In a landmark moment for the cryptocurrency industry, stablecoins have overtaken Visa in annual transaction volume as of April 2025, marking a transformative shift in global payments. A recent report reveals that stablecoins processed $12.3 trillion in transactions over the past year, edging out Visa’s $11.8 trillion. This milestone highlights the rising adoption of digital currencies and their potential to disrupt traditional payment systems like Visa and Mastercard. This article explores the implications for the crypto market, the future of payments, and the global economy.
Stablecoins Eclipse Visa: A Data-Driven Surge
Stablecoins, cryptocurrencies tied to stable assets like the U.S. dollar, have seen explosive growth. In 2024, their transaction volume soared by 85%, fueled by their use in cross-border payments, DeFi platforms, and daily purchases. Leading the pack are Tether’s USDT and Circle’s USDC, which command over 90% of the stablecoin market. USDT handled $8.5 trillion in transactions, while USDC processed $2.9 trillion, pushing the total stablecoin market cap to $226 billion by April 2025, up 28% from last year.
Visa, a giant in payments, has long reigned with its capacity to process 24,000 transactions per second (TPS). Yet, stablecoins have gained ground rapidly, leveraging blockchain scalability. Technologies like the Lightning Network for Bitcoin and the Raiden Network for Ethereum enable stablecoins to process transactions in milliseconds, with some networks handling millions of TPS, far surpassing Visa’s capabilities.
Why Stablecoins Are Outpacing Visa
Several factors drive stablecoins’ edge over Visa. First, their low fees make them ideal for cross-border payments, where Visa’s 2-3% charges add up. Operating on blockchains like Ethereum, Solana, and Polygon, stablecoins typically charge under 1%, saving billions for users. For instance, a $10,000 USDC transfer on Solana costs less than $0.10, compared to $200-$300 via Visa’s international system.
Second, stablecoins offer unmatched accessibility. Unlike Visa, which requires bank accounts or credit, stablecoins need only a smartphone and internet, empowering the unbanked in regions like Latin America and Africa, where adoption is booming. Companies like Bridge, which raised $58 million for stablecoin remittances, are partnering with platforms like Bitso to serve millions in developing markets.
Third, stablecoins thrive in DeFi ecosystems, powering platforms like Aave and Uniswap for lending, borrowing, and trading. With $300 billion in total value locked (TVL) across DeFi protocols as of April 2025, this demand fuels stablecoin usage, creating a cycle that drives transaction growth.
The Road Ahead for Payments
The rise of stablecoins over Visa signals a major shift. Analysts forecast that by 2030, stablecoins could account for 30% of digital payments, up from 12% today. Traditional players are responding—Visa has teamed up with Circle to integrate USDC, while World Network is reportedly negotiating with Visa to enable stablecoin payments using Worldcoin’s biometric system.
Challenges persist, however. Regulatory bodies like the SEC and ESMA warn of systemic risks from stablecoins, citing concerns over reserve transparency, particularly for USDT. Unlike Visa, which offers robust consumer protections, stablecoins lag in fraud prevention, raising trust issues among users.
Conclusion
The milestone of stablecoins surpassing Visa in 2025 underscores blockchain’s transformative potential in payments. As they gain ground in DeFi, remittances, and daily transactions, stablecoins are reshaping global value transfer. Overcoming regulatory and trust hurdles will be key to their sustained success. For now, the crypto market celebrates a pivotal achievement, but the competition for payment dominance continues.