a16z: Stablecoins are becoming the global payment infrastructure, with localized usage trends accelerating

Deep Tide TechFlow News, April 25th, according to a report released by a16z crypto researcher Robert Hackett and Jeremy Zhang, stablecoins are evolving from early trading tools and savings vehicles into core financial infrastructure.

On the regulatory front, the U.S. GENIUS Act established the first federal stablecoin issuance framework, and although the European MiCA regulations led to the delisting of USDT on some exchanges, they also spurred ongoing demand for non-USD stablecoins, with monthly trading volumes remaining steady between $15 billion and $25 billion.

In terms of usage, consumer-to-business (C2B) stablecoin transactions grew by 128% year-over-year in 2025, reaching 284.6 million transactions; the velocity of stablecoin circulation increased from 2.6 times at the beginning of 2024 to 6 times, indicating that existing supply is being used more frequently for payments rather than holding; after excluding transaction and financial flow factors, it is estimated that $350 billion to $550 billion in 2025 belongs to real payment scenarios.

Regionally, nearly two-thirds of stablecoin payment volume comes from Asia (mainly Singapore, Hong Kong, Japan), North America accounts for about a quarter, and Europe around 13%. Notably, the share of cross-border transactions is actually decreasing, with domestic transactions rising from about 50% at the beginning of 2024 to nearly 75% by early 2026. Stablecoins anchored to the Brazilian real (BRLA) have seen monthly transfer volumes increase to approximately $400 million, confirming the rise of localized stablecoin payments.

The report points out that stablecoins are developing into a “globally designed, locally practiced” universal payment infrastructure. Non-USD stablecoins are also accelerating their expansion. The overall landscape remains in its early stages, but the direction is becoming increasingly clear.