USD Coin (USDC) has surpassed Tether (USDT) in transfer volume, while total monthly stablecoin transaction activity reached a record $1.8 trillion in February 2026.
Total stablecoin market capitalization has climbed to approximately $314 billion, up significantly from $131 billion recorded in January 2024. The growth indicates that institutional participants, rather than retail traders, are becoming the primary drivers of stablecoin activity.
Recent settlement activity illustrates how stablecoins are beginning to replace traditional banking rails. Circle, the issuer of USDC, recently completed a $68 million settlement across eight entities in just 30 minutes.
According to Reece Merrick, an executive at Ripple, stablecoins processed approximately $33 trillion in transactions during 2025. That figure is roughly double the annual payment volume handled by Visa. Transaction activity grew 72% year-over-year, while the number of active users increased by 146% across 106 countries.
In Turkey, persistent currency volatility has increased demand for dollar-pegged stablecoins across parts of the Middle East and North Africa. Meanwhile, Nigeria, which processes roughly $59 billion in annual remittances, is seeing stablecoins increasingly replace traditional transfer services.
At the same time, United Arab Emirates has approved a dirham-backed stablecoin known as DDSC, designed to support institutional settlements in a market estimated at $170 billion.
Source: Research data from Lisk
Disclaimer: This content is for informational purposes only and does not constitute financial advice or an investment recommendation. Digital asset adoption and regulatory frameworks may vary across jurisdictions and market conditions.
