Stablecoins now account for 75% of the $7.5 trillion in annual transaction volume flowing through Fireblocks, according to the digital asset infrastructure provider. Four years ago, that share was just 15–20%.
Fireblocks provides infrastructure that institutions use to custody, move, and settle tokens. Research on its network adds detail on how stablecoin activity is concentrated and what is driving growth.
USDC leads stablecoin volume on the network
USDC is reportedly the most used stablecoin on the platform, with a 53% share of stablecoin volume. Monthly stablecoin volumes are said to exceed $300 billion. Fireblocks supports more than 300 payment service providers, fintechs, and banks, according to the research.
Payments drive growth
The research identifies cross-border payments as a key driver, along with institutional settlements. It also points to partnerships with major fintech firms and remittance companies such as MoneyGram and Western Union as part of the growth story.
The payment segment reportedly grew 110% year-over-year.
Regulatory clarity and product response
The research attributes part of the shift to regulatory clarity, which has made larger institutions more comfortable using stablecoins. It frames stablecoins as becoming payment and cross-border tools rather than speculative instruments.
USDC’s 53% share on Fireblocks is notable. Within institutional payment flows, it suggests that the stablecoin with a strong regulatory posture is winning, according to the research.
For infrastructure providers, the message is that payments are where the growth is. Fireblocks has launched a Liquidity Market designed to improve executable pricing for stablecoin payments, showing that it sees pricing and conversion as the next problem to solve.
