Tether USD (USDT) has been reported to exceed $150 billion in circulating supply, while stablecoins have been averaging more than $521 billion in weekly transfer volumes throughout 2025.
The figures recorded by the top stablecoin have significantly surpassed the combined weekly transaction volumes of Visa and PayPal, which have been averaged at $319 billion and $32 billion, respectively.
The milestone was described by Tether as the result of more than a decade of progress since its launch in 2014, with the expansion being attributed to worldwide demand for USDT from a user base exceeding 400 million.
As of May 12, USDT has been reported to account for 63% of the overall stablecoin supply, which totals nearly $238 billion.
Surging Transaction Volumes
According to data from Artemis, the increasing influence of stablecoins in transactional finance was demonstrated during the week of January 20, when approximately $654.9 billion was processed by stablecoins—surpassing the combined transaction volume of Visa and PayPal, which totaled $351.2 billion, by over $303.7 billion.
Additional weeks showing substantial gaps were recorded on January 13 ($282.1 billion), January 6 ($278.9 billion), January 27 ($266.3 billion), and February 3 ($242.5 billion), highlighting a steady pattern of dominance during the early part of the year.
Throughout 2025, an average weekly value of $521.3 billion was transferred using stablecoins, exceeding Visa’s figures by 63% and outperforming PayPal by more than 1,500%.
The momentum has been strengthened by the recent entry of traditional financial institutions into the stablecoin space, driven by expectations of a more favorable regulatory climate under President Donald Trump’s administration.
Adjusting to Market Trends
This robust performance was observed following a total transfer volume of $24.6 trillion recorded by stablecoins last year, surpassing the combined transaction volumes of Visa and Mastercard by 7.7%.
However, rapid adaptation to this evolving landscape is being demonstrated by traditional payment industry giants, who are also playing a role in advancing these developments.
In October 2024, a platform designed to assist banks in tokenizing fiat currencies was announced by Visa, leading to an increase in the issuance of stablecoins. Additionally, stablecoin-based cards were recently introduced by the payment company in the Latin American region.
Meanwhile, the tokenization of 30% of its 2024 transactions was reported by Mastercard to the U.S. Securities and Exchange Commission (SEC). Similar to Visa, a card enabling users to make payments using stablecoins was also announced by Mastercard.
The PayPal USD (PYUSD) stablecoin was introduced by PayPal in August 2023. After exceeding a circulating supply of $1 billion by August 2024, PYUSD’s market capitalization gradually declined to below $450 million by December of that year.
However, a notable increase in PYUSD adoption has been observed recently, with its value rising by 95% since February and reaching nearly $930 million as of May 12.
 has been reported to exceed $150 billion in circulating supply, while stablecoins have been averaging more than $521 billion in weekly transfer volumes throughout 2025.){kind=link}