TLDR
- Chainalysis says adjusted stablecoin volume reached $28 trillion in 2025.
- The firm projects adjusted stablecoin volume could rise to $719 trillion by 2035.
- Macro catalysts could push annual stablecoin volume close to $1.5 quadrillion by 2035.
- Stablecoin transaction counts could match Visa and Mastercard between 2031 and 2039.
Chainalysis predicts stablecoins could reach $719 trillion in real economic volume by 2035. The forecast uses adjusted on-chain activity, not raw transfer totals.
The report said stablecoins processed $28 trillion in adjusted volume in 2025. It said payment use, merchant adoption, and demographic change may lift that figure further. The forecast arrives as stablecoins draw more attention from banks and payment firms.
Chainalysis said recent U.S. regulatory momentum has kept the sector in focus. Under added macro catalysts, annual volume could approach $1.5 quadrillion by 2035.
Adjusted volume forms the base case
Chainalysis used adjusted stablecoin volume to measure economic activity. The metric removes bot trades, liquidity loops, and internal transfers.
Raw volume can overstate activity on public blockchains. Large transfers often include trading activity and non-user flows. Chainalysis said adjusted volume filters that noise.
The firm said this method better tracks actual economic demand. It keeps transactions tied to payments, remittances, and settlements. That gives a cleaner view of real use across blockchains.
The firm wrote, “Adjusted volume has grown at a 133% compound annual growth rate since 2023.” It said adjusted volume reached $28 trillion in 2025. On the same trend, annual volume could reach $719 trillion by 2035.
Wealth transfer may expand stablecoin use
Chainalysis said a large wealth transfer may speed crypto use after 2028. Merrill Lynch has estimated up to $100 trillion may pass to younger generations by 2048.
According to the report, Millennials and Gen Z will become a larger share of adult financial users. That shift may change payment habits and asset preferences. The report said these groups are more likely to use digital assets.
It cited 2025 Gemini survey data on crypto ownership. Chainalysis estimated that this shift alone could add $508 trillion in annual stablecoin volume by 2035. The firm linked that number to greater comfort with on-chain finance.
The firm also said other on-chain products may grow with stablecoins. It named tokenized assets and prediction markets as related areas. Those areas may expand as younger users control more capital.
Merchant adoption may challenge card rails
The report said merchant acceptance is another major driver. Stablecoins can settle quickly and operate at all hours. Today, paying with crypto is still a deliberate user action.
The report said that could change as acceptance becomes routine. At that stage, users may not notice the rail itself. Merchants would receive fast settlement through a different payment rail.
That structure may cut delays, lower costs, and reduce extra accounting work for merchants. It may also support cross-border payments without bank intermediaries. These features help explain growing interest in stablecoin payments.
Chainalysis projected stablecoin transaction counts could match Visa and Mastercard between 2031 and 2039. It estimated point-of-sale use could add $232 trillion in annual volume by 2035.
Payment firms move toward on-chain infrastructure
The report pointed to recent deals in the payments sector. Stripe acquired Bridge, and Mastercard partnered with BVNK. Chainalysis said those moves show stablecoins are moving into mainstream payment systems.
The report said some firms now focus on building services and forming partnerships. It said traditional institutions risk losing customer payment flows if they ignore on-chain rails. Customers may shift balances and payments elsewhere.
The firm said stablecoins now sit at the center of payment strategy debates. For banks, that debate is moving from policy to execution.
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