Stablecoin Volume Surpasses US ACH for First Time

Stablecoin transaction volumes outpaced the US Automated Clearing House (ACH) network in February, marking a notable milestone for an asset class under 12 years old. Blockchain analytics firm Artemis reported that its 30-day adjusted rolling stablecoin volume reached $7.2 trillion in February, exceeding the ACH’s $6.8 trillion. Artemis’s metric removes MEV activity and transfers that remain inside centralized exchanges, and compares 30-day rolling adjusted stablecoin flows in USD to daily-average volumes reported for other payments systems.

Analyst Alex Obchakevich wrote on X that stablecoins are becoming a foundational rail for cross-border payments, operating without banks, weekends or national borders. The ACH is a core pillar of U.S. payments—Nacha estimates it handles roughly 93% of U.S. payroll transactions—so stablecoins overtaking it even on a rolling 30-day basis is significant.

Artemis’s data show stablecoin volumes steadily growing relative to other big payment networks such as Visa and PayPal. Preliminary March figures indicated further gains: stablecoin 30-day volume climbed to about $7.5 trillion and equaled ACH on that rolling measure.

Supply metrics are rising as well. CEX.IO reported total stablecoin supply reached $315 billion in Q1 2026, up $8 billion year-over-year. Stablecoins made up 75% of total crypto trading volume in the quarter—the highest share on record—highlighting increased use in trading and liquidity provisioning. Market participants say a more favorable U.S. regulatory backdrop has helped spur institutional interest.

Major banks and market analysts expect continued expansion. Standard Chartered has projected the stablecoin market cap could grow to roughly $2 trillion by 2028, representing a more than 530% increase from current levels. Frank Chapparo of trading firm GSR cautioned that traditional banks and fintech companies risk falling behind if they ignore rapid stablecoin adoption; he noted total supply has climbed from under $30 billion in 2020 to north of $300 billion today and pointed to proposed measures such as the GENIUS Act as potential enablers of wider institutional participation.

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