Stablecoin Transfers Surpass Visa and Mastercard in 2024
A recent report from crypto exchange CEX.IO revealed that stablecoin transfers reached an impressive $27.6 trillion in 2024, outpacing the combined transaction volume of Visa and Mastercard by 7.68%.
Consistent Performance of Stablecoins
Despite facing a temporary dip in Q3 due to broader market slowdowns, stablecoins consistently outperformed traditional payment providers throughout the year.
Shift in Global Remittances
The rise of stablecoin transfers signals a significant shift in global remittances, with legacy providers like Western Union and MoneyGram struggling to adapt to the increasing demand for digital assets.
USDC Leads as Solana Gains Dominance
Circle’s USDC emerged as the dominant stablecoin for on-chain transactions, representing 70% of the total transfer volume. However, its influence slightly decreased in Q3 due to a temporary decline in DeFi activity.
Tether’s USDT, the largest stablecoin by market cap, witnessed substantial growth in total transfer volume, more than doubling in size. Despite this growth, its market share declined from 43% to 25% throughout the year.

Solana Emerges as Leading Blockchain for Stablecoin Transfers
Solana took the lead as the most active blockchain for stablecoin transfers, surpassing Tron and Ethereum in January 2024. The surge in Solana-based activity significantly boosted USDC’s market share, with 73% of the network’s stablecoin supply linked to USDC transactions.
“This increase aligned with Solana’s overall ecosystem growth, as stablecoins on the network were predominantly used for DeFi and other dApp activities.”
Bots Drive Stablecoin Volume
CEX.IO highlighted the significant role of bot-driven trading in stablecoin transactions in 2024, with automated systems accounting for 70% of the total volume.
Bot-driven trades were particularly dominant on Ethereum, Base, and Solana, with unadjusted transaction volumes, mainly reflecting bot activity, making up 77% of all stablecoin transfers in 2024.

Efficiency and Concerns around Bot Activity
CEX.IO acknowledged that while concerns exist regarding bots manipulating markets through various tactics, they also enhance efficiency. Automated systems facilitate arbitrage, execute smart contract transactions, and assist users with gas fees.
“Bot dominance in stablecoin transactions could also represent the maturation of certain networks.”
Future Outlook for Stablecoins
Stablecoins solidified their role as essential liquidity sources in DeFi, trading, and cross-border payments in 2024. This trend is expected to continue in 2025, especially during post-halving cycles that historically boost trading volume and capital flows.
Supply expansion is anticipated to persist, with stablecoin growth extending beyond bullish phases into early downturns. The report highlighted the likelihood of demand remaining steady even in the face of market fluctuations.
Furthermore, a potential shift away from USDT-dominated networks like Tron is on the horizon, as increased competition and regulatory scrutiny could impact USDT’s market share and Tron’s dominance in stablecoin transactions.
Lastly, Ethereum’s upcoming Pectra update in March 2025 aims to enhance scalability, reduce gas fees, and improve the overall user experience across Ethereum’s Layer 1 and Layer 2 networks.