded by approximately $20.8 billion. That equates to about 18% of USDT’s total supply and more than 33% of USDC’s supply minted within the past 12 months.

Stablecoin issuers have also become significant players in government debt markets. Collectively, stablecoins now rank as the 19th-largest holder of U.S. Treasuries, with estimated holdings of around $133 billion, the report said.

Fintechs Enter the Stablecoin Race

Competition in the stablecoin space continues to broaden. Klarna recently announced the launch of KlarnaUSD, joining a growing list of fintech firms introducing their own native stablecoins. Other examples include Stripe’s USDB (USDB), PayPal’s (PYPL) PYUSD (PYSUSD), and Cloudflare’s NET.

Stablecoins have gained wider acceptance across traditional finance following President Donald Trump’s signing of the Genius Act in July, which established regulatory rules for issuing the digital asset. Interactive Brokers (IBKR) is reportedly moving to let customers fund their accounts with stablecoins.

Delphi Digital said competition is likely to intensify through 2026 as more issuers and platforms enter the market. If issuance becomes commoditized, the report argued, distribution will become the key differentiator. Stablecoin issuers most deeply integrated into payment rails, exchange liquidity, and merchant software are likely to capture the largest share of settlement demand.

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