Стейблкоины как новый индикатор зрелости криптоиндустрии: объемы транзакций достигли $46 трлн Translation: Stablecoins as a New Indicator of Crypto Industry Maturity: Transaction Volumes Reach $46 Trillion

Since January, the volume of transactions involving stablecoins has reached $46 trillion, representing a 106% increase compared to the same period last year. Analysts from a16z Crypto identify the spread of stablecoins as a crucial indicator of the cryptocurrency industry’s maturity.

«Nothing signals the maturation of the sector quite like the rise of fiat-pegged tokens. In prior years, these were mainly utilized for transactions related to speculative cryptocurrency deals, but now they have become the fastest, cheapest, and most global method for transferring dollars — in less than a second and for less than a cent to nearly any location in the world,» states an report.

Excluding bot activities and fake operations, the turnover of stablecoins amounted to $9 trillion — nearly half of Visa’s volume and five times greater than PayPal’s.

Monthly volumes continue to set records — in September, the figure reached $1.25 trillion.

Experts noted that the activity showed minimal correlation with the overall trading volume dynamics in the cryptocurrency market. They suggested this confirms the shift from speculative uses of stablecoins to practical applications.

The total market capitalization of the sector has surpassed $300 billion. The combined market share of USDT and USDC accounts for 87% of the market. Meanwhile, 64% of transactions are processed on Ethereum and TRON networks.

Stablecoins have «become a significant macroeconomic force,» analysts pointed out. Currently, over 1% of the American dollar’s money supply exists in the form of stablecoins.

Tether and Circle are ranked 17th among the largest holders of U.S. government bonds, with investments exceeding $150 billion.

Analysts also highlighted that the number of active cryptocurrency users globally ranges from 40 to 70 million, marking a 10 million increase from 2024. In total, more than 716 million individuals own digital assets.

Previously, Tether announced that the number of USDT users has reached 500 million.

The global economy is actively transitioning into the blockchain space — from tokenized assets to decentralized physical infrastructure (DePIN).

«The on-chain economy has evolved from a niche platform for enthusiasts into a multifaceted market with millions of monthly participants,» states the a16z report.

One in five spot transactions now occurs on decentralized exchanges. Amid the popularity of Hyperliquid and Aster, trading volumes for perpetual contracts have surged eightfold over the last year. Such platforms generate over $1 billion annually, positioning them alongside CEX.

The market for RWA, regarded as a «bridge between cryptocurrencies and traditional finance,» has reached $30 billion — a fourfold increase in a year.

Analysts paid particular attention to the rapid development of DePIN. They cited the network Helium, which provides 5G coverage for 1.4 million users through 111,000 hotspots. Projections indicate that by 2028, the sector’s capitalization will grow to $3.5 trillion.

Institutional adoption is also ramping up. Experts noted that several giants in traditional finance — Citigroup, JPMorgan, Mastercard, and Visa — have announced plans to launch cryptocurrency products.

Meanwhile, exchange-traded funds based on cryptocurrencies have attracted $175 billion — a 169% increase over the year. Treasury companies have accumulated 4% of the total supply of Bitcoin and Ethereum, sparking a new trend in the industry.

The throughput of major networks has increased one hundredfold in five years — reaching 3,400 transactions per second. Experts state that this progress makes blockchain infrastructure ready to meet global demand.

Current performance levels are comparable to Nasdaq’s processing volumes on peak trading days or to Stripe’s global capacity on «Black» Friday. Meanwhile, transaction costs have fallen to historical lows: in Layer-2 networks built on Ethereum, fees have decreased from $24 in 2021 to less than one cent today.

Analysts underscored that privacy has returned to the forefront. Related search queries surged dramatically in 2025. This is also reflected in the buzz surrounding Zcash and the formation of a new privacy protection team by the Ethereum Foundation.

Additionally, experts noted the rapid evolution of systems using zero-knowledge proofs, the transition of blockchains to post-quantum cryptography, and the convergence of cryptocurrencies with artificial intelligence.

It is worth mentioning that in August, experts from a16z identified a method to maintain privacy without compromising security.