Stablecoins: Chainalysis Predicts $1.5 Quadrillion in Transactions by 2035
📋 En bref (TL;DR)
- Chainalysis predicts stablecoins will reach $1.5 quadrillion in annual volume by 2035, up from $28 trillion in 2025. USDC now surpasses USDT in adjusted volume (64% vs 36%). The US GENIUS Act and FDIC’s April 2026 rule accelerate institutional adoption, while Circle launches its CPN payment network and six Swiss banks (including UBS) test a CHF stablecoin.
From $28 trillion to $1.5 quadrillion: the staggering stablecoin trajectory
Chainalysis’ “100 Trillion Dollar Wealth Shift” report published in April 2026 delivers a stark assessment: stablecoins are no longer a niche phenomenon. With $28 trillion in transactions in 2025 and a total market cap exceeding $316 billion, these fiat-pegged digital assets already rival Visa in processed volume.
According to Chainalysis projections, this volume could reach $1.5 quadrillion by 2035 — a 53x multiplication in ten years. This staggering figure is driven by three converging catalysts: regulatory adoption, payment infrastructure, and institutional demand.
USDC overtakes USDT: a turning point for the 2026 stablecoin market
The report reveals a historic shift: Circle’s USDC has overtaken Tether’s USDT in adjusted volume, capturing 64% of flows compared to 36% for its rival. This reversal reflects a growing institutional preference for a stablecoin that complies with US regulations, undergoes regular audits, and is issued by a transparent entity.
The White House Council of Economic Advisers (CEA) confirmed this trend in a parallel report, estimating that stablecoins impact Treasury yields by only 0.02 basis points — a reassuring signal for regulators who feared financial system destabilization.
Meanwhile, crypto cards backed by stablecoins now generate $600 million in monthly transactions, proving these assets are gradually integrating into everyday payments.
GENIUS Act and FDIC: the regulatory framework that changes everything
The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins), signed in July 2025, established the foundation for federal stablecoin regulation in the United States. The law mandates 100% dollar reserves, regular audits, and Federal Reserve supervision for issuers exceeding $10 billion in market cap.
In April 2026, the FDIC (Federal Deposit Insurance Corporation) took an additional step by publishing a rule explicitly authorizing US banks to hold and process stablecoins. This decision paves the way for direct integration into the traditional banking system, removing a major barrier to institutional adoption.
Circle CPN: the SWIFT of stablecoins
Circle, the USDC issuer, announced the launch of its Circle Payments Network (CPN), an interbank settlement network based on stablecoins. Dubbed the “SWIFT of stablecoins” by some analysts, CPN aims to connect banks, fintechs, and businesses through near-instant, low-cost cross-border payments.
The network leverages USDC’s multi-chain infrastructure (Ethereum, Solana, Base, Arbitrum, Polygon) to offer settlements in seconds where traditional SWIFT transfers take 2 to 5 business days. Circle positions CPN as a direct competitor to SWIFT for business-to-business (B2B) payment corridors and international remittances.
Switzerland bets on a Swiss franc stablecoin
Europe is not standing idle. Six Swiss banks, including UBS, are participating in a FINMA sandbox program to test a stablecoin pegged to the Swiss franc (CHF). This 18-month pilot project aims to evaluate the feasibility of a regulated European stablecoin, compliant with the EU’s MiCA framework.
This Swiss initiative illustrates a global trend: stablecoins are no longer limited to the dollar. Euro stablecoin projects (EURe, EURC), yen, and sterling stablecoins are emerging, driven by local market demand and regulators’ desire to maintain monetary sovereignty against the digital dollar’s dominance.
Polygon raises $100 million for stablecoin infrastructure
On the infrastructure side, Polygon closed a $100 million funding round specifically dedicated to the stablecoin ecosystem. These funds will develop high-throughput payment solutions on the Polygon blockchain, which already processes a significant share of USDC and USDT transactions as an Ethereum Layer 2.
This raise confirms investor appetite for stablecoin underlying infrastructure, considered the next major market in decentralized finance. Layer 2s like Polygon, Base, and Arbitrum are locked in a fierce battle to capture stablecoin payment flows.
What does this mean for crypto investors?
For investors, the rise of stablecoins carries several concrete implications. First, using stablecoins as on-ramps and off-ramps for crypto markets becomes safer thanks to strengthened regulatory frameworks (MiCA in Europe, GENIUS Act in the US).
Second, DeFi yields on stablecoins (lending via Aave, Compound) remain attractive at 4-7% APY, significantly above traditional savings rates. Finally, the multiplication of non-dollar stablecoins (euro, CHF) facilitates access for those who wish to avoid EUR/USD exchange rate risk.
Frequently Asked Questions
How much volume do stablecoins process in 2025?
Stablecoins processed approximately $28 trillion in transactions in 2025, with a total market cap exceeding $316 billion. This volume already rivals that of Visa.
Why has USDC overtaken USDT in volume?
Circle’s USDC captured 64% of adjusted volume in 2026 thanks to its regulatory compliance, regular audits, and issuer transparency. Institutions favor USDC amid uncertainties around Tether’s (USDT) reserves.
What is the GENIUS Act and how does it impact stablecoins?
The GENIUS Act is a US federal law signed in July 2025 that requires stablecoin issuers to maintain 100% dollar reserves, undergo mandatory audits, and be supervised by the Fed. It creates a clear legal framework that accelerates institutional adoption.
Are stablecoins a good investment in 2026?
Stablecoins are not a speculative investment (their value remains stable), but they generate yields through DeFi lending (4-7% APY on Aave or Compound). They also serve as a safe haven during market corrections and a gateway to buy other cryptocurrencies.
What is Circle's Payments Network (CPN)?
CPN is an interbank settlement network built by Circle for stablecoin-based payments. Often called the “SWIFT of stablecoins,” it enables near-instant cross-border settlements at low cost, connecting banks, fintechs, and businesses worldwide.
- Chainalysis — Stablecoins: The Most Popular Digital Asset (April 2026)
- White House CEA — Economic Impact of Stablecoins on Treasury Yields (2026)
- Circle — Circle Payments Network (CPN) Announcement
- U.S. Congress — GENIUS Act (Stablecoin Framework)
- FDIC — Bank Stablecoin Custody Rule (April 2026)
- FINMA — Swiss CHF Stablecoin Sandbox Program
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