Stablecoins are on track to become a critical layer of global finance, with adjusted transaction volumes projected to reach $719 trillion by 2035, according to a new report from blockchain research firm Chainalysis on Wednesday.
The growth, driven solely by organic adoption, indicates a structural shift in how value moves across borders and through everyday commerce, the research firm added.
Stablecoins moved more than $35 trillion on blockchain rails last year, noting that only about 1% went to real-world payments, according to a March report from McKinsey and blockchain data firm Atermis Analytics.
A key catalyst is the impending transfer of generational wealth: up to $100 trillion is expected to shift from Baby Boomers to Millennials and Generation Z in the coming decades. These younger cohorts, much more likely to use cryptocurrencies as the default financial instrument, are poised to redefine payment preferences at scale, integrating digital assets into mainstream economic activity.
“As cryptocurrencies become the default for the next generation of capital, the question is no longer whether stablecoins compete with traditional rails, but how quickly they replace them,” Chainalysis said in its report.
At the same time, stablecoin transaction volumes are rapidly converging with traditional payment networks. Chainalysis said current trends suggest on-chain payments could match Visa and Mastercard volumes as early as 2039, putting direct competitive pressure on legacy rails long defined by intermediaries, fees and settlement delays.
Unlike card networks, stablecoins enable programmable transactions and near-instant settlements 24/7, reducing friction between remittances, merchant payments, and treasury operations. As merchant adoption expands, payment with stablecoins is increasingly moving from a deliberate choice to an invisible infrastructure, the company added.
Chainalysis is also introducing a new category of blockchain intelligence agents, which aims to help institutions navigate and operationalize this transition as digital assets move from the margins to the center of global finance.
“Institutions building on-chain payments now will define the next era of global finance, while those that wait risk falling into someone else’s path,” Chainalysis said.
