Stablecoin Transactions Surpass Visa in Q1 2025
For the first time, stablecoin transactions surpassed Visa’s in Q1 2025, signaling a major milestone in digital finance despite falling crypto prices and highlighting a growing shift toward blockchain-based assets.
Stablecoin transactions outpaced Visa in early 2025, highlighting rapid growth despite falling crypto prices.
Bitwise’s Q1 2025 Crypto Market Review revealed that stablecoin transaction volume slightly exceeded Visa’s for the first time, signaling a major shift in how digital assets are being used. Although crypto prices declined following a brief post-election rally, Bitwise CIO Matt Hougan described the quarter as politically and regulatorily “historically positive,” thanks to a pro-crypto U.S. president and the SEC dropping several high-profile lawsuits.
Stablecoin usage jumped 30%, with assets under management hitting a record $218 billion, and the total market cap reaching $237 billion. Hougan suggested the future potential of stablecoins is vastly underestimated. Meanwhile, the value of tokenized real-world assets grew from $14 billion to $19 billion, nearly doubling year-over-year, driven by rising demand for tokenized U.S. Treasuries.
DeFi also saw renewed investor interest. Projects in the decentralized finance space drew 18% of Q1 venture capital funding, matching infrastructure investments. Notable deals included World Liberty Financial's $590 million raise and Ethena’s $100 million funding round.
