Stablecoin transaction volume exceeded the US Automated Clearing House (ACH) network for the first time in February, marking a milestone for an asset class less than 12 years old. Blockchain analytics firm Artemis reported the 30-day adjusted rolling stablecoin volume reached $7.2 trillion in February, surpassing the ACH’s $6.8 trillion. Artemis’s measure excludes MEV activity and intra-centralized-exchange transactions and compares 30-day rolling adjusted stablecoin flows in USD to daily-average volumes of other payment systems.
Analyst Alex Obchakevich noted on X that stablecoins are becoming foundational for global payments: no banks, no weekends, no borders. The ACH is a central backbone of US payments—Nacha estimates it handles about 93% of US salary payments—so overtaking it is notable.
Artemis data showed stablecoin volumes have grown consistently relative to other major systems such as Visa and PayPal. March data indicated further gains, with stablecoin volume reaching $7.5 trillion for the month and matching ACH over that 30-day span.
Stablecoin supply is also rising. In Q1 2026 total stablecoin supply hit $315 billion, up $8 billion year-over-year, per CEX.IO. Stablecoins accounted for 75% of total crypto trading volume in the quarter, the highest recorded share. Institutional adoption, aided by a warming US regulatory environment, has been a key catalyst.
Major banks and analysts expect continued expansion—Standard Chartered projects the stablecoin market cap could reach $2 trillion by 2028, a more than 530% increase from current levels. Frank Chapparo of trading firm GSR warned that banks and fintechs risk being left behind if they ignore the sector’s rapid growth, noting total supply rose from under $30 billion in 2020 to over $300 billion today and pointing to the GENIUS Act as unlocking institutional adoption.
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