TLDR:
- Chainalysis projects stablecoin real economic volume could grow from $28T in 2025 to $719T by 2035.
- A $100 trillion wealth transfer from Boomers to crypto-native Millennials and Gen Z begins around 2028.
- Point-of-sale stablecoin saturation could add $232 trillion in annual transaction volumes alone by 2035.
- Stablecoin networks may match Visa and Mastercard off-chain transaction volumes between 2031 and 2039.
Stablecoins processed $28 trillion in real economic volume in 2025, according to a new Chainalysis report. By 2035, that figure could reach $719 trillion through organic growth alone.
Under additional macro catalysts, volumes may approach $1.5 quadrillion. The report points to a $100 trillion generational wealth transfer and growing merchant adoption as major drivers.
These trends are reshaping how traditional financial institutions think about payment infrastructure and on-chain financial activity.
A $100 Trillion Wealth Shift Could Accelerate Stablecoin Adoption
Starting around 2028, a major capital shift is expected across North America and Europe. Millennials and Gen Z are set to become the dominant adult financial actors during this period.
A 2025 Gemini survey found nearly half of these generations have held or currently hold crypto. This demographic transition will reshape where financial activity flows over the next decade.
Merrill Lynch estimates up to $100 trillion in wealth will move from Boomers to younger generations by 2048. Chainalysis projects this shift alone could add $508 trillion to annual stablecoin volumes by 2035.
The report states that “between 2028 and 2048, an estimated $100 trillion in wealth will likely move from Boomers to Millennials and Gen Z — generations far more likely to use crypto as a default financial tool.” Traditional institutions that miss this shift may see capital migrate toward on-chain ecosystems.
The adjusted stablecoin volume metric used in the report filters out bot activity, MEV transfers, and liquidity provisioning. It captures only organic economic activity, including payments, remittances, and settlement.
This metric grew at a 133% compound annual growth rate since 2023, reaching $28 trillion. The baseline trajectory supports the $719 trillion projection without factoring in any additional macro catalysts.
Beyond direct payments, the wealth transfer is expected to drive adoption across other on-chain products. These include tokenized real-world assets, prediction markets, and hybrid TradFi-crypto instruments.
For traditional institutions, serving crypto-native clients is becoming a core competitive priority. Firms that build on-chain infrastructure early are better positioned to retain the incoming capital flow.
Stablecoin Networks Are Closing the Gap With Visa and Mastercard
Stablecoins settle in seconds, operate continuously, and move across borders without correspondent banking friction.
Unlike legacy payment rails, they remove intermediaries and reduce reconciliation costs. These advantages have already driven adoption in remittances, B2B payments, and treasury operations. The structural cost benefits are becoming harder for legacy financial institutions to overlook as adoption grows.
If current transaction count growth continues, stablecoin networks could match Visa and Mastercard volumes between 2031 and 2039.
Adoption curves in payment networks are rarely linear, however. On-chain transaction counts could intersect with legacy volumes before the 2030s, the report notes.
Chainalysis estimates point-of-sale saturation alone could add $232 trillion to annual stablecoin volumes by 2035, adding that “for incumbents like Visa and Mastercard, this isn’t a distant threat — it’s a countdown.”
Stripe’s acquisition of Bridge and Mastercard’s partnership with BVNK signal the direction payments infrastructure is taking. These strategic moves show stablecoins are transitioning from niche transfers to core payment rails.
Institutions are moving from regulatory positioning to active development and execution. According to Chainalysis, “the institutions that build for this reality now will be positioned to define it, while those that wait may find themselves settling transactions on someone else’s rails.”
Stablecoin-linked cards are beginning to compete with traditional payment products on fees, speed, and rewards. Consumers will increasingly weigh on-chain rails against legacy options on transactional terms.
The GENIUS Act has added regulatory momentum to stablecoin adoption in the United States. For incumbents, the window to build on-chain capabilities before disruption accelerates is narrowing quickly.
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