The transaction value of stablecoins hit $15.6 trillion in 2024 overtaking traditional payments made with Mastercard and Visa

The data, published in Ark Invest Big Ideas Report 2024, showed that stablecoins surpassed Mastercard and Visa by 200% and 119%, respectively.

Stablecoins Surpass Mastercard, Visa Payments in 2024 Despite Bear Market

The transaction value of stablecoins reached $15.6 trillion in 2024, surpassing traditional payments made with Mastercard and Visa, according to data published in Ark Invest Big Ideas Report 2024.

The data showed that stablecoins surpassed Mastercard and Visa by 200% and 119%, respectively. Notably, this growth occurred despite a two-year bear market that saw a more than 70% decline in market capitalization. However, stablecoin growth remained largely uninterrupted, reaching a five-year high.

Further analysis revealed that the number of stablecoin transactions reached 100 million monthly, of which Mastercard and Visa processed 72% and 41%, respectively.

In previous years, the number of people using stablecoins to transfer funds has steadily increased. For instance, in 2023, the value of stablecoin transactions was roughly $7 trillion with Visa taking the lead at around $13 trillion.

Tether, Circle Stablecoins Dominate Market

Among the stablecoins on the market, Tether (USDT) continued to lead the market, followed by Circle (USDC). Together, they accounted for 90% of the total supply.

Moreover, Tether reported $5.2 billion in profits during the first half of 2024. Notably, Tether and Circle accounted for 60% of the revenue generated by the top five networks and applications.

“Collectively, stablecoins USDT, USDC, DAI/USDS, and USDE generated revenues of $3.35 billion, or $6.7 billion at an annual rate, during the second half of 2024,” Ark Invest noted in the report.

Stablecoin Legislation in the Works

The news of stablecoin growth comes as David Sacks, President Donald Trump’s AI and crypto czar, indicated that one of the priorities within the White House is creating stablecoin legislation.

In related developments, Republican Senator Bill Hagerty introduced a bill yesterday to create a framework for stablecoins.

The bill is proposing to implement a “clear, regulatory framework” for their use. As stablecoin use gains popularity overseas, the US is hoping that the bill will reinforce the dollar’s dominance while aiding Trump’s mission to make America the crypto capital of the world.