Stablecoins surpass Visa and Mastercard with $27.6 trillion transfer volume in 2024

According to a report from crypto exchange CEX.IO, stablecoin transfers reached $27.6 trillion in 2024, outpacing Visa and Mastercard’s combined transaction volume by 7.68%.

The report pointed out that stablecoins consistently outperformed traditional payment providers throughout the year despite a dip in Q3 due to broader market slowdowns.

Chart showing the trading volume for stablecoins compared to Visa and Mastercard in 2024 (Source: CEX.IO)

This trend signals a shift in global remittances as legacy providers like Western Union and MoneyGram struggle to adapt to a rising demand for digital assets.

The stablecoin supply expanded by 59% during this period, exceeding $200 billion. This growth pushed stablecoins to represent 1% of the total US dollar supply, a significant increase from 0.63% at the start of the year.

USDC leads as Solana gains dominance

Circle’s USDC emerged as the dominant stablecoin for on-chain transactions, accounting for 70% of total transfer volume. However, its influence weakened slightly in Q3 due to a temporary decline in DeFi activity.

Tether’s USDT, the largest stablecoin by market cap, experienced substantial growth, with its total transfer volume more than doubling. Despite this, its market share declined from 43% to 25% last year.

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Author: Oluwapelumi Adejumo

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Stablecoins surpass Visa and Mastercard with $27.6 trillion transfer volume in 2024

USDC leads as Solana gains dominance