Key Insights from Messari's State of Stablecoins Report
The Rise of Stablecoins
Stablecoins are no longer just a crypto-native convenience. According to Messari's latest "State of Stablecoins" report, they're rapidly becoming the core infrastructure of a new, global financial operating system. With over $250 billion in market capitalization, and transaction volumes rivaling traditional payment networks like Visa and PayPal, stablecoins are reshaping how money moves across borders, platforms, and even ideologies.
From payments and remittances to macroeconomic policy and merchant adoption, the stablecoin landscape in 2025 reflects a paradigm shift in how digital money is issued, used, and regulated.
Stablecoins Are Eating the Payment Rails
Stablecoins are now rivaling traditional payment networks in both scale and speed. According to the report, monthly stablecoin transaction volumes have overtaken PayPal and are closing in on Automated Clearing House (ACH) volumes in the U.S. These assets are no longer just collateral on centralized exchanges (CEXs); they're being used for real-world commerce, payroll, remittances, and even B2B settlements.
E-commerce platforms like Shopify and payments giants like Stripe and Visa are embracing stablecoin infrastructure. Why? Because stablecoins offer instant settlement, global reach, and cost efficiency. In many cases, merchants can avoid the 1.5–3% fees associated with traditional card networks. With blockchains like Base, Solana, and Ethereum powering these payments, businesses now have programmable, borderless money rails with much faster cash flow cycles.
For example, Shopify now enables merchants to accept USDC on Base and automatically receive local currency with no FX fees. Stripe’s integration lets merchants settle globally in digital dollars, reducing delays and eliminating cross-border friction.
Emerging Markets Are Leading the Shift
While much of the infrastructure is being built in the West, the most rapid adoption is happening in emerging markets. In countries like Nigeria, Argentina, and Venezuela—where inflation is high and dollar access is limited—stablecoins are seen as a safer store of value than local currency.
Highlights from the report:
USDT often trades at a premium in P2P markets in regions like Nigeria and Russia, reflecting real demand and limited USD access.
TRON has become the dominant blockchain for USDT transfers, especially in Africa and Latin America, due to its low fees and wide integration.
In West Africa and parts of Asia, tagged USDT wallets far outnumber USDC wallets, showing clear user preference and trust.
In these economies, users are increasingly saving in USDT and spending in fiat—a reversal of traditional behavior. As more merchants accept stablecoins directly, this behavior may flip again, with stablecoins becoming the primary medium of exchange.
Tether & Circle Still Dominate
Despite the entry of new players, the market remains highly concentrated. USDT (Tether) and USDC (Circle) account for over 85% of the total stablecoin market cap.
USDT: With ~400 million global users and listings on 30+ blockchains, USDT has become the most liquid and widely used stablecoin. It dominates trading pairs on CEXs and is heavily used in emerging markets, particularly for remittances and P2P transfers.
USDC: Circle’s approach is more institutional. Its Circle Payments Network (CPN) enables B2B payments, treasury management, and mass disbursements. USDC transaction volumes now exceed $1 trillion per month (excluding internal exchange activity), and enterprise adoption is on the rise.
This divergence reflects two different strategies: USDT is the everyday money in informal markets; USDC is aiming to become the backend of regulated digital finance.
Institutional Capital and Innovation Are Accelerating
2025 marks the year when traditional finance (TradFi) truly leaned in. Financial giants like JPMorgan, Citi, PayPal, BlackRock, and Franklin Templeton are either launching or backing stablecoin products:
BUIDL (BlackRock) and BENJI (Franklin Templeton) offer tokenized access to money market funds.
USDG introduces a model where ecosystem partners (exchanges, fintechs, merchants) share in the yield.
Ethena’s USDtb uses structured finance strategies to offer reward-bearing stablecoins.
We’re also seeing experimental models, like:
Merchant-issued stablecoins for loyalty and payments
Onchain treasury strategies that replicate banking services
Gold-backed stablecoins like XAUt, to hedge against fiat risk
This wave of innovation is blurring the lines between savings, payments, and investing.
The Dollar’s Digital Lifeline
Amid growing global calls for de-dollarization, stablecoins are quietly helping reinforce dollar dominance abroad. In many emerging economies, USDT and USDC are functioning as practical dollar substitutes—faster, cheaper, and easier to access than physical cash or official bank accounts.
Interestingly, the Messari report also highlights how stablecoin inflows into short-term U.S. treasuries have a real economic impact. According to BIS research, sustained inflows into stablecoin reserves can lower treasury yields—similar to small-scale quantitative easing.
The GENIUS Act and a more stable regulatory environment in the U.S. are giving further legitimacy to the sector, making stablecoins a strategic financial instrument for both public and private stakeholders.
Stablecoins at the Frontier: The Real Growth Story
Beyond the headlines about Tether and Circle, there’s a quiet revolution happening in infrastructure and financial inclusion.
Companies like:
Sphere Labs are helping e-commerce sellers and gig workers in LatAm get paid instantly in stablecoins.
Conduit offers B2B payments infrastructure that connects crypto and local bank rails.
Bitso Business powers cross-border remittances from the U.S. to Mexico.
BVNK and dLocal enable global merchants to accept stablecoins and settle in fiat.
Huma is pioneering prefunded, blockchain-based liquidity networks for suppliers and payrolls.
These aren’t theoretical projects—they’re processing billions in volume and solving real-world pain points in countries that need them most.
Stablecoins are no longer just a stepping stone to crypto trading or DeFi yield farming. They are becoming the connective tissue of the digital financial world—bridging fiat and crypto, formal and informal economies, centralized and decentralized infrastructure.
Whether you're a founder building for cross-border commerce, a policymaker planning for digital public infrastructure, or an investor thinking about financial rails of the future—stablecoins can no longer be ignored.
This is not just a crypto story. It's a macro transformation in motion.