Stablecoins are moving deeper into digital finance as payment, settlement, and business transfer activity grows. A new Chainalysis study says inflation-adjusted stablecoin volume could rise from about $28 trillion in 2025 to $719 trillion by 2035, with a higher case of $1.5 quadrillion if payment use expands faster.
Chainalysis said stablecoins are moving beyond their earlier role as tools used mainly by crypto traders. The firm projected that annual stablecoin transaction volume could climb strongly over the next decade as more users and businesses adopt blockchain-based payment rails. Its baseline estimate puts volume at $719 trillion by 2035.
The report also presented an upside case of $1.5 quadrillion. This scenario depends on broader point-of-sale adoption in physical stores and online checkouts. Chainalysis said stablecoins could compete more directly with traditional payment networks as settlement becomes faster, cheaper, and available around the clock.
The firm described the trend in direct terms, stating, “When crypto becomes the default for the next generation of capital, the question is no longer if stablecoins compete with traditional rails, but how quickly they replace them.” The projection adds to the wider discussion over whether stablecoins can move from crypto markets into broader commercial use.
Recent blockchain data shows stablecoin activity is no longer centered on one network. Ethereum’s main chain has seen lower stablecoin address activity in early 2026, while lower-cost Layer 2 networks have taken a larger share of transaction flow. The shift reflects how users are moving toward faster and cheaper rails for routine transfers.
At the same time, Solana passed Ethereum in monthly stablecoin settlement volume in February 2026. The network processed about $650 billion that month, based on the figures cited in the report. The change suggests stablecoin usage is becoming more fragmented, with different chains serving different transaction needs.
This pattern also matches changes in Ethereum’s structure. Much of its transaction throughput now runs through Layer 2 networks such as Arbitrum and Base. The main Ethereum chain is increasingly used for capital storage, while lower-cost networks handle more payment and transfer activity.
Business use remains one of the clearest drivers of stablecoin growth. The report said B2B payments now account for about 60% of real-economy stablecoin volume. Monthly B2B stablecoin payments rose from under $100 million in early 2023 to more than $6 billion by mid-2025.
Large payment companies are also moving into the sector. Stripe acquired stablecoin infrastructure firm Bridge for $1.1 billion in 2025. Mastercard also partnered with BVNK and is pursuing further stablecoin-related expansion. These moves show that payment firms are preparing for wider use of digital dollar rails.
Chainalysis also linked future growth to the expected transfer of about $100 trillion in wealth from Baby Boomers to younger generations between 2028 and 2048. The report said younger users are more likely to treat crypto as a normal financial tool. It is estimated that this wealth shift alone could generate $508 trillion in annual stablecoin volume by 2035, while regulation such as the GENIUS Act could support broader institutional entry if legal clarity improves.
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