Stablecoins Circulating Faster Than Ever, $1T Network Processes Millions While Banks Sleep

The stablecoin market has undergone significant changes since January 2024. According to Coinbase Institutional, the supply of stablecoins has roughly doubled, while entity-adjusted transaction volume has grown fourfold to fivefold.

This shift indicates that stablecoins are now moving toward a model where network value increasingly reflects how much can be settled with the existing pool of digital dollars.

Market capitalization records the stock of stablecoins in circulation, capturing available liquidity, reserve demand, and issuer scale. Transaction throughput, on the other hand, records how intensively those tokens move through exchanges, payment systems, treasury accounts, and settlement workflows.

A key finding is that stablecoin velocity has increased significantly. Visa's Economic Empowerment Institute calculated total stablecoin velocity at 13.56 during the fourth quarter of 2025, meaning the average token changed hands more than 13 times during the quarter.