BroadChain learned that at 17:00 on April 27, the positioning of stablecoins is undergoing a fundamental shift. The latest a16z crypto report points out that stablecoins have evolved from initial tools for inter-exchange transfers to long-term savings assets, and are now accelerating to become a core component of global financial infrastructure. The following nine charts reveal the key drivers behind this trend.
Regulatory clarity is an important catalyst. The passage of the US GENIUS Act established the first federal-level stablecoin issuance framework, driving transaction volumes to approximately $4.5 trillion in the first quarter of 2026. After the implementation of the EU's MiCA regulation, the non-USD stablecoin market jumped from near zero to a monthly average of $15 billion to $25 billion, indicating that compliance demand has created a new market.
The explosion of commercial payment scenarios is particularly notable. In 2025, C2C transaction volume reached 789.5 million transactions, while C2B transactions saw the fastest growth, increasing 128% year-over-year to 284.6 million transactions. Monthly collateral deposits for stablecoin payment card projects (such as Etherfi Cash, Kast, Wallbit) surged from near zero in November 2024 to over $300 million in early 2026, indicating that payment infrastructure is rapidly maturing.
The improvement in circulation efficiency confirms the enhancement of payment attributes. Since the beginning of 2024, the velocity of stablecoins (monthly adjusted transaction volume ÷ circulating market cap) has doubled from 2.6x to 6x, meaning that transaction demand growth outpaces new issuance, significantly increasing capital utilization. Excluding internal exchange transfers, the scale of stablecoin payments in 2025 is estimated to be between $350 billion and $550 billion, with B2B transactions still dominating, but sub-scenarios such as personal transfers and merchant payments are rapidly expanding.
Geographic distribution is highly concentrated. Asia contributes nearly two-thirds of stablecoin payment transactions, primarily from Singapore, Hong Kong, and Japan; the North American market accounts for about a quarter. This pattern indicates that stablecoin payment applications are first achieving breakthroughs in regions with friendly regulations and well-developed financial infrastructure.