Digital currencies known as Stablecoins surpassed Visa's transaction volume in the year 2024, according to a recent report.
In a significant development, global payments firm Circle has launched a system for facilitating international payments and money transfers using stablecoins. This move further emphasizes the growing popularity of stablecoins, a digital asset class that is at an all-time high in terms of usage and adoption numbers.
According to recent data, stablecoins like Tether (USDT) and Circle's USDC have cemented their position as dominant digital assets for payments and remittances. The stablecoin market capitalization surpassed $247 billion in 2025, growing at an annual rate of 54%. Notably, the transaction volume of stablecoins in 2024 reached $27.6 trillion, exceeding the combined volumes processed by Visa and Mastercard.
This remarkable growth continues in 2025, with stablecoin volumes on blockchain networks like Ethereum reaching new highs, far outpacing traditional payment systems in terms of speed, cost, and accessibility.
Regions such as Africa and Latin America exemplify areas where stablecoins are reshaping remittance corridors. In Nigeria, for instance, individuals often use stablecoins for sending and receiving funds internationally, bypassing costly traditional services like Western Union or bank wires. Stablecoins enable remittances that are approximately 60% cheaper on average in Sub-Saharan Africa compared to fiat remittance services, with settlements occurring within minutes rather than days.
The advantages of stablecoins for cross-border transactions are numerous. They offer speed, cost efficiency, accessibility, transparency, and security. Stablecoin transfers typically settle within seconds to minutes on blockchain networks, dramatically faster than international bank transfers that can take several days. Fees associated with stablecoin transfers are often just a few cents, making them substantially cheaper than traditional remittance or correspondent banking channels.
Stablecoins provide banking alternatives for unbanked or underbanked populations by enabling digital payments without requiring traditional bank accounts. They offer traceability and reduce counterparty risk compared to some fiat transfer methods.
Regulatory momentum also supports stablecoins' integration into the broader financial system. While regulatory responses vary globally, with the U.S. showing easing restrictions and Europe cautiously advancing frameworks, this evolution supports stablecoins’ potential for facilitating international payments.
In conclusion, stablecoins have markedly outpaced traditional fiat systems in global payment volumes and adoption rates, especially in the Global South. Their ability to enable cheap, fast, and accessible cross-border transfers positions them as a transformative force in global remittances and payments.
The partnership between Circle and other entities expands the reach of stablecoin usage in the traditional financial sector, potentially leading to increased adoption and usage of stablecoins. The shift in adoption towards stablecoins in Africa is not isolated from forex shortages plaguing most African countries. The partnership between Circle and legacy financial institutions and fintechs demonstrates the potential of stablecoins for facilitating international payments.
- The global payments firm Circle, in collaboration with other entities, is expanding the reach of stablecoin usage in the traditional financial sector, potentially increasing adoption and usage.
- Stablecoins, like Tether (USDT) and Circle's USDC, have cemented their dominance in the digital asset class for payments and remittances, with a market capitalization of over $247 billion in 2025.
- Regions such as Africa and Latin America are key areas where stablecoins are reshaping remittance corridors, offering cost efficiency and faster settlements compared to traditional services like Western Union or bank wires.
- Stablecoins offer advantages for cross-border transactions, providing speed, transparency, and security, with transfers typically settling within seconds to minutes on blockchain networks.
- In Africa, stablecoins enable remittances that are 60% cheaper on average compared to fiat remittance services, with settlements occurring within minutes instead of days.
- The partnership between Circle and legacy financial institutions and fintechs demonstrates the potential of stablecoins for facilitating international payments, particularly in regions affected by forex shortages.
- Regulatory momentum supports stablecoins' integration into the broader financial system, with the U.S. showing easing restrictions and Europe cautiously advancing frameworks.
- The extraordinary growth of stablecoin volumes on blockchain networks like Ethereum underscores the rapid transformation of global payments, outpacing traditional payment systems in terms of speed, cost, and accessibility.
