The total value of the stablecoin market rose to $312 billion, creating a new peak. This growth has reached a statistical milestone as traditional payment giants and major financial institutions adopt blockchain-based systems. The rate of increase in market value in the last year has reached 50 percent. In the same period, the transfer volume through stablecoins increased to 11 trillion dollars. In addition to Visa and Mastercard, institutions such as JPMorgan and Citi have also integrated blockchain infrastructure into their payment and transfer services.
Competing with Card Payment Giants in Stablecoin Transfer Volume
The total volume of dollar-based transfers taking place on the blockchain totaled $11 trillion last year. While Visa is known for its annual transaction volume of approximately 12 trillion dollars, the stablecoin market has approached this size in terms of volume. An asset class that did not even exist 15 years ago is gaining attention in the financial ecosystem, approaching the same levels as today’s leading card payment infrastructure.
The fact that the annual growth rate in the stablecoin market has reached 50 percent stands out in terms of potential developments. If the market value continues to grow at this rate, the new targeted level in one year may reach 468 billion dollars. Current data indicate that the growth rate is not slowing down.
Global Financial Institutions Turned to Stablecoin Infrastructure
Visa and Mastercard have started on-chain payment and transaction processes with USDC. Thus, the requirement for correspondent bank infrastructure, which was previously mandatory for card payments, was eliminated. JPMorgan, Citi and HSBC are conducting pilots on tokenized deposits and blockchain-based payment services. Additionally, Mastercard started using SoFiUSD for real-time intercompany money transfers and cross-border remittances through its collaboration with SoFi Technologies.
These developments are not limited to companies focusing only on crypto; The main players in the international financial market have also begun to integrate stablecoin technology into their products for millions of customers. It is reported that stablecoin technology, which started as a speculative trading tool, has now become one of the basic components of the financial infrastructure.
Aon, which operates in the field of financial services, has launched a pilot program that provides for the payment of insurance premiums with stablecoin. Circle Payments Network stands out as a service that supports international money transfers in regions such as the USA, EU, Singapore, India and the Philippines. Developments indicate that the stablecoin infrastructure is taking part in the global financial system faster than expected.
Market Distribution and Regulation Agenda
Tether has approximately 59 percent share in the market with USDT. USDC issued by Circle is around 25 percent. Thus, 84 percent of the market is under the control of these two entities. Sky’s USDS, one of the new players, reached a market value of 7.9 billion dollars and became one of the rapidly growing products. The growth in this area is also reflected in regulation discussions. In particular, the GENIUS Act enacted in the USA and the MiCA regulation in Europe introduce clear operational rules for stablecoin issuers. Similar regulations are being prepared in the Asia-Pacific.
The GENIUS Act formed the legal basis of the pilot program implemented by Aon in the USA. In Europe, MiCA prepares a clear framework for regulated issuers. A serious corporate adoption trend is observed globally.
Conflict of Interest Between Banks and Stablecoin Issuers
The $312 billion value in the stablecoin market indicates that this amount moves outside the traditional banking sector. While JPMorgan is pilot testing tokenized deposits; On the other hand, it is lobbying against regulations that will allow interest to be paid on deposits. Similarly, banks that integrate stablecoin infrastructure into their products are taking legal action that stablecoin issuers should not obtain a bank license.
This contrast points to an ongoing tension between the need to improve the efficiency of financial infrastructure and the revenue models provided by the current system. It is reported that traditional institutions are trying to adapt to new technologies while protecting their own interests.
